If they were paid, reports Indiana University, the total cost for the care would be $375 billion a year. See “5 Hidden Costs of Family Caregiving.” That astronomical amount includes such things as the following:
• Lost wages during the months and years the adult child takes off work to care for the parent;
• Decreased employability from time and skills lost;
• Increased healthcare cost for the caregiver from the stress of caregiving;
• Lost savings and retirement benefits;
• Decrease in workplace productivity.
For those that had the foresight to purchase Long Term Care (LTC) Insurance, the personal cost may not be as high. That is, of course, if the LTC insurance company actually pays once the claim is made. Our clients become our clients because they have to fight for the benefits they purchased, and this can be a tremendous headache during a time that families are making life-altering decisions. As we frequently point out, however, long-term care policyholders at least have a source of funds to fight for, as opposed to all the others who must depend on family for care after their own resources are exhausted.
We help fight that fight, if and when it becomes necessary. If you have an issue with denial or delay of long-term care benefits, call us at (800) 446-7529. We can help.