By Eileen J. Tell
A 2023 study explored how the caregiving experience motivates family caregivers to start planning for their future care needs.
The challenges associated with being a family caregiver are well-known. But the experience of being a caregiver also provides a “dive into the deep end” that teaches caregivers basic facts about long-term services and supports (LTSS) that, sadly, many Americans do not know.
Prior research has shown that consumers will not be motivated to plan for future care needs if they do not know three basic facts:
- The risk of needing LTSS is greater than 50% for those 65 and older.
- LTSS costs are high and not covered by health insurance or Medicare.
- LTSS needs are best met when consumers plan for them.
Research conducted in 2022 revealed that the caregiving experience left family caregivers acutely aware of how their need for LTSS might impact their retirement security. Family caregivers also understood the need to plan for their future care needs so they could avoid putting their adult children through the same challenges they had experienced.
A 2023 study, designed and conducted by ET Consulting, explored if and how the experience of family caregiving motivated caregivers to plan for their LTSS needs and the different types of planning being considered.
An online survey was delivered to 800 adults aged 40 and older who had hands-on caregiving experience (87%) or knew a close friend or family member who needed extended services and supports (13%). Close to two-thirds of the family caregivers said they were interested in planning for their care needs because of their experience as family caregivers.
Statistically significant traits shared by those who said they intend to plan for future care needs included:
- Acknowledging the possibility of needing LTSS someday.
- Belonging to the “sandwich generation.”
- Having concerns that LTSS costs will significantly impact their retirement savings.
- Owning a home and future-oriented financial products like an Individual Retirement Account or 401(k).
- Achieving higher levels of education.
- Having assets between $50,000 and $500,000.
- Having some familiarity with long-term care insurance.
When asked to choose future planning options they were most likely to adopt, respondents favored talking with family about their preferences and concerns (28%). In addition:
- 20% of respondents said they would set money aside specifically for LTSS needs.
- 17% said they would buy long-term care insurance.
- 15% showed interest in talking with a financial planner.
- 15% felt it was a good idea to research care options and costs.
Roughly one-third of family caregivers said they were very interested in having insurance that would pay for LTSS. Respondents most interested in insurance were those in the “sandwich generation” and those with “high strain” as measured by the survey’s scale of Caregiver Strain.
Family caregivers know from personal experience that planning for future care needs is about more than just financial protection. From helping their loved ones, they understand that, as they age, they might need or want to receive services and supports to ease the burden on their family caregivers. Respondents said they would like access to:
- Help determining eligibility for other benefit programs like Medicare.
- Wellness programs that might prevent or delay the need for LTSS.
- Help to find care providers.
- Discounts on services and equipment.
- An assessment of family caregiver stress and solutions to address it.
- Home safety inspections and assistance with fall prevention.
- Help arranging transportation.
In 2024, the research team will expand its survey to include a sample of 1,000 adults from middle-income households and individuals with and without caregiving experience.
Eileen J. Tell, MPH, is principal and chief executive officer (CEO) of ET Consulting, LLC, a woman-owned business focused on long-term care and aging. She is a fellow at the LeadingAge LTSS Center @UMass Boston.