Beyond Dollars: Caregivers Face Career Crisis Resulting from Lack of Long Term Care Planning, According to Genworth Study
Among caregivers surveyed in the study, 51 percent felt that caregiving responsibilities negatively impacted their ability to perform their jobs. That's not surprising considering these findings:
- 77% reported missing some work during the past year, up 19% from when caregivers were surveyed by
Genworth in 2010 - Caregivers missed an average of 7 hours of work per week
- 19% missed 10 or more hours of work per week
As a result of their caregiving responsibilities:
- 11% lost their jobs
- 10% had to change careers and
- 12% had to change positions
Absences, reduced hours and chronic tardiness also translated into a significant reduction in caregivers' paychecks. Approximately one-third of caregivers provided 30 hours or more of care a week. And, on average, caregivers reported having lost one-third of their income.
"Although caregiving brings many rewards, it can also have very real negative consequences for families who haven't planned ahead for the possibility of their loved ones needing long term care," said
The Denial Factor
The study also highlights several factors contributing to respondents' reluctance to plan early. Two of the biggest factors cited were "not wanting to admit care was needed" and "not wanting to talk about the issue" (cited by 30 percent and 25 percent, respectively). Overall, caregivers who planned earlier for long term care arrangements saved money. For instance, caregivers providing care to recipients who had long term care insurance were able to secure a reimbursement of 23 percent of their qualified out-of-pocket expenses.
"It's not easy to admit when there is an issue, especially when it comes to matters of declining health, and it's not always easy broaching the topic of long term care with the people you love," said Salazar-Layton. "But meeting the challenge with action – speaking with your loved ones and meeting with a financial professional – does make things easier in the long run for caregivers and care recipients."
Beyond Dollars found that almost half of care recipients (48 percent) had considered the possibility of a need for long term care, but only one-quarter of this group (26 percent) had actually made a plan to cover their potential needs. Even planners felt they could have been better prepared: 63 percent of this group believed they should have taken steps sooner, which would have led to reduced stress.
Fortunately, there are many available resources to help individuals and families develop a long term care plan, but the first and most important step is to simply start the conversation. And there's help for that, too.
Additional Resources
- Consumers can find out what the cost of care is in 440 regions across all 50 states by visiting
Genworth's Cost of Care website. Genworth's Let's Talk website offers tips for initiating conversations about long term care and financial planning with loved ones.- Consumers looking to plan for their long term care needs can tap additional resources such as the
National Advisory Center for Long Term Care Information www.longtermcareinsurance.org. Genworth's Caregiver Support Resource helps families make informed choices about long term care.
About the Study
The study, conducted by
- Additional findings from the survey are detailed in the Beyond Dollars Executive Summary.
- Key findings are visually represented in an infographic.
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