A new Lincoln Financial Group study released during Long-Term Care Awareness Month finds that nearly 75% of Americans believe they will be responsible for caregiving of a family member, but 70% fear they will not be able to provide adequate care. Women surveyed were significantly more likely than men to believe that caregiving responsibilities will fall on them, and 65% of those surveyed said parents expect more help with long-term care from their daughters than from their sons.
More than half of people turning 65 are expected to need some form of long-term care, typically beginning in the home with family caregivers. Among those who are providing care, 60% said they had no idea how demanding it would be, and that an insurance product to help with long-term care could have alleviated some of this pressure.
“A long-term care event is a difficult time for a family, including the person in need of care, as well as the children or spouse making decisions and often providing the care,” says Karen DeRose, president and managing partner of DeRose Financial Planning Group, a registered representative of Lincoln Financial Advisors. “Planning before care is needed is the best way to ease those stresses. Think about the type of care you’d want, and discuss your preferences with your family and adviser. Then, together, you can determine strategies on how to make those preferences a reality if the need arises.”
More than half of respondents said they would hire professional services to relieve the burden on their children or spouse.
“In those instances where family members have to provide long-term care for a loved one, women are often expected to step in and assume responsibility for caregiving,” DeRose says. “Think about how all family members can contribute to caring for a loved one, and the role professional services may play.”
When it comes to hiring professional help, survey respondents said being able to receive care in the home and more experienced care are the two top advantages. To help with this issue, Lincoln has created a What Care Costs website where people can see what long-term care costs in their area. Enter code “Lincoln” in the upper right hand corner.