Who Will Care for the Caregivers?

It is hard to not find a person who has had to be a caregiver for a family member, usually an elder parent or an in-law. This would make sense since more Americans live longer lives, and often, they have not planned for the impact this longevity would have on their savings and their families. 

Often, the caregiver will face health and emotional issues because of their work as a caregiver. Sometimes they must leave a job, which creates a financial strain as well. These family caregivers also have to juggle time with their spouse and children as they face the time-consuming demands of being a caregiver.

When your spouse, son, or daughter suffers their own health problem being your caregiver, who will care for them? Is this what you want for them?

Since many American families fail to plan for long-term health care until it's too late for planning, families find themselves in a crisis, being forced into the caregiver's role. Often unprepared and untrained, these family caregivers help their loved ones with everyday living activities or supervision due to Alzheimer's or dementia. 

People Fail to Think About Long-Term Care Till Its Too Late

Families get caught off guard when they discover that health insurance, including Medicare and Medicare supplements, will not pay for this care. Medicaid will pay for long-term care; however, you must have little or no assets and income to qualify for the Medicaid benefit.

Long-Term Care Insurance will pay for extended care, including care at home. Most of these Long-Term Care Insurance benefits start with funding in-home care. In 2021 the major insurance companies paid American families over $12.3 Billion in benefits from those policies.

Care costs will continue to rise with increasing demand and higher labor costs. According to the LTC NEWS Cost of Care Calculator, current and future long-term health care costs are expensive and vary depending on where you live. 

The problem is you need to have a policy in place before you need care. That is great if you are in your 40s or 50s, which is the prime time to obtain coverage. But if you already have a health or aging issue, your options will be limited at best, which is one reason why families become forced into the caregiver's role.

The AARP Public Policy Institute reports that over 41 million caregivers are hard at work caring for loved ones. This unpaid care is worth over $470 billion.

Some Caregivers Die Before the Person They Care for Passes

Thirty percent of caregivers die before the person they're caring for. That's the kind of toll long-term health care places on family. A daughter or daughter-in-law often becomes the default caregiver. Sometimes the caregiver could be a spouse, but generally, the spouse is not in the best situation to be a caregiver, and sometimes they also need help themselves.

Read more here.

Is Doing Nothing the Best Plan?

The easy thing to do is nothing, and hope it all works out in the end. Doing the easy thing places an enormous burden on those you love since it is one of your adult children or an in-law who will be responsible for either being your caregiver or managing your future care. Your income and savings will be used to pay for the professional care you will need in the future.

That is not easy for those you love. The fact is long-term care will impact not only you but your family, your savings, and your lifestyle. Plus, long-term care will have enormous consequences on your savings.

 You can diminish the physical, emotional, and financial burdens that your loved ones will face as you get older. It would be best if you started planning before you retire.

Affordable Long-Term Care Insurance will ease this burden and protect savings and income so you can enjoy a successful retirement, and your family has time to be family.