More Americans are Caregivers Than Ever Before

An estimated 53.0 million adults in the United States are providing unpaid caregiving services to family members according to a new study published by The National Alliance for Caregiving (NAC) and AARP. One in five are now caregivers, and this number has increased from the 43.5 million caregivers in the 2015 study.

The largest demographic group of those who are receiving care are adults age 50 and above. The research shows 41.8 million people are caring for that group, growing from the previous study.  The demographic characteristics of these caregivers impacts all generations, racial/ethnic groups, income, and educational levels, family types, gender identities, and sexual orientations. In other words, the need to be a caregiver affects all America.

Twenty-four percent of these caregivers care for two or more recipients (up from 18 percent in 2015). American families seem to be unprepared for the financial costs and burdens of aging and health issues. Families are forced to step into the role of a caregiver providing unpaid services to families and other loved ones.

An Aging America Means More People Needing Extended Care Services

These numbers are increasing as more Americans need help with activities of daily living and supervision due to cognitive declines from various forms of dementia. The amount of people receiving paid care has increased as well.

Those who own Long-Term Care Insurance are receiving larger benefits from those policies. The American Association for Long-Term Care Insurance reported that the major insurance companies paid over $11 billion in benefits to American families from these policies in 2019 alone. These numbers are increasing as well.

Often paid costs come from savings and income when families are no longer able to continue to be caregivers, and no Long-Term Care Insurance exists. Yet, family caregivers are still getting the brunt of the burden with 3 in 10 reporting their recipient has any paid help from any source.

The study indicated that there are several reasons for the ever-increasing need for caregiving and long-term care services. This includes demographics as the ever-increasingly aging baby boomer population requiring more care due to illness, accident, or the impact of aging.

Adult Women Are Primary Caregivers

Women still provide the majority of caregiving services, with 6 in 10 caregivers being women. The average age of a caregiver is 49.4 years.

The majority of those being cared for are parents or in-laws. Spouses and partners also provide care for their loved ones. Their needs vary:

• long-term physical conditions – 63%
• emotional or mental health issues – 27%
• cognitive problems including Alzheimer’s - 32%

The study shows more caregivers are reporting their care recipient has 1.7 conditions. The unpaid caregiver is now providing more care with an ever-increasingly complex medical or supports being provided.

Caregiving Takes Time

Today’s caregivers are contributing about 24 hours of care each week, the study says. As in 2015, nearly all of today’s caregivers help with Instrumental Activities of Daily Living (IADLs; 99 percent), 6 in 10 help with Activities of Daily Living (ADLs; 60 percent), and nearly 6 in 10 help with medical/nursing tasks (58 percent). 

These numbers suggest that even a small Long-Term Care Insurance policy would provide adequate resources to reduce the stress and burdens on these family caregivers. Often people fail to purchase a policy because the agent or advisor recommended large benefits that had high price tags. Generally, a Long-Term Care Insurance specialist will recommend a policy design that fits the specific family financial situation. Thus, making a future catastrophic situation and make it manageable.

Generation X (those born from 1965 to 1980) and Late-Boomers still make a majority of the caregivers, yet we see more Millennials being placed into the role of caregiver. No matter who provides the care, the caregiver faces a tremendous amount of physical and emotional stress. This stress impacts their own health, careers, and families. 

LTC Insurance Offers Resources for Quality Care Even at Home

Planning ahead for the future costs and burdens that come with aging will ease these burdens and give families more time to be family. For more and more American families, this means purchasing Long-Term Care Insurance. These affordable policies offer guaranteed tax-free benefits. These resources can pay for your choice of quality care, at home or in a facility. 

However, you must have a policy in place before your health changes. Many experts suggest putting a plan in place in your 40s or 50s.