Long Term Care Insurance Protects Caregivers, Too

Over 48 million Americans provide unpaid care to an adult age 18 or older. While many working caregivers say they adjust their work schedule as a result of these responsibilities, caregiving most often diminishes the amount of time with family, friends, and doing leisure activities. A substantial number of caregivers say they have given up vacations, hobbies, exercise or other activities as a result of caregiving. About one-third of caregivers say they experience emotional stress. About 15 percent of caregivers report experiencing financial hardship as a result of caregiving.¹ Caregivers who estimated expenses said they spend an average of $2,400 per year out-of-pocket to help care recipients. Caregivers with the greatest levels of burden report spending much more ($3,888 per year).²

How can you protect your loved ones from the stress and financial demands of caregiving? Long term care insurance may be the solution for you.

Many long term care policies also offer care coordination to help you and your caregiver develop a plan of care and locate and coordinate services. Also, look for a long term care insurance policy that offers a stay-at-home benefit that helps you live at home as independently as possible and covers respite care so your primary caregiver can take a break from your regular care.

Make sure you choose a long term care insurance policy that does not make you or your caregiver go through hoops to be eligible for benefits. This means you should be able to select the shortest waiting period … that’s the period before benefits begin … that you can afford, that you don’t have to receive care or incur costs before benefits begin and that you can qualify for benefits if you can’t perform two of the activities of daily living (ADLs), not more.

Finally – and most importantly – look for a long term care insurance policy, like American General LTC Insurance, that offers a cash benefit. If you choose to have a family member provide care, many policies will not pay benefits. However, a policy with a cash benefit can help cover the indirect costs associated with that level of care.

Long term care insurance can protect you and your loves ones. Start the conversation about long term care today.

1	National Alliance for Caregiving and AARP, “Caregiving in the U.S.” (2009)
2	AARP Public Policy Institute, “Valuing the Invaluable: A New Look at the Economic Value of Family Caregiving” (June 25, 2007)