October 21st, 2013
BY Maria Wood
Numerous studies have underscored the physical and psychological strain of taking care of an aging, ailing loved one. However, a recent study by Genworth quantifies the monetary loss that caregiving could entail without the benefit of long-term care insurance (LTCI) or some form of pre-planning.
The new report, “Beyond Dollars: A Way Forward,” calculated that, on average, families would be able to save nearly $11,000 yearly in out-of-pocket expenses if long-term care arrangements were made prior to a loved one actually needing long-term care. Moreover, 53 percent of family members that acted as the primary caregiver have lost income due to their caregiving duties.