Genworth, one of the leading providers of Long Term Care Insurance, has issued its 2015 Cost of Care Survey.
While the survey is comprehensive, it fails to capture the wider picture. Lost in the recitation of the staggering financial costs of long term care (especially in skilled nursing facilities) are the emotional, financial, and professional costs to the family caregiver. Your family caregiver is the person called upon to help when you are unable to handle financial, medical, and personal needs yourself. Without the help of a support system, your family caregiver on average will:
- Have more than $5,000 of out of pocket caregiving costs
- If not employed, spend more than 30 hours a week in caregiving
- If employed, be distracted by caregiving related emails and phone calls that have a negative effect on their job performance
Long term caregivers have an especially hard time dealing with the emotional strain that goes along with long term care. Managing stress and avoiding caregiver burnout is an important part of a long term care plan. Family members should set clear expectations about who assumes the responsibility of overseeing your care to avoid future conflict or confusion. Unfortunately, most siblings are often unable or unwilling to have a candid conversation about what that entails.
The Erskine Company helps clients to minimize the costs, distractions, and stress of being a long term caregiver. We are able to step in and help when a crisis arises that less experienced family members may not be able to handle. Our expertise can help to smooth out communications and coordinate necessary services.
An important resource we can provide is to moderate between siblings and relatives who may or may not be invested in your long term care plan. We are also able to provide referrals to personal and family counseling professionals, private social workers, and geriatric specialists to help manage caregiver stress and prevent caregiver burnout. Often times having someone to talk with who is outside of the family system, and who understands the difficulties of caregiving, is the most valuable service of all.
With decades of experience to call upon, we can integrate your caregiving with the management of a privately held business, the management of wealth, and the orderly succession of ownership of assets in a tax efficient and emotionally sensitive manner.
Let us help you to create your long term care plan, and avoid over-burdening your loved ones when you can no longer care for yourself.