Why should my loved ones and I start the conversation about our long-term care plan sooner rather than later?
Long-term care creates a huge financial burden on the family unit, whether it is provided by family members or not. Caregivers (usually women) may not be able to remain in the workforce for an adequate number of years to help fund their own retirement. The caregiver might not qualify for retirement benefits for themselves if they are not able to work outside the home for enough hours per week. According to an AARP report, family caregivers spend $6,954 annually in out-of-pocket costs.
Here are some more reasons to start planning sooner rather than later:
Care typically falls on family members, who either do not have sufficient time or funds to fully support themselves long-term.
The most common family member providing the care is a full-time working woman.
Most people end up needing long-term care services.
Long-term care can create a huge financial burden.
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