November is Long-Term Care Awareness month! I am writing today to encourage you to review your plan of action should a long-term care crisis arise. Current statistics are showing 70% of Americans over the age of 65 will face the need for long-term care services at some point in their lifetime.
I came across this report, The Many Faces of Caregivers: A Close Up Look at Caregiving and Its Impacts. This is an in-depth report that explains what unpaid caregivers will cope with including a host of financial and health-related challenges – both for themselves and those they care for. Will our family members or friends provide care for us when the times comes…of course they will! But, here are a few statistics from this report that show the impact of being a caregiver. Fifty-five percent of caregivers say that their own health is taking a back seat to the health of their care recipient. Sixty-nine percent gave little or no consideration to their own financial situation when deciding to become a caregiver. Fifty-five percent of caregivers say their caregiving duties leave them physically and emotionally exhausted. Forty-four percent say their duties leave them feeling completely overwhelmed. Is this the burden we want to leave to our family members and friends? It’s important that we put meaningful solutions in place to protect our loved ones.
Let’s face it – this isn’t a topic that we enjoy discussing – but with proper planning, we can ensure that our family members are not shouldering the burden of providing care.
There are many different options available today from short-term care to traditional long-term care, and products linked with life insurance or annuities. Did you know that you under the Pension Protection Act it may be possible to exchange an older annuity into a new product that will provide a benefit for long-term care? By electing for this exchange, any previous gain in the older annuity is transferred to the new product without incurring a tax penalty.
There is a no “one size, fits all” strategy for a plan of action. It’s important to work with a specialist in this area and that’s where I come in. Our agency has over 18 years of experience working with clients such as yourself. We are happy to include your family members in our conversation. Set a deadline for yourself and make this planning a priority. We never expect our health to change – sadly, it can happen in the blink of an eye.
It’s important to work with an agent that specializes in long-term care to ensure you receive an array of products and options that best fit your needs and goals. Let’s put a plan in place for you today to ensure that your family doesn’t have to make these difficult caregiving choices alone. Please call me for more information. 800-789-5191
Matt Sussman, CLTC
PS: You can view the report here: http://ltcsolutions.net/the-many-faces-of-caregivers-research-report-2017.pdf