LO N G -TE R M CA R E
Addressing the Growing Long-Term Care Crisis with LTC and Legal Insurance By Tim Weber To me, the caregiving story is a personal one. My parents struggled with a protection problem — not knowing how best to protect their estate and future security should they face a serious illness — issues that carry big financial, health and emotional impact. When my dad died, he only had a will, not a trust — which meant that we spent an immense amount of time finding and reconciling his financial accounts and navigating the probate process. Shortly after, I served as a caregiver for my mom when she faced some serious medical challenges. Circumstances like these underscore the importance of planning ahead and having key healthcare documents in place for peace of mind. My family’s situation isn’t unique. Sharing stories like this is usually met with nodding heads from those dealing with similar issues. In my experience, the conversation around the burgeoning care crisis typically follows two paths: the growing need for caregiving and the need to understand long-term care options. These are two sides of the same coin to me. Many times, a caregiving situation for a loved one, like a parent or grandparent, evolves into long-term care — something employees usually aren’t prepared for as they navigate their busy daily lives. Caregiving in the United States In the past several years, we’ve seen just how important caregivers are — and the struggles they face. According to a study by AARP and the National Alliance for Caregiving: • •
21% of Americans are caregivers who have provided care to an adult or child with special needs at some point in the last 12 months And among this group, 61% of family caregivers are also employed
Research from the Roselyn Carter Institute for Caregivers 14 | CALIFORNIA BROKER
shows that most employees who are providing caregiving services feel that their work, careers and productivity have been disrupted — and close to one-third of these employees have voluntarily left their jobs because of their caregiving responsibilities. And these responsibilities disproportionately affect women. Sixty-one percent of caregivers are women and, according to the AARP Caregiving in the U.S. report, women are more often caring for two or more adults. Jennifer Morris-Pugliese, Care Support team manager at CareScout.com, tells us that there are several factors affecting caregiving in the United States. “The number of older adults who need care is on the rise, but the number of available caregivers, like home care and clinical nurses, is decreasing. This lack of staff has led to a crisis in some places, particularly rural areas.” As those who are currently serving as caregivers continue to age, there will be a whole new generation of individuals with long-term care needs. As of September 2021, there were around 12 million Americans who required long-term care services, according to the U.S. Department of Health and Human Services. By 2050, it’s estimated that this number could reach an overwhelming 27 to 30 million. Morris-Pugliese continued, “The sandwich generation is stressed beyond belief. They’re not exercising, sleeping, or eating well because they’re caring for everyone around them and not themselves. That might mean that they’re postponing their own routine medical care, like screenings or follow-up visits. And this lack of focus on their own health, coupled with the long-term effects of the stress they’re under, is worrisome. “It’s critically important for caregivers to seek out at least one hour a day for themselves, for things like appointments, exercise, sleep, therapy –– any kind of self-care,”she says. “It might seem small, but these tiny actions can really help over time. Burnout is very much a real thing.”
CalBrokerMag.com
NOVEMBER 2023
