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The Ripple Effects of Long-Term Care
http://www.countywomanmagazines.com/articles/442/1/The-Ripple-Effects-of-Long-TermCare/Page1.html
Website Manager
 
By Website Manager
Published on September 29, 2012
 
I have seen firsthand how relationships with spouses, siblings, children, and colleagues can be affected when we have to take an active role in someone else’s care.  The value of planning ahead allows us to orchestrate our own care rather than administer it.  Having a skilled caregiver there for our loved ones to assist with bathing, eating, dressing, transferring (getting out of a bed or chair), and toileting allows us to spend quality time doing other things that have more meaning for them and us. 

I have seen firsthand how relationships with spouses, siblings, children, and colleagues can be affected when we have to take an active role in someone else’s care.  The value of planning ahead allows us to orchestrate our own care rather than administer it.  Having a skilled caregiver there for our loved ones to assist with bathing, eating, dressing, transferring (getting out of a bed or chair), and toileting allows us to spend quality time doing other things that have more meaning for them and us. 

Unfortunately, we do not have a crystal ball to tell us when we will need long-term care help, and for many it happens during the worst financial crisis in their lives or it becomes the worst financial crisis.

Imagine the tension that builds within sibling relationships... no parity in the amount of time individuals spend with their loved ones or financial contributions... denial as to the need for placing someone in a nursing home... friends judging how you are providing elder care based on placement. 

The following findings came from the 2010 Genworth conducted and published survey titled Beyond Dollars: The True Impact of Long Term Caring:

Care commitments cost secondary caregivers wages, issues with bosses and co-workers:
  • 29% Had to work fewer hours
  • 42% Lost a job, changed shifts and/or missed career opportunities
  • 33% Lost vacation/sick time
  • 33% Incurred repeated absences from work
Savings and Retirement Contribution Impact:
  • 40% Contributions to savings accounts were reduced by 
  • 22% 401(K) contributions were reduced by                        
  • 55% Retirement contributions were reduced by                     
  • 71% Family vacation savings were reduced by                    
  • 76% Savings for college and education were reduced by                        
Family and Relationships Impact:
  • 33% Experienced an increase in stress with their spouse
  • 18% Reported stress with siblings                                     
  • 13% Experienced an increase in stress with their children    
  • 12% Reported reduced time with their children                 
The impact of long-term care on families is well documented. Nearly two-thirds of Americans over age 65 will need long-term care at home, through adult day health care, or in an assisted living facility or nursing home.  A care event in your family can be a challenge but you can lessen its impact.

New Jersey – State Median:  Annual Care Costs in 2012*
  • Home Care
    –  $44,616 Homemaker services
    –  $46,904 Home Health Aides

  • Adult Day Health Care
    –  $20,800 Adult day health care

  • Assisted Living Facility
    – $68,556 Private, one bedroom

  • Nursing Home Care
    – $106,489 Semi-private room
    – $114,975 Private room
You already insure against other risks with homeowner, automotive, and life insurance.  Help protect your lifestyle planning and assets with a simple phone call to discuss your long-term care options.  

Laurie Quinn is an employee benefits consultant with the AJM Insurance Management Group. She has been helping individuals and businesses navigate through the complexities of choosing health, life, disability and long-term care products for over seven years. Laurie can be reached at 856-795-4020 extension 123 or via email at laurieq@ajminsurance.com if you would like additional information regarding long-term care insurance or other related insurance products.  *Genworth 2012 Cost of Care Survey conducted by CareScout, 4/12.


As seen in Burlington County Woman and Camden County Woman