RICHMOND, Va., Oct. 21, 2013 /PRNewswire/ -- More than half (53 percent) of family members serving as primary caregivers for loved ones have lost income due to the demands of providing care. The study, Beyond Dollars: A Way Forward, also found that caregivers whose loved ones did not have long term care insurance face additional stresses including covering the cost of daily living, medical and other support-type needs.
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"Most families believe they can solve a long term care crisis themselves or that a family member will bear the load of caring for an aging relative," said Bob Bua, President of CareScout, a Genworth company. "This thinking may work for the short term, but over a longer period of time, families will start to feel the burden of stress and guilt affecting the care receiver, caretaker and the entire family."
In light of November's Long Term Awareness Month, Genworth encourages consumers to educate themselves on their long term care options to overcome the personal and psychological pitfalls that arise around money and financial planning.Regrets and the Cost of not Planning "People tend to wait for a crisis to hit before recognizing the importance of having a plan in place," said Roger Baumgart, CEO of Home Instead Senior Care. "We plan for marriage, home ownership and other life changing events; families need to plan ahead for what we know to be a very expensive burden in retirement and that's the cost of long term care." Planning ahead is most common among care receivers who enlisted professional care and is less common among recipients relying on a family caregiver. In fact, the study found that forty percent of those who received care at a day care facility made plans to cover a long term care situation while only 23 percent of those who moved into a family member's home did the same.