Care or Companionship

Long Term Care

It’s not just what long term care insurance can do for you, but what it can do for your loved ones.

The pandemic caused nearly a third of Americans to become caregivers overnight, providing care for their children or older family members, or the dependents of front-line workers.¹ While most of us could not have predicted the pandemic or the implications on those thrust into caregiving, it’s a reminder that we can all use this time to plan for our own future care needs.

While 97% of Americans believe families should discuss long term care plans before care is actually needed, only 52% have had conversations with their spouse and 29% have done so with their children.³

Despite the fact that more than 70% of retirees will need some long term care services, very few have a plan in place.²Without proper planning, the burden of long term care often lands on family members.

Extended care can place enormous pressure on family members forced to become caregivers, often in their own homes. On average, caregivers spend 20 hours a week giving care. More than half have intensive caregiving responsibilities that may include assisting with a personal care activity, such as bathing or feeding.²

Caregiving can have a devastating impact on caregivers’ finances and careers, with caregivers of older adults often suffering significant financial consequences with respect to both direct out-of-pocket costs and long-term economic and retirement security. And the impact on caregivers reaches beyond finances. The emotional burden can be the most difficult aspect to providing long term care, leaving many caregivers suffering from depression and stress.

Planning for long term care can protect your family from the financial and emotional impacts of paying for care. But the time to have these conversations is before care is needed. A key part of your plan may include Long Term Care (LTC) insurance that can help pay for care services rendered at home, including those provided by family members. Benefits can also cover home assistance and homemaking services provided by professionals, leaving more time for your loved ones to spend with being with you rather than caring for you.

As you’re having these conversations, talk to one of our LTC Advisors. They’ll help you explore your options, and can assist with the purchase of discounted insurance.

¹ Genworth COVID-19 Consumer Sentiment Survey, June 2020.

²Longtermcare.gov, updated July 2020.

³ Investopedia, 2018.