Impact of Caregiving
When you or a family member declines in health to the point that you need assistance, who's going to be there to help? In many families, it's assumed that caregiving for an older adult will be provided by a younger family member. In many cases a female. While the experience of caregiving can be rewarding for some, the physical, financial, emotional, and psychological strain of caregiving can have wide reaching impact on the family and friends of caregivers.
Many caregivers did not feel qualified to provide adequate physical care. A lot of the caregivers also missed a great deal of time worked. Average out of pocket expenses in excess of $10,000 a year for travel, time, and providing for incidental expenses related to the care. Then there's the question of paying for care. In many cases, in a worst case scenario, the daily expenses can be up to $250 a day.
That's $7,500 a month or $90,000 a year. And if you're in a situation where your mom and dad have not done the long term care planning and the issue presents itself, it's very likely that you could become the plan for them. Many times, we find that caregivers are working age adults, people that end up having to miss work, that miss the opportunity to make extra money or miss the opportunity for promotions.
Many times, these adult caregivers often have children of their own under the age of 18 that they are also having to care for and prepare for college. And so on. Here at The Long Term Care Planning Group, we help people understand fully the consequences associated with not planning for long term care, as well as what can happen if it is inadequately planned for. One thing is for sure, there are ways to leverage your health to get out ahead of this. So your family doesn't become your plan.