November is National Family Caregivers Month

By presidential proclamation, November is National Family Caregivers Month. Each day, parents, children, siblings, and spouses selflessly sacrifice their time and energy to care for family members affected by illness, injury, or disability. Caregiving can exact an emotional, physical, and financial toll. It is important for caregivers to know that their labors of love are appreciated, and to recognize that they need care and support as well. 

Caregiving often involves providing for the needs of our older population. As the number of older Americans rises, so will the number of caregivers. While we take this time to recognize our caregivers, it's also a good time to consider planning for long-term care. According to the most recent U.S. Department of Health and Human Services information, almost 70% of people over age 65 will need some type of long-term care during their lifetimes. Between the ages of 40 and 50, on average, 8% of people have a disability that could require long-term care services. The average yearly cost for long-term care in a nursing home is about $74,820 for a semiprivate room, while the average annual cost for care in an assisted-living facility is $39,516.

Related Articles:

Being a Financial Caregiver for Your Parents

Don’t Wait to Ask Your Parents These Important Questions

The Sandwich Generation: Juggling Family Responsibilities

When Your Child Has Special Needs

Weighing the Pros & Cons of the POA Decision

Understanding Long Term Care Insurance