Lincoln Financial Group Shares Tips to Help Caregivers Plan Ahead and Prevent Feeling Overwhelmed by Long-Term Care Needs
18 Novembre 2021 - 7:10PM
Business Wire
Long-Term Care Awareness Month offers timely
opportunity for families to plan ahead for the costs of
caregiving
The cost of caregiving and its impact on relationships, careers
and the emotional and financial well-being of caregivers, has been
brought to the forefront throughout the pandemic, and for good
reason. Nearly half of all Americans surveyed are or will soon be
caregivers1 with seven in 10 caregivers feeling overwhelmed at
least several days in the past three months1, according to a recent
study from Lincoln Financial Group (NYSE: LNC).
“Caregiving can be incredibly rewarding, but caregivers also
need support,” said Heather Deichler, senior vice president of
MoneyGuard Business Management at Lincoln Financial Group. “One of
the best ways we can support them is by helping to guide them in
how to plan for the impacts of a long-term care event.”
Talk about it
Most Americans (96%) surveyed say it’s important for families to
discuss long-term care preferences. Financial professionals agree —
98% surveyed say it is important for families to talk about those
preferences, and to do so before that care is needed. But those
critically important conversations aren’t happening — 82% of
consumers surveyed say they wish they talked more about long-term
care plans and options before they’re needed.2
A great place to start is having a dialogue with family members
about how and where they would like to be cared for if the need
arose. While these discussions may feel uncomfortable at first,
broaching this topic before care is needed can help prevent the
conflict or disagreement that two out of five families have
reported experiencing as a result of a long-term care event.2
Understand the options
Long-term care expenses are viewed by those polled as the second
biggest threat to retirees’ savings, after medical and healthcare
costs.2 Yet fewer than one in five Americans have planned for their
own long-term care, despite there being more options available than
ever.
Costs for skilled nursing facilities, assisted living facilities
and home health aides have all increased over the last three years,
and can vary significantly depending on the level of care offered,
the region of the country and the facility itself.3 As families
start conversations about which options might be feasible for them,
Lincoln Financial’s What Care Costs website can help give an idea
of the care costs someone can expect (enter code ‘Lincoln’ in upper
right corner).
Make a plan
Creating a long-term care plan is as important for the caregiver
as it is for the person being cared for — nearly 70% of caregivers
polled are concerned about the effect on short and long-term
finances.1 It can also help reduce stress, as 93% of people
surveyed agree that planning ahead would make transitions to
long-term care less stressful and 94% believe a long-term care plan
would make things easier on adult children.2 And a good plan
creates the opportunity for potential caregivers to seek out
resources to support the biggest challenges family members who
provide long-term care may face — the emotional toll and the time
it takes to provide the care.
"Long-term care comes in many different forms, from family
caregivers to assisted living facilities, and the costs for those
can vary greatly," said Bill Nash, senior vice president,
MoneyGuard Distribution at Lincoln Financial Distributors. "As
Lincoln helps to empower people to achieve financial security, we
hope families will take this opportunity to prepare for future
long-term care issues to set themselves up for financial and
emotional success.”
- Lincoln Financial Group, Caregiving in the U.S., February – May
2021
- VerstaResearch, “2020 LTC Marketing and Thought Leadership
Research, Findings from Surveys of Advisors and Consumers,” August
2020. http://visit.lfg.com/MG-VRST-PPT001
- LTCG, “2020 Lincoln Financial Cost of Care Survey,” March 2021,
https://www.whatcarecosts.com/lincoln.
About Lincoln Financial Group
Lincoln Financial Group provides advice and solutions that help
people take charge of their financial lives with confidence and
optimism. Today, more than 17 million customers trust our
retirement, insurance and wealth protection expertise to help
address their lifestyle, savings and income goals, and guard
against long-term care expenses. Headquartered in Radnor,
Pennsylvania, Lincoln Financial Group is the marketing name for
Lincoln National Corporation (NYSE:LNC) and its affiliates. The
company had $322 billion in end-of-period account values as of
September 30, 2021. Lincoln Financial Group is a committed
corporate citizen included on major sustainability indices
including the Dow Jones Sustainability Index North America and
FTSE4Good. Dedicated to diversity and inclusion, we earned perfect
100 percent scores on the Corporate Equality Index and the
Disability Equality Index, and rank among Newsweek’s Most
Responsible Companies. Learn more at: www.LincolnFinancial.com.
Follow us on Facebook, Twitter, LinkedIn, and Instagram. Sign up
for email alerts at http://newsroom.lfg.com.
LCN-3900805-110421
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Media Contact: Erika Powell Erika.Powell@lfg.com
336-430-6661
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