Today I read an article in the Minnesota Women’s Press about the costs of Long Term Care. One great point that the article makes follows:
While the emotional and physical burdens of taking care of a loved one are well known, the financial cost of informal caregiving is less frequently discussed. Caregivers may feel guilty complaining about what society has said should be a labor of love. The problem is pervasive and disproportionately affects women, creating a public policy challenge. Females generally have less money and live longer and are more likely than men to be the caregiver-and to need one.
“It is definitely challenging for all caregivers but the responsibility falls disproportionately to women,” said Amy Friedrich-Karnik, a spokesperson for Family Caregiver Alliance an organization that addresses the needs of family and friends who provide long-term care at home. “Women tend to suffer financially in their later years because of the financial impact caregiving has had on them.”
Women are often saddled with providing care that could be supplemented or even completely avoided with the purchase of Long Term Care Insurance. It may be time to consider giving LTCI a closer look.
