November is Long-Term Care Awareness Month
Did you know that 70% of people over age 65 will require some type of long-term care services during their lifetime? This type of care can be tremendously expensive, but your finances aren’t the only thing at risk. Long-term care situations can take a tremendous physical and emotional toll on your family members as well. Imagine your spouse, your children or your friends having to care for you, assisting with personal care activities such as bathing or feeding.
In recognition of Long-Term Care Awareness Month, here are a few facts about the sacrifices that caregivers often make: There are 45 million informal caregivers in the United States, most of them relatives of the person needing care.
- 78% of adults receiving care at home rely on family and friends as their only source of care. Source: National Family Caregivers Association
- The typical caregiver is a 46-year-old woman. Source: AARP
- The average caregiver spends 21 hours a week caring for a loved one. Source: National Alliance for Caregiving
- 92% of family caregivers reported a major change to their work pattern. Source: Center for American Progress
- 41% reported being forced to take a leave of absence. Source: Center for American Progress
- 37% reported switching from full-time to part-time-work. Source: Center for American Progress
- Nearly 50% reported having to cut down or skip any vacation or social activities. Source: Volunteers of America
- 29% reported using their own savings to provide care. Source: Volunteers of America
- 11% reported moving close to a parent or family member in need of care. Source: Volunteers of America
- 10% reported having their pay cut at work. Source: Volunteers of America
It’s important to understand the emotional, economic and physical toll that care can have on loved ones who may be forced to care for you if you don’t have LTCi. By understanding this you can better plan for your future so you aren’t a burden to loved ones.