Genworth's 2013 Beyond Dollars: A Way Forward study, highlights the fact that adequately planning for long-term care can potentially save money and reduce the stress that is faced by caregivers. In fact, families could save nearly $11,000 annually if long-term-care plans were made earlier.
The study, which surveyed a total of 1,208 caregivers and care recipients, also found that:
- 30% of caregivers and 35% of care recipients believe stress could have been avoided if care was received sooner.
- 58% of caregivers reported cutting into discretionary spending such as eating out, buying new clothes, etc.
- The majority believe that having long-term-care insurance would have resulted in relief from the financial burden associated with long-term care (59 percent); less strain on family situations (59 percent); and relief from stress on the family (51 percent).
To coincide with the study, Genworth produced a video providing advice on how to plan, which can be viewed here.
Genworth's “Beyond Dollars” research series aims to highlight the financial, logistical, emotional and health-related impacts of long- term care.
The goal of this research is to help producers understand the importance of planning for long-term-care events. Ahead of next month’s Long Term Care Awareness Month, Genworth encourages producers to educate themselves on their long-term care options to help themselves and others overcome the personal and psychological pitfalls that arise around money and financial planning.
By Ayo Mseka