If Mother's Day is when you show your mom how much you appreciate all she's done for you, it may be the right time to have the conversation about something you can do for her -- help her plan for long-term care.
ST. PAUL, Minn. (BusinessWire EON) May 11, 2007 --
If Mother’s Day is when you show your mom how
much you appreciate all she’s done for you, it
may be the right time to have the conversation about something you can
do for her -- help her plan for long-term care.
Women make up 75 percent of the nation’s
nursing home population and seven in ten adult children who care for
elderly parents are women. Yet a 2007 survey conducted for Securian
Financial Group shows that 84 percent of the women with a parent who had
received care indicated no plans were made until care was needed.
“Securing or providing care at the last minute
can create a family crisis,” said Kim
Anderson, product manager, Long-Term Care Insurance, Securian Financial
Group. “Planning can take some of the stress
out of an already-stressful situation.”
It’s not easy to persuade parents to plan for
the day when they are no longer able to care for themselves –
especially if they are healthy and the frail stage of life still seems a
long way off. However, if the subject is raised in terms of enabling
them to retain control of their destinies, they may be more interested
in talking about it.
Having a plan in place also takes some of the burden off of family
caregivers -- and that burden can be substantial.
Of the women in the Securian survey who expect their parents will be
cared for at home, 70 percent say they likely will be the caregiver, but
more than half do not expect to take time off work. That expectation may
not be realistic. A 2004 report by AARP and the National Alliance for
Caregiving revealed that at least 60 percent of employed family
caregivers adjust their work schedules because of caregiving
responsibilities; nine percent left the workplace altogether.
Concern about care costs
Nearly half of the women in the Securian survey said they are concerned
about the quality of care their parents will receive because of limited
family finances.
"With the annual cost of nursing home care averaging $75,000(1), this is
a legitimate concern," said Anderson. "The likelihood of needing
long-term health care sometime in your life is currently 43 percent(2)
and that number is expected to rise as the population ages. It's
important that women explore care issues with their parents and start
planning for their own future care needs."
About the study
Gestalt Inc. conducted a nationwide online survey in January 2007 with
400 women who were part of the Survey Sampling Inc. consumer Web panel.
Respondents were aged 30 to 64 with a minimum total household income of
$40,000. Find more facts
about the Securian study at www.securian.com.
About Securian
Securian Financial Group, Inc. helps provide financial security for
individuals and businesses in the form of insurance, retirement plans
and investments. Securian serves more than 7,000,000 individuals in all
50 states and Puerto Rico and nearly $29 billion in assets under
management.
(1) Based on rates for a private nursing home room. Genworth Financial
2007 Cost of Care Survey. Conducted by CareScout, an independent
research firm. 03/07.
(2) National Underwriter, 2004 Field Guide to Estate Planning, Business
Planning & Employee Benefits.
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