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PROTECTING YOUR FAMILY FROM THE TOLL OF LONG TERM CARE 


Long-term care is more of an issue now then it ever was in the past due to our aging population. We are living much longer now than we ever did before. Along with living longer, our odds for needing long-term care may increase. Many times people wrongly assume that because no one in their family needed long-term care, they won't. What people forget is that in the past their family members probably didn't live long enough to require long-term care! As we live longer, our odds for needing long-term care increase.

"One-third of all Americans (77 million people) were born between 1946 and 1964, a group we affectionately named the Baby Boomers. We are on the verge of the country's first Senior Boom. One out of four people in the United States is already over 50. In reality, the longer we live, the greater the chance we will need long-term care."
Phyllis Shelton, Long-Term Care Your Financial Planning Guide, 2003

"Boomers are placing increasing importance on financial independence. When asked about their primary consideration for satisfaction later in life, they are just as likely to cite finances as health and are very concerned that they will outlive their money, forcing them to scale back their current lifestyle."
Sandra Timmerman, Ed.D., Director of the MetLife Mature Market Institute, October 2005

"Much of the financial burden of long-term care falls on the care recipients and their families."
Boston College Center for Retirement Research, 2004

When we look into the past at our parents, grandparents, or great-grand parents, long-term care didn't seem to be as big of an issue as it is today. This could be due to the fact that families were able to take care of their loved ones if they lived long enough to need long-term care. Our families have changed a lot over the years, making it more difficult for families to take on the responsibility of care giving. There are many challenges that families face that make it difficult to take care of their loved ones.

Two Family Incomes - Women in the Workplace

In the past, women did not always have to work and were able to care for their parents, or their spouse's parents. Now, in order to survive in today's world, many times both the husband and wife need to work. If the wife is working it makes it very difficult, if not impossible, for her to be the primary caregiver. If she tries to accomplish both, often her work will suffer which can result in substantial financial losses.

Divorce

In America, there has been a tremendous increase in the number of divorces. Divorce leaves a lot of single-parent families. These single-parent families may face a difficult job raising a family on their own while trying to work a full-time job to support their family. Imagine if they were also providing care to a loved one as well! Not to mention the additional burdens of having more than one-set of parents to care for during their later years. A child from a divorced family may end up having multiples of parents and parents-in-law because of family divorces.

Fewer Children

In the past, people had more children than we are having today. It was normal to have three, four, or more children. If a parent needed long-term care, there was a greater chance that at least one of those children could provide care. In today's world we are not having as many children, thereby decreasing the odds that one of them would be available to provide long-term care.

Geographical Separation

In the past, families usually lived in the same communities, or not far away. If a parent needed long-term care there was usually a family member living nearby that could step in and help out. In today's world, our families are spread out across the country. If Mom and Dad live in California and their children live in Florida and New York, you can see how difficult it would be for the children to participate in the care giving without having to pick up and move and leave behind their current lives.
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