When a loved one needs long term care, life can get complicated quickly. Family members from across generations and locations may need to juggle schedules and responsibilities to help out. Old family tensions can resurface, while lasting bonds can show their resilience. And, of course, new expenses often emerge.
In the report below we share the results of a recent study on the impact of long term care: financial, logistical and emotional. Most importantly, we share insights on how you can strengthen your own long term care planning process. Because if there’s one thing people who have been involved in a long term care event have to say, it’s this: Start planning now.
Impact that goes beyond dollars and cents
Long term care can have a major financial impact on your entire family (download the 2014 Long Term Care Costs Survey below). While anticipating the financial impact of a long term care event is an important first step, it’s really the beginning of a strong plan, not the end.
That’s because the impact of long term care extends far beyond dollars and cents, into many corners of caregivers’ lives. As shown in the figure below, a circle of care often forms around a care recipient that is made up of people who may provide different levels and types of support.
Long term care can impact these people in many ways, affecting careers and personal lives. And these disruptions can be long term: More than 43% of caregivers say their loved one’s need for care lasted three or more years.
An individual who requires care on a short term or long-term basis based on physical, mental or medical needs.
Someone who is responsible for providing assistance to the Care Recipient. This person
often provides handson care and/or financial assistance.
This person contributes financially and/or physically to a lesser degree than the Primary Caregiver.
Additional support services that may provide assistance. These often include friends, neighbors, religious organizations, non-profits and other community service groups.
Long Term Care Costs 2014
Research shows that at least 70 percent of people over 65 will need long term care services and support at some point in their lifetime. Long term care can impact people and families in many different ways including finances, careers, lifestyles and state of mind.
The Genworth 2014 Cost of Care Survey can help families evaluate options to address the increasing long term care costs. For the eleventh consecutive year, Genworth has surveyed long term care costs across the U.S. to help Americans appropriately plan for the potential cost of this type of care in their preferred location and setting.