MoneyMindedMoms: The Impact of Long-Term Care on the Family

Since half of the 230 million Americans over age 18 are over 50 years old (113 million), the United States is on the cusp of a caregiving tsunami. ¹

Americans ARE concerned. A March 2010 Age Wave/Harris Interactive survey said that when asked their greatest fear about having a long-term illness, people are over five times more worried about being a burden on their family than dying, and that the greatest worry of becoming a caregiver is the emotional strain – even more than the financial costs.²

I find that most families feel that way. So consider these blogs a lifeline that I’m throwing to you so you can see that it’s possible to protect yourself and your family from the ravages of caregiving IF you plan ahead.

Long-term care doesn’t happen to an individual. It happens to the entire family.

Without a means to pay for help with the caregiving, relationships can suffer irreparable harm:

• Marriages are strained to the breaking point when care for a parent or in-law becomes too much or lasts too long.
• Sibling relationships are damaged because the caregiving burden for a parent is not distributed equally and often falls mostly on one person.
• Adult children wind up doing personal tasks for a parent, such as bathing and dressing. Such situations can make both parties feel uncomfortable.

By injecting a meaningful long-term care insurance policy into any of the above situations, the stress level is significantly diffused and relationships are preserved as family members retain their respective roles instead of becoming primary caregivers. The son stays the son. The daughter stays the daughter. The healthy spouse (or mom caring for an adult child) gets enough rest which works wonders to avoid depression and stimulate a positive outlook.

Caregiving responsibilities will crush the dreams of millions of women in the next 10-20 years unless families plan ahead with long-term care insurance.

¹ Caregiving in America, International Longevity Center – USA and Schmieding Center for Senior Health and Education, p. 1
² “America Talks: Protecting Our Families’ Financial Futures”, a national survey conducted by Age Wave/Harris Interactive, sponsored by Genworth Financial, March 2010..

Phyllis Shelton is the President of LTC Consultants, a Nashville-based consulting company specializing in long-term care insurance consumer education and training since 1991. She experienced first hand the implications of long-term caregiving with her grandfather, mother and brother. Because the need is so great, she is now focused on helping consumers who don't have a local agent acquire long-term care insurance.