Study finds that 60 percent of people who have provided care underestimated how demanding it would be further illustrating the need for families to prepare
November 13, 2018 — RADNOR, Pa.–(BUSINESS WIRE)– A new Lincoln Financial Group (NYSE: LNC) study released during Long-term Care Awareness Month finds nearly 75 percent of people believe they will be responsible for caregiving of a family member in need, yet 7 in 10 people worry they will not be able to provide adequate care. Women surveyed were significantly more likely than men to believe familial long-term care responsibilities will fall on them, and 65 percent of those surveyed agreed that parents expect more help with long-term care from their daughters than from their sons.
More than one in two people turning 65 are expected to need some form of long-term care supports and services in their lifetime, typically beginning in the home with family caregivers. Of those surveyed who have provided care, more than 60 percent said they had no idea how demanding it would be, and that an insurance product to help with long-term care would have made their role easier. Interestingly, emotion was the most commonly cited challenge experienced by caregivers.
Planning Before Care
“A long-term care event is a difficult time for a family, including the person in need of care, as well as the children or spouse making care decisions and often providing the care,” said Karen L. DeRose, CFP®, CRPC®, president and managing partner of DeRose Financial Planning Group and registered representative of Lincoln Financial Advisors. “Planning before care is needed is the best way to ease those stresses. Think about the type of care you’d want, and discuss your preferences with your family and advisor; then, together, you can determine strategies on how to make those preferences a reality if the need arises.”
Balancing Family Care and Professional Care
More than half of respondents said they would hire professional services specifically to relieve the burden on children or a spouse.
“In those instances where family members have to provide long-term care for a loved one, women are often expected to step in and assume responsibility for caregiving. But remember the old adage, ‘many hands make light work,’” continued DeRose. “Think about how all family members can contribute to caring for a loved one, and the role professional services may play, either early on with activities of daily living like bathing and eating, or in later stages when advanced medical skills may be needed.”
When it comes to hiring professional help, those surveyed cited the ability to receive care in the home and receive more experienced care as the top advantages. Today there are many different types of long-term care funding solutions that can help mitigate the costs of professional services such as a home health aide, registered nurse or a skilled nursing home. To learn more about the potential costs of long-term care services in your area, visit Lincoln’s interactive What Care Costs website (enter code ‘Lincoln’ in upper right corner).
About Lincoln Financial Group
Lincoln Financial Group provides advice and solutions that help empower people to take charge of their financial lives with confidence and optimism. Today, more than 17 million customers trust our retirement, insurance and wealth protection expertise to help address their lifestyle, savings and income goals, as well as to guard against long-term care expenses. Headquartered in Radnor, Pennsylvania, Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE: LNC) and its affiliates. The company had $262 billion in assets under management as of September 30, 2018. Lincoln Financial Group is a committed corporate citizen included on major sustainability indices including the Dow Jones Sustainability Index North America and FTSE4Good. Additionally, Lincoln is dedicated to upholding a diverse and inclusive organization and was recognized by Forbes as one of the Best Large Employers, Best Employers for Diversity, and Best Employers for Women in 2018 and received a perfect score of 100 percent in 2018 on both the Corporate Equality Index and Disability Equality Index. Learn more at: www.LincolnFinancial.com. Follow us on Facebook, Twitter, LinkedIn, and Instagram. Sign up for email alerts at http://newsroom.lfg.com.
The Lincoln Financial Group Long-Term Care Study
Results of the Long-Term Care Study are based on two online surveys – one among 1,012 consumers, and one among 500 financial advisors – conducted by Versta Research on behalf of Lincoln Financial Group between August 28 – September 22, 2017. The surveys focused on long-term care attitudes, experiences, and planning. For additional background information on this study, please click here.