This blog post is designed to provide general information on the subjects covered. It is not, however, intended to provide specific estate planning, insurance, tax or legal advice. Please note that LTC Consumer and its representatives do not give financial planning, tax or legal advice. You are encouraged to consult with your tax advisor or attorney concerning your own situation.

LTC Insurance Eases Caregiver Financial Strain

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Providing care for a loved one is a difficult emotional journey. However, it’s also a huge financial burden. Not just for the caretaker, but also for their employers. Take a look at this week’s LTC Caregiving Trends 2019 Infographic and see the staggering numbers for yourself. You will be amazed at the true cost of care.

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37 billion hours are spent providing unpaid long-term care every year. A neighbor mowing a lawn, a friend doing some light cleaning, a loved one sorting through medications – these are all examples of unpaid caregiver service. Those hours all add up to a value of $470 billion of long-term care provided by unpaid caregivers. Imagine if that person had a long-term care insurance policy and could provide payment to those caregivers. Or they could provide payment to actual professionals and simply maintain their standard relationships with family and friends.

To view other Infographics in our LTC by the Numbers series:

 

Being a caregiver can also cause some work-related issues. Caregivers combined lost an estimated $3 trillion in lifetime wages due to unpaid caregiving responsibilities. Doctor’s appointments, pharmacy pick-ups, general housework and yardwork – these things all add up. Those caring for loved ones with dementia lost an average of $15,000 a year. I couldn’t pay my mortgage if I lost that amount of income every year. Purchasing a long-term care policy would mean no loved one would have to miss any work, or any income.

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The majority of caregivers are still women, but 25% are now men. And 83% of assistance given is by friends and family. While I do joke with my girlfriends about our Golden Girls house in Napa Valley, we don’t joke about what will happen to our plans if one of us has a stroke or a severe fall or dementia. If you are concerned about becoming a burden to your loved ones, consider long-term care insurance today.

“If you are concerned about becoming a burden to your loved ones, consider long-term care insurance today.”

To learn more about long-term care insurance visit www.LTCconsumer.com. There you can speak to a specialist and take the steps to put your care plan into place. If you have friends or family who could benefit from this information, please forward this resource or share to your social media.

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