The Caregiver Crisis In America

America is facing a crisis. As baby boomers age into retirement, the demand for senior services and long-term care (LTC) supports continues to grow. So far, boomers are the largest population to retire, yet they face a unique challenge that past generations escaped: Who will be available to provide the care they may need?

Research shows the vast majority of adults – 86% – believe it’s more important than ever to stay in their homes if they need long-term care, and 70% say they’d like to rely on a family member to deliver it to them.1?

Studies show that most people would prefer to receive LTC at home, especially post-pandemic.1 However, the number of people available to work for agencies that provide home health care (HHC) was barely growing prior to the pandemic and has been further impacted. To accommodate the demand, long-term care employers will need to fill an estimated 7.4 million direct care job openings by 2029.3 To make matters worse, turnover rates in the home care industry are high, exceeding 64%.3 Therefore, the HHC industry is bracing itself for a labor shortage and the challenge of filling these much-needed caregiving positions.

This situation could increase the need for informal caregivers to step in and provide care to help prevent an individual from being forced into a facility simply because professional care services at home were not readily available. However, the people charged with these tasks may not be financially able to reduce their working hours or step away from their job.

“Informal caregiver” is the term used to describe an unpaid individual — usually a spouse or partner, family member, friend, or neighbor — who assists an individual requiring help with activities of daily living (ADLs) or other living needs. This care usually takes place in a home setting.

?

Activities of daily living

? Bathing

? Dressing

? Eating

? Transferring

? Toileting

? Continence

Instrumental activities of daily living

? Household chores

? Meal preparation

? Managing money/paying bills

? Transportation

? Shopping

Being an informal caregiver can be stressful and take a financial toll. In 2021, the price for caregivers in missed wages and benefits came to more than $670 billion2, and that doesn’t take into account the emotional challenges providers often encounter. The statistic shows that 64% of people receiving care at home get their care solely from unpaid help.

Health impact on caregivers

Economic, time, physical and emotional challenges associated with caregiving can impact the health of the caregiver.? In fact, informal caregivers are more susceptible to:

? Emotional stress

? Anger and anxiety

? Substance abuse

? Higher mortality rates

The economic impact on caregivers

People may perceive informal care as being free, but there is an economic cost to family and friends who make sacrifices to provide the care.

• The average caregiver is a 49-year-old female who is married and employed.?
• Caregiving reduces paid work hours for these women on average by 41% and results in other career sacrifices such as passed-up promotions, taking a leave of absence, quitting their job entirely, or retiring early.? Individuals who return to work when caregiving ends often end up in a job that pays less and offers fewer benefits than their previous job.
• Nearly half of the caregivers report having an out-of-pocket financial impact as a result of caregiving.?: 28% stopped saving, 23% took on more debt, 22% used up short-term savings, 19% left bills unpaid or paid them late

How to Observe National Long-term Care Awareness Month

Spend a day with your grandparents

Treasure the moments with your grandparents while they’re still alive. This month is the perfect time to visit and see how you can assist them in their daily routine. Your presence alone will surely make them smile.

Volunteer at nursing homes

Some nursing homes accept volunteers and interns to help the elderly. It’s a good act to show empathy and care to senior citizens who need assistance in their everyday life.

Get long-term care insurance

Look after yourself while you’re young. It’s always wise to get long-term care insurance today and reap its benefits once you reach the age of 65.

Get a HealthPlan check-up with one of our financial professionals

?? https://calendly.com/communityworkshop/zoom-appointment

Attend our free financial literacy workshops related to Health Care & Long-Term Care topics ?? https://bit.ly/3viVUsA

Resources

1 “The Nationwide Retirement Institute? 2021 Long-Term Care Consumer Survey,” conducted by The Harris Poll (November 2021).

2 “The Ballooning Costs of Long-Term Care,” Tara O’Neill Hayes and Sara Kurtovic (Feb. 18, 2020).

3 “HHAeXchange’s Homecare Predictions for 2022,” the HHAeXchange Leadership Team (February 4, 2022).

? “Caregiver Statistics: Facts About Family Caregivers,” Ashley Huntsberry-Lett, AgingCare (Oct. 28, 2021).

?“Reducing Costs for Families and States by Increasing Access to Home and Community-Based Services,” Joseph Caldwell, March 2022.