Jan 19, 2020
Long-Term Care Protection Without Additional Cost
Long-term care could be one of the most financially devastating events a senior faces today. Assisted living costs nearly $5000 per month, and skilled nursing care could cost over $8000 per month.
The impact of these expenses could affect your retirement, especially if it’s not included in your retirement plan. The cost of long-term care can be covered in one of three ways: pay out of your pocket, transfer the risk to an insurance company, or rely on state aid. Whichever option you choose needs an action plan to help achieve that goal.
Women Suffer Most, But All Americans Are ‘Woefully Unprepared’ For Costs And Burdens Of Caregiving, National Survey Finds
While the viral “Ok, Boomer” catchphrase seems to connote a disconnect between baby boomers and millennials and Gen Zs, there is one area that is impacting just about every age group—caregiving. Indeed caregiving is a universal issue: no matter who you are, you’ve needed care, if only as an infant. And chances are if you live long enough, you’ll need it again.
Two national movements are telling anyone who will listen that caregivers do not have the support they need and are bearing high and often burdensome financial and emotional costs of caregiving. And they have the data to back it up.
According to AARP, more than 10 million millennials in the U.S., ranging in age from their early 20s to late 30s, are acting as unpaid caregivers. And that doesn’t even include the so-called Sandwich Generation who are caring for their aging parents while supporting their own children, or even the baby boomers who are caring for spouses with dementia and other disabilities.
“Caregiving in America is in crisis, but we are also seeing Americans united by our shared need and support for solutions for caregivers, to ensure our loved ones have access to the care they need,” said Ai-jen Poo, co-director of Caring Across Generations—a national movement of families, caregivers, people with disabilities and aging Americans working to “transform the way we care in this country.” By harnessing the power of online and grassroots organizing and culture change work, individuals of all ages and backgrounds are attempting to shift how America values caregiving and calling for policy solutions to help them do so.
“We cannot wait another generation to address fundamental issues like child care, family medical emergencies, and long-term care for family members who have a disability, or are simply aging,” Poo continued. “Women, families of color, and the youngest and oldest among us have been disproportionately paying the price - and broad swaths of the country’s middle class are increasingly struggling. Our loved ones deserve to know that when they need care, it will be there. It’s time for elected officials and candidates running for office to take note of the clear message Americans are sending, and to start caring about care.”
To prove their point, Caring Across Generations and Maria Shriver's organization, The Women's Alzheimer's Movement this month released results of a poll that found that Americans are “woefully unprepared for the cost and burden of Alzheimer's and caregiving at every stage of life” and that women continue to “bear the brunt” of the impact of Alzheimer’s disease. The poll also found that the vast majority of its respondents wants political leaders to address caregiving needs now as overwhelming bipartisan majorities support new public solutions.”
“Study after study has shown that women bear the brunt of both Alzheimer’s – with one in six women over the age of 60 now projected to get this disease – and the demands of caregiving in the home, whether it’s for a child, a disabled family member, or an older adult with Alzheimer’s or dementia,” Maria Shriver, founder of the Women’s Alzheimer’s Movement, said in a statement. “Today we have nearly 6 million Americans living with Alzheimer’s disease, a number that could grow to 13.8 million by 2050 – two out of three will be women.”
Debora Thivierge, Executive Director and Founder of The ELIJA School/Foundation