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The Impact of Long-Term Care

Filed under: Retirement

Nurse Advising Senior Woman On Medication At HomeEven the best-laid plans can go awry, and just one accident or illness can change our lives forever. Have you ever considered what would happen to you, and who would take care of you, in the event that you are ever unable to fully care for yourself? How would that person handle the new responsibility? What would be the emotional, physical, and financial impacts of a sudden disability?

It’s something we don’t like to think about, but the possibility of needing long-term care is something we all must confront. A new study by the National Alliance for Caregiving demonstrates the reality of care giving in our society. The majority of care givers experience significant difficulties with all aspects of their new role, including:

  • 84 percent lack access to more training, support, and information
  • 1 in 4 have a hard time locating affordable services
  • family care givers spend, on average, 24 hours per week caring for a parent, spouse, or other relative
    60 percent of care givers work outside the home, but often must reduce their hours at work to meet the demands at home
  • 6 in 10 care givers perform nursing duties without the benefit of any training
  • 38 percent of care givers experience high emotional stress
  • 22 percent report that their own health has worsened since taking on their care giving role
  • the average care giver has been taking care of their loved on for more than four years

These alarming statistics point to a greater need for long-term care services within our healthcare system.. In some cases, elderly, sick, or disabled individuals remain in their own homes due to personal choice. But many simply cannot afford a stay in a nursing home, so the burden of their care falls on family and friends.

While you’re planning for retirement, it’s important to remember that the cost of health care is steadily rising. Factor those increasing costs into your fixed budget, and remember to leave room for unexpected medical bills.

But since part of retirement planning means considering all possible outcomes, consider what might happen to you if you ever need long-term nursing care. Will your budget accommodate a nursing home stay? Or are you counting on your spouse or children to care for you? If so, could they afford it? Consider purchasing long-term care insurance to cover the cost of a nursing home or in-home care. Or, if you are determined to stay at home, make provisions in your long-term financial plan to help your loved one with the cost of providing this care.