Is Your Family Prepared to Make Caregiving Decisions on Your Behalf?

elderly woman with daughter and granddaughter
Mary Sizemore
Mary Sizemore October 5, 2022

With over 25 years of experience, Mary shares her industry knowledge by helping agents and their clients navigate various insurance products. She also stays up to date on current products and trends to support, mentor, and guide her teammates.

Disclaimer: With Medicaid, VA, and insurance regulations frequently changing, past blog posts may not be presently accurate or relevant. Please contact our office for information on current planning strategies, tips, and how-to's.

If there is anything certain in life, it’s change. And this is true of our health as well as other areas of our lives. Today, you probably can’t imagine a day will come when you will become dependent on others for your care. Yet, we are reminded frequently how quickly our health can change through the experiences of our loved ones, who may be diagnosed with cancer, have a heart attack, or detect early onset dementia.

On the surface, these health conditions do not appear to have anything in common. However, the one aspect these illnesses share is they occurred unexpectedly, and our loved ones didn’t plan for their lives to change so drastically. When our health changes, it’s our families that oftentimes must step in and assist with the care we need. Dependency can start swiftly, or it can evolve over time. Either way, it’s important that your family is prepared to handle the decisions that lie ahead.

Read More: The Risk of Longevity

The Burden of Caregiving

A recent survey of family caregivers indicated the burden that our family caregivers are subjected to when we don’t plan for a long-term care crisis.

The type of help most typically provided:

  • 80% emotional support
  • 67% making care decisions
  • 58%-67% helping with IADLs

The most difficult tasks of a caregiver:

  • 58% paying for care
  • 56% helping with ADLs
  • 46% making care decisions

In reality, caregivers are providing, on average, 20 hours of unpaid care per week.

Does your loved one have an extra 20 hours per week they can spend assisting you with care?

Long-Term Care Insurance Provides a Lifeline to Your Family

We all trust our families will take care of us. Unfortunately, based on their own obligations, they may not be able to be our primary caregiver. That’s where Long-Term Care Insurance (LTCI) can help fill those gaps when family cannot be with us. Additionally, LTCI can make those caregiving decisions easier. A policy not only includes a benefit for home health care services, but it also provides a care manager to assist with the coordination of services and home modifications.

Plus, LTCI does not have to break your piggy bank! Individuals can take advantage of many affordable solutions, including using IRA or 401k dollars or conducting a 1035 exchange of an old life insurance or annuity to fund an LTCI policy. You are the youngest and healthiest you will ever be – right now!

Please contact a member of our team to discuss the LTCI options available in your state and how you can help clients ensure their families and loved ones are prepared for their care needs.