Failure to Plan for Long-Term Care Often Leaves Caregiving to Female Family Members, According to Lincoln Financial Group Study

A new Lincoln Financial Group (NYSE: LNC) study released during Long-term Care Awareness Month finds nearly 75 percent of people believe they will be responsible for caregiving of a family member in need, yet 7 in 10 people worry they will not be able to provide adequate care. Women surveyed were significantly more likely than men to believe familial long-term care responsibilities will fall on them, and 65 percent of those surveyed agreed that parents expect more help with long-term care from their daughters than from their sons.

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More than one in two people turning 65 are expected to need some form of long-term care supports and services in their lifetime, typically beginning in the home with family caregivers. Of those surveyed who have provided care, more than 60 percent said they had no idea how demanding it would be, and that an insurance product to help with long-term care would have made their role easier. Interestingly, emotion was the most commonly cited challenge experienced by caregivers.

“A long-term care event is a difficult time for a family, including the person in need of care, as well as the children or spouse making care decisions and often providing the care,” said Karen L. DeRose, CFP, CRPC, president and managing partner of DeRose Financial Planning Group and registered representative of Lincoln Financial Advisors. “Planning before care is needed is the best way to ease those stresses. Think about the type of care you’d want, and discuss your preferences with your family and advisor; then, together, you can determine strategies on how to make those preferences a reality if the need arises.”

Balancing Family Care and Professional Care

More than half of respondents said they would hire professional services specifically to relieve the burden on children or a spouse.

“In those instances where family members have to provide long-term care for a loved one, women are often expected to step in and assume responsibility for caregiving. But remember the old adage, ‘many hands make light work,’” continued DeRose. “Think about how all family members can contribute to caring for a loved one, and the role professional services may play, either early on with activities of daily living like bathing and eating, or in later stages when advanced medical skills may be needed.”