Planning for Long-Term Care

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.

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By Ayo Mseka
Editor-In-Chief
Advisor Today