According to the U.S. Administration on Aging, 70 percent of people over the age of 65 will require long-term care. Paying for long-term care can financially impact families, of which 65 million Americans have relied on long-term care for an adult family member.
A recent study found that nearly half of family caregivers spend more than $5,000 a year on out-of-pocket caregiving expenses, and about a third spend more than $10,000. If a loved one requires care in an assisted living or nursing facility, those costs can skyrocket and quickly erase a savings account.
Most families explore long-term care options when care is needed, which magnifies the impacts of caregiving. The ripple effect of caregiving can also quickly reach other areas of a caregiver’s life, including health and family relationships.
When you’re caring for a parent, having less time for yourself also means there is less time for your family. Caregiving changes family dynamics, which can strain your relationship with your spouse and children. It can also create stress and conflict with siblings when it comes to topics like financial support and sharing the caregiving responsibilities.
If you know anyone in a similar, caregiving situation, you understand that going through a long-term care situation will always be an emotional and often trying experience for families. Planning ahead with solutions like long-term care insurance can lessen the impact by protecting a family’s finances, providing choices for where care is received, supplementing family caregiving, and helping a family to maintain their lifestyles and careers. It can also provide one with peace of mind knowing their care needs will be met without requiring difficult decisions or unthinkable sacrifices from their family.
Allow Lang Insurance to help you take the first steps in learning about long-term care planning and find out how solutions like long-term care insurance can protect both you and your family. Learn more by calling us at 636-229-7000.