According to new research from Genworth, one of the nation’s leading long-term care insurance companies, Americans are both entering caregiver roles and requiring care at younger ages. Among the study’s findings:
It’s not clear why some of these statistics have changed so dramatically in eight years, but what is clear is that it’s prudent to develop a long-term care plan sooner rather than later. We may think that because people are living longer that they won’t need care assistance until their 80s and beyond, but the results of this recent survey tell a different story.
If you’re planning to live to a ripe old age, do yourself and your family and friends a huge favor: Find resources to help you remain independent as long as possible. There are a wide variety of options in all price ranges, and it’s never too early to consider a plan that’s right for your situation. If you would like help exploring these options, please give us a call.
Having resources lined up to help with daily challenges also means that when you do spend time with family, it’s quality time and not focused on household chores or other issues. This may mean having a reliable helper to turn to when your television goes on the fritz and you need someone (with technical knowledge and endless patience) to work with the company’s telephone support. It may mean changing lightbulbs in dark bathrooms or hauling trash cans to and from the curb. Household assistance can help with the day-to-day chores we may take for granted when younger and healthier. These types of assistance are commonly referred to as long-term services and supports (LTSS) and aren’t covered by Medicare. One report found that the average cost for those with high LTSS needs who are paying for services is about $10,000 a year.
Long-term care insurance can help with more personal assistance. This type of coverage kicks in for more serious impairments to help with things like bathing, dressing, eating, going to the bathroom and getting around from room to room.
For some, the first step to a caregiver plan is “right-sizing” to a family home that is easier and less expensive to maintain. Some may take the opportunity to move to a retirement community – to be surrounded by peers and services – or to choose a warmer client conducive to an active retirement lifestyle.
Another option to consider is a Continuing Care Retirement Community (CCRC), which provides a progression of care as residents age. These communities offer a range of amenities, including housekeeping and dining options, transportation, wellness and fitness programs, recreational and social outings, and activities.
As you plan for the future, don’t forget to enjoy today. Research has found that spending more time in nature has significant health benefits: 90 minutes a day outside in a wooded area can help reduce activity in the part of the brain linked to depression. Spending time in nature also has been attributed to lowering blood pressure; reducing anxiety, feelings of aggression and ADHD symptoms; increasing pain control; and boosting the immune system and feelings of happiness.
Content prepared by Kara Stefan Communications.
1 Howard Gleckman. Forbes. Dec. 26, 2018. “The Changing Demographics Of Family Caregivers.” https://www.forbes.com/sites/howardgleckman/2018/12/26/the-changing-demographics-of-family-caregivers/. Accessed Jan. 31, 2019.
2 Wallace Stephens. The American Journal of Managed Care. Jan. 31, 2019. “Evaluating Hardships Faced by Elderly Americans Requiring Long-Term Care and Support.” https://www.ajmc.com/newsroom/evaluating-hardships-faced-by-elderly-americans-requiring-longterm-care-and-support. Accessed Jan. 31, 2019.
3 Dana Anspach. The Balance. Sept. 6, 2018. “Insurance and the Activities of Daily Living.” https://www.thebalance.com/what-are-the-activities-of-daily-living-2388730. Accessed Feb. 13, 2019.
4 AfterFiftyLiving.com. “5 Reasons to Move to a Retirement Community.” https://www.afterfiftyliving.com/5-reasons-to-move-to-a-retirement-community/. Accessed Jan. 31, 2019
5 U.S. News & World Report. Sept. 17, 2018. “Top 5 Things to Know About Continuing Care Retirement Communities.” https://health.usnews.com/wellness/aging-well/articles/2018-09-17/top-5-things-to-know-about-continuing-care-retirement-communities. Accessed Jan. 31, 2019
6 Evan Fleischer. BigThink. Oct. 12, 2018. “Doctors in Scotland can now prescribe nature to their patients.” https://bigthink.com/personal-growth/doctors-in-shetland-can-now-prescribe-a-walk-in-nature. Accessed Jan. 31, 2019.
Advisory services offered through Lake Point Wealth Management, LLC, an SEC Registered Investment Adviser. Insurance products and services offered through Lake Point Advisory Group, LLC. It is important that you do not use e-mail to request, authorize or effect the purchase or sale of any security or to effect any other transactions. The information transmitted herein and any attachments or files transmitted herewith may contain proprietary, confidential and/or protected, non-public information, are covered by applicable state and federal laws and are intended solely for the use of the individual or entity named above as the intended recipient. If the reader of this message is not the above-named intended recipient, or his/her/its agent, be advised that any review, disclosure, dissemination, distribution or copying of this communication is strictly prohibited. If you have received this communication in error, please immediately notify the sender by telephone or e-mail and destroy the material forwarded in error. Nothing in this communication shall constitute an offer to sell or solicit any offer to buy a security or any insurance product. Recipients should be aware that all emails exchanged with the sender may be archived and may be accessed at any time by duly authorized persons and may be produced to other parties, including public authorities, in compliance with applicable laws.