By Angie Moore
Planning for potential long-term care needs is low on the priority lists of the majority of Americans. Putting off long-term care planning is all too common, as many people tend to put the needs of their spouse, children and career above their own well-being. What most people don’t realize, however, is that avoiding this type of planning can put all these vital relationships in jeopardy.
Even though there is usually one primary caregiver, that person often receives physical and financial help from secondary caregivers such as siblings, children and in-laws in addition to community support from friends, neighbors and others. A long-term care event can impact not only the care recipient, but also the lives of the primary caregivers and all the family and friends involved in the circle of care.
Caregivers may need to balance care duties with their regular job. According to an industry study, almost 60 percent of caregivers currently work or have worked while providing care. Additionally, many of these caregivers must adjust their careers by working less hours or giving up their jobs completely.
Investing in a long-term care policy allows consumers to protect their loved ones from the economic woes related to caregiving. Children of aging parents without long-term care plans often face financial risks, as the average cost of long-term care is roughly $75,000 a year.
From finances and emotions to careers and physical health, the effects of a long-term care event can be enormous for both immediate and extended families. Although a care event can be a challenge in any situation, long-term care insurance can lessen the impact by helping you protect the people that you love most. ?