Here’s an alarming stat: according to the U.S. Department of Health and Human Services, 70% of individuals 65 or older will need long term care sooner or later. With numbers like that, EVERYONE is affected in some way.
In the words of Rosalynn Carter, former First Lady, “There are only four kinds of people in this world … those who have been caregivers, those who currently are caregivers, those who will be caregivers and those who will need caregivers.”
Smart lady, that Ros Carter.
Most of the talk about long term care revolves around the cost of nursing homes, assisted living facilities and formal in-home care. Of course, those expenses can be massive. But long term care situations have hidden costs as well: the toll paid by family members who spend much of their time as caregivers.
Numbers Don’t Lie
Earlier this year, Genworth (the largest provider of LTC insurance in the country) compiled data from a group of caregivers and care recipients in a report called Beyond Dollars 2015.
The study found that 62% of caregivers help provide financial assistance for their loved ones’ care, paying an estimated $10,000 a year in out-of pocket expenses. On top of that, most caregivers (77%) had to take time away from their paying jobs; they missed an average of 7 hours of work per week.
Twenty-six percent reported missing career opportunities.
What Can You Do to Be Ready?
The short answer is … think about the future NOW! Beyond Dollars also found that preparing for long term care in advance reduces the financial impact in a major way – not to mention the emotional and physical relief that comes with early planning. And the sooner you start long term care planning, the better.
Another statistic that stands out is that respondents estimated that $8,000 of the $10,000 of out-of-pocket expenses could have been saved if they had begun preparing sooner.
In other words, you should act ASAP! The video below gives a quick overview of how long term care insurance works and what it can do for you:
AccuQuote is here to help you understand the various long term care insurance options that may be available to you. Whether it’s a standalone policy or an LTC rider on a life insurance policy, we’re here to support you.
Protect your financial future – and the future of your loved ones. Give us a call at 800-442-9899 today!