RICHMOND, Va., Oct. 21, 2013 /PRNewswire/ -- More than half (53
percent) of family members serving as primary caregivers for loved
ones have lost income due to the demands of providing care. The
study, Beyond Dollars: A Way Forward, also found that
caregivers whose loved ones did not have long term care insurance
face additional stresses including covering the cost of daily
living, medical and other support-type needs.
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"Most families believe they can solve a long term care crisis
themselves or that a family member will bear the load of caring for
an aging relative," said Bob Bua,
President of CareScout, a Genworth company. "This thinking may work
for the short term, but over a longer period of time, families will
start to feel the burden of stress and guilt affecting the care
receiver, caretaker and the entire family."
In light of November's Long Term Awareness Month, Genworth
encourages consumers to educate themselves on their long term care
options to overcome the personal and psychological pitfalls that
arise around money and financial planning.
Regrets and the Cost of not Planning
"People tend to wait for a crisis to hit before recognizing the
importance of having a plan in place," said Roger Baumgart, CEO of Home Instead Senior Care.
"We plan for marriage, home ownership and other life changing
events; families need to plan ahead for what we know to be a very
expensive burden in retirement and that's the cost of long term
care."
Planning ahead is most common among care receivers who enlisted
professional care and is less common among recipients relying on a
family caregiver. In fact, the study found that forty percent of
those who received care at a day care facility made plans to cover
a long term care situation while only 23 percent of those who moved
into a family member's home did the same.
The Beyond Dollars study not only demonstrates the impact
a long term care event can have on family members, relationships
and savings, it also reveals that the cost of waiting is high. The
study finds that on average, families could save nearly
$11,000 annually in out of pocket
expenses if long term care arrangements were made before an actual
long term care event occurred. Those that did not make plans for
their long term healthcare needs recognize their mistake as more
than half (51 percent) say that steps should have been taken sooner
to prepare.
Among the many reasons for not taking steps to plan sooner, 38
percent of care receivers did not want to admit care was needed, 28
percent did not want to talk about it and 23 percent did not know
where to start.
Financial and Emotional Toll
By taking on the responsibility of caring for a loved one,
caregivers may feel increased stress and health issues that go far
beyond the financial toll. The study found that 38 percent of
caregivers and 35 percent of care recipients believe stress could
have been avoided if care had been received sooner.
Looking at the relationship between those who had purchased a
long term care insurance policy versus those who did not, Beyond
Dollars found that more than half (58 percent) of those without
long term care insurance see the benefit in owning a policy and
regret not having one. The majority believe long term care
insurance would have resulted in relief from the financial burden
associated with long term care (59 percent); less strain on family
situations (59 percent); and relief from stress on the family (51
percent).
"My family faced a long term care crisis when my father became
ill and needed nursing home care," said Olympic Gold Medalist
Wendy Boglioli, National
Spokesperson for Genworth. "This first-hand experience prompted my
husband and me to plan well in advance so our children would not
have to worry. The consequences of not having a plan are
life-changing and the most important first step is having the
conversation."
Working beyond the psychological and financial barriers many
people face in starting to plan, Wendy suggests initiating the
conversation by:
- Think past the present: Create long-term goals to
cultivate an interest in your family's financial future
- Enlist an expert: Develop a team that includes an Elder
Care Attorney, Financial Professional and Tax Accountant to help
your family understand the ins-and-outs of planning for long term
care; don't try to do it alone
- Consider the realities: Don't assume what would work
today will also work in 10 or 20 years from now, take into affect
your family's availability and their impact
- Put a plan in writing: Having a written plan allows you
to monitor goals and adjust your plan to help stay on track
- Tell your family: Have an open dialogue with your family
on your needs and goals for long term care in order to have a team
by your side that understands your plan
Additional Resources
- Consumers can find out what the cost of care is in 437 regions
across all 50 states by visiting Genworth's Cost of Care
website.
- Genworth's Let's Talk website offers tips for initiating
conversations about long term care and financial planning with
loved ones.
- Join Genworth's National Spokesperson and Olympic Gold
Medalist, Wendy Boglioli, for
discussions on being Financially Sound, Physically Strong at
AskWendyB.
- On Genworth Celebrates Caregivers Facebook page, caregivers can
have their questions about caregiving challenges answered by a
professional care advocate.
- Genworth's Caregiver Support Resource helps families make
informed choices about long term care.
About the Study
The study, conducted by Genworth in conjunction with Directive
Analytics, a third party survey administrator, in February 2013, included interviews with 1,208
U.S. consumers 25 years of age or older. Respondents either were
recipients of long term care or had a family member that was a
recipient of care greater than 30 days during the previous 12-month
period.
About Genworth
Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500
insurance holding company dedicated to helping people secure their
financial lives, families and futures. Genworth has leadership
positions in offerings that assist consumers in protecting
themselves, investing for the future and planning for retirement
--including life insurance, long term care insurance, and financial
protection coverages --and mortgage insurance that helps consumers
achieve home ownership while assisting lenders in managing their
risk and capital.
Genworth operates through three divisions: U.S. Life Insurance,
which includes life insurance, long term care insurance and fixed
annuities; Global Mortgage Insurance, containing U.S. Mortgage
Insurance and International Mortgage Insurance segments; and the
Corporate and Other division, which includes the International
Protection and Runoff segments. Products and services are offered
through financial intermediaries, advisors, independent
distributors and sales specialists. Genworth, headquartered in
Richmond, Virginia, traces its
roots back to 1871 and became a public company in 2004. For more
information, visit genworth.com. From time to time, Genworth
releases important information via postings on its corporate
website. Accordingly, investors and other interested parties are
encouraged to enroll to receive automatic email alerts and Really
Simple Syndication (RSS) feeds regarding new postings. Enrollment
information is found under the "Investors" section of
genworth.com.
SOURCE Genworth