A LONG-TERM CARE CRISIS IS LOOMING

• 70% of adults over age 65 will develop severe long-term needs before they die, but only 48% will receive paid care.

• Only about 7% of Americans own a private long-term care policy.

• High care costs quickly exhaust personal savings and force a spend down to poverty levels to qualify for Medicaid.

• Unpaid care often is left to family members, who face significant financial and emotional burdens.

• 41 million caregivers provide an estimated 43 billion care hours each year. This equals an estimated $470 billion in economic impact.

• 60% of caregivers are employed, 40% of them full time.

• Caregivers spend an average of $7,000 on out-of-pocket expenses related to care.

that providing care requires. As a result, these employees frequently miss time at work and, in some cases, are leaving the workforce entirely.

But employers have tools to help. Retirement savings/401(k)s, health savings accounts and standalone long-term care insurance all can help employees finance their own care. Employee assistance programs can help too. Your employer clients can direct their workers to care planning tools and strategies or provide them with access to tools that can help them manage complex aspects of care.

There are no easy answers and there is no one-size-fits-all solution. But the time is right to have these conversations and explore new hybrid plans that combine life insurance with long-term care benefits.

This care crisis we’re in right now is not going away. Employers and employees alike must be educated and presented with solutions that can help address this very real risk — one that will impact the majority of American families.

Frank Morang is a regional sales manager at Trustmark Voluntary Benefits. He may be contacted at frank.morang@innfeedback.com.