“Planning Smart for Your Clients’ Senior Caregiving Duties,” by Brian O’Connell, InsuranceNewsNet
Quote: “Investment advisors who really want to help clients maintain a healthy cash flow plan need to address a burgeoning issue – the financial burden of caregiving for seniors. ‘While some may make a living caring for others, millions of caregivers nationwide provide services that go unpaid — most notably, folks who care for family members in need,’ SCAN Health Plan stated in a recent report. ‘While it’s clear that caregiving can take an emotional toll on those who provide it, the financial toll is often overlooked.’
“A separate study by Merrill Lynch and Age Wave reveals that 40 million family and friend caregivers in the U.S. collectively spend $190 billion per year on their adult care recipients. Also, 92 percent of caregivers are acting as financial caregivers for their care recipient.”
“Others say that insurance should play a huge role in senior caregiving, mainly by getting ahead of the issue. “Clearly, insurance is the best funding option,’ said Nicole Gurley, founder of Gurley LTCI in Phoenix, Ariz. ‘Why pay dollars when you can pay pennies for long-term care insurance coverage?’”
LTC Comment: Proper financial planning can ease the emotional toll on caregivers and help to mitigate the physical, psychological and professional costs as well.