Portrait of A Caregiver: It May Be You!
December 27, 2009
If you are a Caucasian woman, aged 35 or older, possibly married, definitely working at least part-time—then there is a good chance that you are now or will soon be serving as a caregiver for an aging parent or relative; at least, this is according to the new report released by the National Alliance for Caregiving, AARP, and MetLife.
The entire report, entitled “Caregiving in the U.S., A Focused Look at Those Caring for Someone Aged 50 or Older” is 73 pages long, but you needn’t read the entire thing to get an insider’s peek at the state of caregiving today. And the report isn’t limited to caring for an aging relative; it includes statistics on those caring for special needs children, as well as family members of any age.
Some of the more interesting statistics listed in the report are:
- 40% of Caregivers are aged 50-64.
- 63% of those receiving care are over the age of 75.
- 67% of Caregivers are women.
- 76% of Caregivers are Caucasian.
- 89% are caring for a relative (36% of the time it is the caregiver’s mother.)
- Over half of caregivers are employed while caregiving; and…
- Caregivers provide an average of 19 hours of caregiving per week (in addition to their regular employment.)
It is worthwhile to note that according to this study most of these caregivers are unpaid for the care they give, which makes sense if they are caring for a family member and are doing it voluntarily—but a full 43% said that they felt they did not have a choice to take on the role.
Our office can’t prevent you from one day needing a caregiver (or one day having to serve as a caregiver) but we can help you plan for when that day may come. Thinking and planning ahead can keep you—and your loved ones—from ending up in a situation where you feel you have no choice.
Planning Your Estate is Just the Beginning…
June 30, 2009
Many people come into our offices thinking that the estate plan we help them create will be quick, easy, and — above all — final for all time. They hope that once this item is crossed off the to-do list they can breathe a sigh of relief and never think about it again. For some people this is exactly what happens, but others find that the creation of an estate plan serves as jumping off point for other important planning strategies: Retirement planning, investment planning, Medi-Cal planning and long-term care planning are all important issues every family will have to eventually consider.
Most of these issues are at least somewhat familiar, but long-term care still presents a number of questions for many people: What exactly is it? Will I need it? Who will provide it? And how will I pay for it? In an effort to shine some light on the still murky issue, the AARP has published an article that helps answer these questions in a clear and concise manner. The article also addresses issues such as the difference between public and private services, and when you may need to utilize one or the other.
Answering the difficult questions, however, is only the first step. “Using a combination of support—family and friends, community services, private funds, and government assistance, if necessary—provides a balanced approach to getting the help you need in the setting of your choice.” Once again, having a plan is essential to ensure that you retain control over your own finances and care needs far into the future.
Help for Growing Old Gracefully and Peacefully
April 4, 2009
There is a saying that goes something along the lines of “the only thing worse than getting old is the alternative,” which is said to express pretty well the dismay, betrayal, confusion and sometimes horror that go along with the aging process. Americans are living longer than ever—which really means that there are more opportunities for our bodies to fall apart on us—and elderly Americans are finding that they don’t have the means to pay for all the support and care (often professional care) that their aging bodies require.
Long-term care for elderly Americans can be extremely expensive; instead of heaping that cost upon their children (who in many cases may not be willing or able to pay it) many Baby Boomers are opting to invest in long-term care insurance to cover all or a portion of their anticipated long-term care costs.
If you are considering purchasing long-term care insurance the AARP has a wonderful article to help you through the process. The article covers everything from an easy overview of what long-term care insurance is and what costs it will traditionally cover, to key issues to consider before purchasing a policy.
The thing about growing old is that we all know it’s going to happen; the least we can do is prepare ourselves and our families for what’s coming. That means preparing emotionally, organizationally, and financially. If long-term care insurance can help with one or more of those things it brings us one step closer to growing old gracefully, and just as important—growing old peacefully.
And for those who may not be able to qualify because of health issues, or cannot afford the cost of insurance, there may still be a safety net. A government subsidy under the Medi-Cal Long Term Care Program may be available to help with nursing home costs, depending upon your circumstances. While our firm does not sell long term care insurance, where appropriate we have helped numerous clients qualify for a nursing home subsidy under the Medi-Cal program, while simultaneously asssiting them preserve their life savings and protect their family home.
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