The article is critical for those:
- That are age 55 or older
- With parents or grandparents ages 55-75
Note: You could end up being a caregiver, so read on.
If you have not dedicated your career in the caregiving field, many people find being a caregiver to be extremely challenging. Please understand the caregiver I am referring to is the “informal caregiver” – someone who is not compensated for the work they do, but rather forced to frequently provide care for a loved one – alongside their regular full-time job.
Maybe you are currently a caregiver, or have been in the past? My family has personally experienced it several times, and it’s likely that, at some point, your family will as well. Whether it is full-time or part-time, taking care of Mom, Dad, sibling, or spouse is something that many of us will do in our lives. So please don’t assume “it won’t or can’t happen to me”.
In fact, according to the 2017 research from the National Alliance for Caregiving and AARP:
- There are over 43 million caregivers in this country.
- The average age of these caregivers is 49.2 years.
- 48% of caregivers in America are 18-49 years of age.
- These caregivers work an average of over 24 hours a week
(although this loving support is rewarding, it is also unpaid)
As you can see, today’s Gen-Xers and Millennials are serving as caregivers long before they ever thought this would – or could – happen. Also, most of these caregivers have another full-time job, family, children, and trying to squeeze caregiving into their already busy lives.
For many, caregiving results in a negative impact on their:
✓ Stress levels
✓ Sleep patterns
✓ Social and spiritual life
✓ A myriad of other activities
In most cases, caregivers are starting off without any formal or professional training. In other words, they are largely being forced into caring for a loved one, and forced to “learn on the job”. As you can see, this is not an easy task you have a spouse and/or family, and you are also working 40/50/60 hours a week.
LTC Needs and Costs are Skyrocketing!
Most of you know one of my top jobs is helping you avoid large losses. When you think of avoiding large losses, you probably think of your investment portfolios – which of course – is one of my top priorities.
However, I am seeing an increasing need for Long-Term Care (LTC), which is something that can create equal, if not greater, large financial losses.
Personally, I have experienced the devastating (and often irreparable) financial, physical, and emotional damages that usually accompany LTC. This experience spans several decades, and includes both my personal life as well as the lives of many of my clients.
Two FACTS that have been growing at an exponentially alarming pace over the past decade:
- The number of people who will need LTC insurance.
- The costs associated with this type of care.
Truth be told, Long-Term Care (LTC) insurance is something many of my clients need, but very few actually own. That is exactly why I believe it is my duty and obligation to proactively address LTC insurance – of course wherever and whenever applicable. Put another way, discussing LTC insurance must be a standard and routine part of the work I do – for the best interest of the clients (and their families) I am privileged to serve.
The Definition of Long-Term Care
For starters, let’s look at what LTC really is – and how it is defined.
In its simplest form, LTC is defined as the assistance needed when someone is unable to care for themselves due to chronic illness, physical injury, cognitive (mental) impairment, or frailty.
Healthcare professionals, health insurance providers, HMO’s, and Medicare classify this type of care as custodial care, as opposed to acute or rehabilitative care.
NOTE: The purpose of LTC insurance is to provide assistance with the normal activities of daily living.
These normal activities of daily living include:
- Getting around inside and outside of the home.
- Bathing, dressing, toileting, personal hygiene, and eating.
- Assistance needed with the associated activities of daily living, such as using the telephone, preparing meals, paying bills, shopping, transportation, and housekeeping.
- Help with activities necessary to remain at home, participating in an adult day care program, residing in an assisted living center or receiving skilled care in a nursing facility.
Top 3 Benefits of LTC Insurance
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