Americans Who Care For Aging Parents Suffering Financially and Emotionally

America has a senior health crisis that also produces serious employment implications. Many households have an aging family member who needs round-the-clock care, and nobody is paying the family members who voluntarily provide care and time. With proper planning, such an issue does not have to be a major financial disruption. The Department of Health and Human Services says that nearly 70 percent of people over the age of 65 will need assistance with daily tasks such as eating, bathing and toileting. 

With families that have two or more senior members, the odds are closer to 100 percent that one or the other will need assistance at some point. In theory, this creates many caregiver jobs. However, most of these positions are filled by unpaid family members and friends, and they are often shared between several individuals.

The Bureau of Labor Statistics reported that more than 40 million unpaid caregivers help adults who are 65 years of age or older. That comes out to be more than 25 percent of the country's workforce, and more caregivers join the ranks each year. The emotional and financial toll created by these services on caregivers can be considerable. Several surveys have shown that people who are caregivers suffer additional health problems of their own that are linked to the added responsibility.

In some instances, a person must quit a job to become a full-time caregiver. When this happens, the person's spouse usually picks up the slack financially. This can strain and ruin marriages or may cut into savings or funds for a child's college education. While caring for an older loved one can be a rewarding and enriching experience, there is a delicate balance between helping and becoming dangerously overwhelmed.

Finding that balance is the most important part of being a truly helpful caregiver. Experts recommend providing some care at home but hiring professionals to help out. Family members who are caregivers need emotional support, assistance with paying bills and assistance with direct care for the aging loved one. Burnout happens too often, and it negatively affects the aging adult and the caregiver. Tasks such as changing wound dressings or catheters that require skilled nursing assistance should also be handled by qualified individuals. To adequately pay for professional caregivers, experts recommend the following:

• Critical illness insurance
• Long-term care insurance
• Annuity with LTC rider
• Life insurance with LTC rider
• Tax-advantaged savings accounts

The key is to diversify account types for adequate income. Having the extra income or coverage can help offset the costs of taking time away from work, quitting a job or paying more vehicle expenses to drive an aging person to medical appointments.

For more information, feel free to Contact Neptune Financial to schedule an appointment.

Basic Understanding

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