Caregiving Responsibilities Forcing People to Leave Jobs
Worry? If it weren't for worry, what would you be thinking about these days? The COVID-19 virus crisis isn't entirely over. We have inflation to be concerned about and how inflation affects our current lifestyle and our future (or current) retirement. Gas prices, food, and just about everything costs more today than a few years ago. We can also worry about the Russian invasion of Ukraine and its impact on the rest of the world.
Yet we have a family and financial crisis that has been building for decades. We cannot ignore that an aging America affects the workplace, placing stress on employers and employees alike. Three-quarters of U.S. workers surveyed by Harvard Business School provide caregiving services, often for an older parent, relative, or spouse.
When a family lacks a plan for the financial costs and burdens of aging, the responsibility of being a caregiver will go to an adult son or daughter (or in-law), at least on a part-time basis.
Extended Care Creates Challenges for Family
Paid professional long-term health care is expensive and is rising rapidly nationwide. The costs can drain an estate quickly. The adult children will be responsible for managing the care situation, finding professional caregivers and facilities, selecting which assets to sell off, and even providing care themselves.
These responsibilities compete with careers. 80% say their caregiving affects their performance on the job, not to mention the impact on the caregiver's family.
The AARP says "42% of caregiving "provides support to at least one of their parents, 15% for a friend, neighbor, or another non-relative, 14% for a child with special needs, 12% for a spouse or partner, 7% for a parent-in-law, and 7% or a grandparent or grandparents-in-law."
As America continues to age, the need for long-term health care services grows. The demand for long-term health care services, either home care or facility care, has increased dramatically over the past few years. The greater demand for services added to labor shortages because of COVID-19 and higher labor costs place an even more significant burden on American families.
Most of Us Will Face Long-Term Health Care at Some Point
People require long-term health care services due to illness, accidents, or the impact of longevity. Declining health and deteriorating bodies as we get older increase our need for long-term care as we get older. The number of people suffering from cognitive impairment is also growing. Those people require supervision and care services.
A third of workers have left a job because of caregiving responsibilities due to a family member needing long-term care - affecting employers and employees alike.
How will your family react to your future need for long-term care services? What challenges will they face either being a caregiver or managing your care?
Being a caregiver is not easy. It is hard juggling being a caregiver for a family member while dealing with their job responsibilities and their role as a spouse and parent. Don't forget the emotional and physical toll this puts on the caregiver.
Planning for the financial costs and burdens of aging should be a crucial part of retirement planning.
Consider these facts:
- About half of us who reach age 65 will require enough help with daily activities to trigger benefits from a Long-Term Care Insurance policy. The risk of needing help with daily living activities or supervision due to memory loss will require you to use your own income or savings to pay for the care, or you will need family members to be caregivers - or both.
- For couples, the risk is very high. 91% of couples will have one person who will require long-term care services and supports.
- Many people can receive care in their own homes if they have sufficient resources to pay for the appropriate care.
- Women still outlive men. This means that, generally, they will need care services after the husband has already passed away. Women also thrive longer in a care environment.
LTC Insurance Pays for Care at Home
Long-Term Care Insurance will pay for your choice of care services in the setting you and your family desire. Most Long-Term Care Insurance claims start with care at home.
While LTC Insurance pays for adult care centers, assisted living facilities, memory care facilities, and nursing homes, in addition to in-home care, you and your family have the choice of care services once you qualify for benefits.
Long-Term Care Insurance is Benefiting American Families
In 2021 over $12.3 Billion was paid to American families for care services from Long-Term Care Insurance policies. These affordable plans help protect assets, but they positively impact your family by giving them the time to be family.
Often people read that Long-Term Care Insurance is expensive. If you purchase policies when you are much older, they can be expensive. The best time to obtain coverage is in your 40s or 50s, when you still enjoy reasonably good health.
LTC Insurance is Affordable and Custom Designed
Many people find they have obtained appropriate coverage for under $150 a month. Long-Term Care Insurance is custom-designed, and premiums are based on your age, health, family history, and other factors.
A qualified Long-Term Care Insurance specialist can help find an affordable plan by matching your needs, budget, and health with the best available company.
Your Health and Body Change Over Time - Be Prepared
You will either be a caregiver or a person needing care. Plan now for the challenges that longevity places on you, your family, your savings, and your lifestyle.
Start your online research well before your retirement. Begin your online research by discovering the current and future cost of care services and the availability of tax incentives and partnership plans which provide additional asset protection.
The LTC NEWS Cost of Care Calculator is an outstanding tool to help you in your research.
Make getting older easier on those you love. Long-Term Care Insurance is easy, affordable, and rate stable income and asset protection.