www.sperosfinancial.com Long-Term Care Tip of the Day!

Long-Term Care, Steep Costs Even When It's 'Free'

Whether clients choose unpaid care or rely on it out of necessity, it's important to understand the hefty costs of such care. 

'MONEY & TIME'

The amount of care provided increases with the age of the caregiver, according to a 2012 study from Johns Hopkins University. On average, the time spent by caregivers each week is 25.3 hours for those aged 55 to 64; 30.7 hours for those aged 65 to 74; and 34.5 hours for those 75 years and above.

Meanwhile 24% of caregivers report spending five years or more in caregiving and 26% said between one and four years. 

And those providing care for 21 hours or more every week are twice as likely to have been in the caregiving role for 10 or more years, according to the "Caregiving" survey.

The paradox of improved medical treatment for diseases like Alzheimer's is that while medicine can reduce symptoms, it can make the caregiving period substantially longer. The challenge in planning long-term care is two factors: money and time. Time is the hardest. Time depends on the kind of infirmity that the family member experiences.

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Speros Financial

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www.sperosfinancial.com Long-Term Care Tip of the Day!

Long-Term Care, Steep Costs Even When It's 'Free'

Whether clients choose unpaid care or rely on it out of necessity, it's important to understand the hefty costs of such care. 

BUSINESS LOSSES

Informal care-giving costs extend beyond families.

U.S. businesses face $25 billion in lost productivity due to absenteeism among working caregivers. The losses reflect a range of costs including absenteeism, shifts from full-time to part-time work, replacing employees and workday adjustments, according to the AARP study. 

www.sperosfinancial.com Long-Term Care Tip of the Day!!

Long-Term Care, Steep Costs Even When It's 'Free'

Whether clients choose unpaid care or rely on it out of necessity, it's important to understand the hefty costs of such care. 

'PSYCHOLOGICAL BURDEN'

There are more than finances to consider: The silent costs are costs that go far beyond the financial costs of the actual care.

While families do incur financial losses by providing care, they also experience stress and emotional challenges. Around 88% middle-income people, ages 49 to 67, said that family care-giving was harder than what they had expected, according to the AARP study on valuing informal care. It required more patience, emotional strength and time than estimated.

Many people have the notion that a family member will take care of them, but that notion becomes very uncomfortable when you are talking about personal care like bathing or helping one go to the bathroom. That poses a physical and psychological burden.

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Speros Financial 

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www.sperosfinancial.com Long-Term Care Tip of the Day!

Long-Term Care, Steep Costs Even When It's 'Free'

Whether clients choose unpaid care or rely on it out of necessity, it's important to understand the hefty costs of such care. 

FINANCIAL STRAIN

Family caregivers face financial challenges while caring for their loved ones. The AARP found that around 68% of family caregivers had to use their own money to help provide care for a relative.

Families often have to put other important financial goals -- like saving for retirement or a child's education -- on hold. Putting off these events or borrowing money to pay for them can lead to stress for all family members.

Children want their parents to be taken care of. But think about this typical situation: A father who is 30 years older than his children will be in his late 80s when his children are in their 50s, who in turn will be paying for the college education of the grandkids.

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Speros Financial 

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www.sperosfinancial.com Long-Term Care Tip of the Day!

Long-Term Care, Steep Costs Even When It's 'Free'

Whether clients choose unpaid care or rely on it out of necessity, it's important to understand the hefty costs of such care. 

RELYING ON FAMILY

The AARP report on valuing informal care found that around 73% of adults aged 40 to 65 expect their families to provide LTC when required. This is almost seven times more than those who expect to use a home health agency, nursing home or assisted living facility.  

"Most people don't think of long-term care," says Susan Reinhard, senior vice president and director of the AARP Public Policy Institute, and lead author of the "Valuing the Invaluable" report. "We all think that we will live and be very healthy; the wife knows that she is going to take care of her husband. It's not something they plan on."

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Speros Financial 

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