Archive for November, 2011

The Real Facts and Statistics

The Real Facts and Statistics


When someone experiences a debilitating health event – short-term or long-term – that may require them to be dependant on others, to dip into savings or stop working, the effects can be significant. There are obvious consequences and new circumstances; other impacts are unseen, but real nonetheless.

About Care Recipients:

  • 34% – Are mothers receiving care from their children
  • 12% – Are fathers receiving care from their children
  • 9% – Are spouses receiving care from their spouses


Financial Impact:

  • 88% – Said their household income was reduces by an average of 44% due to their long term care event
  • 60% – Reported a need to cut back on family expenses after a long term care event
  • 63% – Reduced their saving by an average of 61%


Emotional Impact:

  • 42% – Felt stress with their spouse
  • 35% – Reported stress with their children


Care Needed Due To:

  • 45% – A Specific Illness
  • 42% – Age-Related Frailty
  • 41% – Cognitive Impairment
  • 13% – Rehabilitation From an Accident


Care Arrangements:

  • 65% – Of care recipients had not considered the possibility of needed long term care
  • 45% – Of care recipients required care for 3 years or more
  • 40% – Of care recipients were moved into a family member’s home for a period of time


The dollars to pay for care must come from somewhere. Most often, savings and retirement contributions are hardest hit, threatening families’ ability to live comfortably in the future.

Being the main caregiver has significant effects on the emotional and financial well-being of an individual and their family. Juggling time, career, family and finances are the most prevalent stress points but they are only part of the personal and emotional issues that make providing long term care “expensive” on many levels for the Primary Caregivers family.

About Primary Caregivers:

  • 53 is the average are
  • 42% – Care for a mother
  • 24% – Care for a father
  • 23% – Care for a spouse


Financial Impact to Primary Caregivers:

  • 83% – Contributed financially – an average of $8,800 for out-of-pocket care expenses (includes cost of facility care)
  • 57% – Had to dip into their own retirement funds and/or savings
  • 29% – Borrowed money, took out a reverse mortgage and/or sold their house
  • 63% – Reported lost income – an average of 23% of household income
  • 61% – Reduced their savings by an average of 63%
  • 40% – Reduced family vacations
  • 45% – Cut back on their own family expenses


Spouses and children – even in-laws or other extended family members – of primary and secondary caregivers can be affected by a long term caregiving situation. Consider these facts for family members:

The Kinds of Assistance the Family Provides:

                                                                                    Care                Financial Assistance

For an immediate family member:                              87%                             77%

For a step-family member/in-law:                               74%                             71%

For an extended family member:                                74%                             71%


Where the Money Comes From:

As a result of caring for a family member, they reported:

                                                                        Immediate          Step/             Extended

                                                                         Family           In-Law           Family

Dipping into saving/retirement plans: 55%                 57%                 50%

Selling other possessions:                                13%                 12%                 13%

Selling a home:                                               11%                 17%                 18%

­­­­­­­­­­­­­­Borrowing money from a friend/family:          12%                 6%                   13%

Taking out a loan:                                           6%                   3%                   6%

Acquiring a reverse mortgage on a home:      2%                   3%                   4%


Career and Workplace Pressure:

Among those family members reporting adverse effects of the long term care event on their careers, data shows that:

Immediate          Step/             Extended

                                                                         Family           In-Law           Family

Had to work fewer hours:                               44%                 39%                 32%

Lost a job, missed career opportunities:         49%                 36%                 48%

Had repeated absence from work:                  40%                 32%                 32%

Were repeadly late for work:                           19%                 7%                   8%



Abe Glickman, LTCA, LTCP


Abe Glickman Insurance Group

Toll-Free Phone: 877-298-5824


“It is better to create a plan 10 years too soon than one day too late.”

Questions or Comments? Give me a call!