As the holidays are fast approaching, it is easy to get caught up in the excitement. Many women are busy preparing for guests who will arrive to eat a festive meal while enjoying one another’s company. Afterwards, we find ourselves hectically running to gather the gifts for everyone on our gift giving list. There are also decorations to hang, cookies to make, cards to send and so many other details to make the holidays a perfectly enjoyable time. While we are running around taking care of everyone and everything, oftentimes we do not take time to take care of ourselves. What happens initially is we can find ourselves tired and out of energy which can lead to illness. Our loved ones scramble to figure out how to take care of mo, who usually is the one who takes care of them! But, what about taking care of mom when she can no longer take care of herself when she is older? Who will be caring for our caregivers at that point? Do you have the financial means to face this situation when it happens to you? With the experts at Genworth Financial, they can help ease the pressure of facing that issue alone and these women being financially unprepared.
Caring For Our Caregivers Is A Growing Concern
I was recently reading an article by Megan K. McAvoy, a Financial Representative for The Bulfinch Group and it gave me pause. In the article, entitled “Women Are Caregivers, But Who Cares for Them?”, McAvoy talks about working in a nursing home in her youth. Many of the patients were women and Megan wondered why these women, many of whom where caregivers themselves, did not have caregivers of their own. She goes on to say there are currently over 40 million people, mostly women, caring for an older relative, most of this full time and unpaid. Once these women have taken care of their loved one, almost half will end up in a facility and need care themselves. With this in mind, it has become evident caring for our caregivers is a growing concern.
So how are many of these women paying for their elder care? Many are doing so out of pocket if Medicare does not pay.
They are tapping into savings, 401K’s and retirement funds. So what is left over to retire on? Not much sadly, which is why you must have an expert, like the folks at Genworth Financial help you plan for your long term care. With costs of more than $4,000 per month on average of this care, Long Term Care insurance is a must. Long Term Care insurance is a policy you make monthly, quarterly or annual payments on which will pay out when you need it in your later years. To find the best policy for your needs and budget, you can contact the folks at Genworth and they can help with all the steps.