Impact of Long Term Care
Balancing family and caregiving
Even if you understand and are prepared for the financial impact of long term care, it may have an additional impact on your life. Caring for someone else is a loving and selfless act, but it may have a dramatic affect on your marriage, your children, your career, and your plans for retirement.
Your life could change if you need to provide long term care for someone. It may effect your career or your relationships with family and friends.
There are ways to evaluate your long term care payment options. Learn about which long term care options may be right for you.
The financial pressure of long term care
If you or someone in your family needs long term care, the money to pay for it must come from somewhere. Providing long term care may strain your finances in four main areas:1
- Out-of-pocket expenses, such as travel costs.
- Home modification costs, such as ramps and other adaptations.
- Facility care expenses if the care recipient can no longer live at home or needs a place to go during the day.
- Income lost due to missed work or leaving a job.
If you are forced to tap into your savings or retirement accounts, you may lose the opportunity to live a comfortable lifestyle later. But if you start planning for long term care today, you may reduce these impacts on your finances and family.
*Individual stories and quotes are fictitious and are used for demonstrative purposes only.
1 Beyond Dollars: The True Impact of Long Term Caring, Genworth Financial, 10/31/2013.
2 America's Health Insurance Plans, 2012.
Long Term Care Insurance is underwritten by Genworth Life Insurance Company, Richmond, VA
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Did you know?
Family members and friends are the sole caregivers for 70% of elderly people2.