November is Long Term Care (LTC) Awareness Month. For many people, the idea that they will need long term care is never really considered. When it is, the discussion about LTC most often revolves around the cost of insurance and whether owning a long term care policy is a wise use of resources. There is another cost that is overlooked and that is the effect caregiving has on those that end up providing care for those with LTC needs that chose not to plan for an LTC event.
Every three years, Genworth, a leading provider in the long term care insurance market, has sponsored a survey to measure the impact of caregiving on caregivers and their families. The most recent survey was completed in 2018. The primary conclusion from the survey is that caregivers’ health and well being is affected in a negative way by having to provide care for a loved one. The survey also points out that having a plan, whether it utilizes insurance or not, can go a long way towards reducing the stresses placed on caregivers. A summary of the survey can be found at this link: Genworth Beyond Dollars Survey
. The full survey is available there too. Please take a look and call me with any questions you may have.
Jones & Company and LPL Financial are not affiliated with Genworth and its affiliates.
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