Tag Archives: Child Care

Long-Term Care Insurance: A Multifaceted Protection

Long-Term Care Insurance: A Multifaceted Protection

Child care has historically been America’s number one dependent care concern, but this could be changing in the coming years. Over 77 million American baby boomers are expected to transition into retirement during the next ten years. Experts are predicting that this large aging population will cause the number of individuals in need of long-term care services to double during the next 30 years. In fact, some have estimated that there will be more than 14 million Americans in need of some degree of assistance with their activities of daily living by the year 2035. With these numbers, senior care might soon be the new leading dependent care issue.

The average yearly cost of long-term care is anywhere from $25,000 to $95,000, depending on the area of the country the long-term care services are rendered. Many families find themselves faced with paying for these expensive long-term care services out of their pocket if their loved one is without long-term care insurance. While this can certainly be a financial stressor, money to pay for long-term care services isn’t the only concern when long-term care insurance is absent.

Families facing the out-of-pocket cost of long-term care services will find themselves trying to decide between taking their aging loved one into their own home and personally caring for them -or- finding the funding to pay for a professional caregiver or nursing home bed. Most families that don’t have long-term care insurance to pay for services don’t just have $25,000-$95,000 laying around and will ultimately end up caring for their loved one from home. These families learn quickly that this scenario, especially when combined with the responsibilities of dependent children being in the home, has significant physical, mental, and emotional impacts on everyone in the household.

Caregivers that are also trying to hold a job outside the home will often find conflict between their employment responsibilities and caregiver responsibilities. Most will find the balancing act too difficult and end up quitting or getting fired from their job. The resulting missing income will frequently cause families to find themselves financially struggling, if not drowning.

Caring for an ailing or aged loved one is a full-time 24/7 job in itself. Everyday tasks that were once mundane and almost automatic, such as bathing, eating, dressing, and grooming, suddenly become overwhelming struggles that take a toll on the entire household.

Caretakers often find that they devote so much time to their caretaking role that they tend to neglect their own physical and mental health. The caretaker often abandons healthy eating habits, exercise, and leisure activities as there becomes more and more to do and less and less time to do it within.

Sleep is yet another area of life that often changes. Medical and personal needs of the loved one often require the caregiver to get up multiple times throughout the night. Sleep deprivation has been shown to cause a number of health problems. In fact, multiple studies on long-term caregivers have shown that they have more health problems and a shorter lifespan than those without such responsibilities.

All of the above considered, it shouldn’t be surprising that caregivers suffer from dangerously high levels of stress.

Help Yourself And Your Loved One With Long-Term Care Insurance

Planning ahead now can prevent a lot of stress in the future. Some think of long-term care insurance as an unaffordable luxury, but the price of long-term care insurance is minor compared to the price a caregiver and everyone else in the household often pays with their health and financial stability. While planning for a time when your loved one is no longer mentally or physically able to care for themselves isn’t a fun thought process, it’s vital that you plan for long-term care situations to protect the emotional, physical, and financial well-being of everyone involved.

Since long-term care insurance gives your family the ability to afford expensive professional and semi-professional long-term care, you won’t be worrying about the financial side of things and will be free to focus on your own and your loved one’s emotional issues from the transition.

In summary, the multifaceted protection afforded by long-term care is just too important to the health of your family to overlook. An experienced and reliable financial adviser can help your family design a long-term care plan that’s congruent with both your budget and needs.

— Brian Gruss 509-927-9200


Long-Term Care Insurance Protects Much More Than Money

Long-Term Care Insurance Protects Much More Than Money

With 77 million U.S. baby boomers reaching retirement over the next decade, experts say that the number of people in need of long-term care will double over the next 30 years. Some estimate that 14 million Americans will require some form of assistance with day-to-day activities by 2035. Consequently, senior care could soon replace child care as the country’s number one dependent care issue.

The cost of long-term care can range anywhere from $25,000 to $95,000 a year depending on the region. Without long-term care insurance to cover this hefty price, many families end up paying out of pocket and suffering great financial strain. However, money isn’t the only thing at stake for families without long-term care insurance.

Money isn’t everything

Families who are suddenly faced with the unexpected cost of long-term care must make a tough decision: They can either pay the exorbitant price for a nursing home or professional caregiver or take the ailing loved one into their own home.

A great deal of families without long-term care insurance end up caring for their relative at home. Such families often have dependent children in the home in addition to an ailing parent. They quickly learn that caring for an ill loved one has a major emotional and physical impact on everyone in the family.

Physical, emotional and financial impacts

When you take a sick loved one into your home, every day tasks such as eating, bathing, dressing or going to the bathroom become daunting struggles. Plus, caring for an ailing senior is a full-time job—24 hours a day, seven days a week. The responsibilities involved with this undertaking begin to take a toll on the entire family.

Oftentimes, those caring for a sick relative no longer have time to take care of themselves. They abandon healthy eating habits and exercise routines because they simply don’t have time anymore. They also suffer from high levels of stress.

Caregivers often become sleep deprived because they must get up numerous times throughout the night to help their loved one. This can all add up to health problems for the caregiver. As a matter of fact, some studies show that long-term caregivers often have a shorter lifespan and more health problems than other people their age.

Many long-term caregivers end up quitting or losing their jobs. After all, you can only take so many sick days to care for your loved one. Without a job to help pay the bills, many of these families find themselves struggling financially, often sinking deep into debt.

Avoid the strain with long-term care insurance

If you believe that long-term care insurance is unaffordable, just think about the price you and your family could have to pay without it. By planning ahead, you will save yourself and your loved ones from immeasurable amounts of physical, emotional and financial stress.

Planning for long-term care is not an easy task for anyone. Most of us don’t want to think about a time when we or one of our loved ones may need help with simple daily tasks. However, in order to protect your family’s financial and emotional well-being, it’s important to plan ahead for an unexpected long-term care situation.

Having long-term care insurance will greatly lessen the suffering that comes with a long-term illness—for both the caregiver and the patient. That’s because with insurance, your family can afford to place your loved one under professional care. This will allow you to focus on dealing with the emotional issues of having an ailing loved one instead of completely draining yourself by trying to meet their physical needs 24/7.

The first step in protecting yourself from such a painful situation is to talk to Brian Gruss who can help you design a long-term care plan. Brian can walk you through your family’s needs and find an insurance policy that fits your unique situation and budget.