Who controls your future? Be prepared with employee group long term care insurance. The power of choice Maria and Steven know firsthand what it’s like to be part of the “sandwich” generation. They are working parents, soccer parents and caregivers for an elderly
Be prepared with employee group long term care insurance
Maria and Steven know firsthand what it’s like to be part of the “sandwich”
generation. They are working parents, soccer parents and caregivers for an elderly
parent. While it’s been a labor of love, they don’t want their children to be faced
with that burden someday. They want the financial freedom to choose where they
receive care—and who will provide it.
Whether it’s due to an accident or a serious illness, it is the type of care
you would need if you couldn’t independently perform the basic activities of daily
living: bathing, dressing, using the toilet, transferring from one location to another,
continence and eating, or if you suffered such as Alzheimer’s disease.
People often buy long term care insurance at an early age, because the younger you are, the more affordable the rates.
In 2007, 63% of the people who bought group long term care insurance were under age 55.(10)
You get more affordable rates when you buy this coverage through your employer. You can extend your coverage to your parents.
Depending on your plan, you may be able to pay your premiums through convenient payroll deduction.
Women provide between 60% and 75% of family or informal care and although men also provide assistance, female caregivers may spend as much as 50% more time providing care.
Women don’t abandon their caregiving responsibilities because of employment but the conflicting demands of work and care can result in women taking decreased work hours(33%), passing up a job promotion(29%), taking a leave of absence (22%), switching from full-time to part-time employment (20%) or quitting their job(16%).
Women who are employed and provide care fare estimated to each lose an average of $25,494 in Social Security benefits, and average of $67,000 in pension benefits and $565,000 in wage wealth.
Women who provided care for an ill or disabled spouse were almost six times as likely to suffer depressive or anxious symptoms as those who had no caregiving responsibilites.
Women who spend nine or more hours a week caring for an ill or disabled spouse increases their risk of coronary heart disease twofold.