The Impact of Unpaid Caregiving in Indiana: A Call to Action for Retirees and Family Caregivers Nationwide

medical workers illustration
Read Full Bio

About Stephen Dybwad

Stephen is an independent financial advisor who believes the true art of financial guidance is not so much in the accumulation of assets but is in the preservation and distribution of those assets. Steve has been providing highly individualized financial guidance to clients across the nation for over 30 years. He is a popular speaker and lecturer and has formed several strategic alliances with accountants, attorneys, and other professionals to bring a multi-disciplined approach to the planning process.

According to an AARP report, family caregivers in Indiana provided $10.8 billion in unpaid care to elders in 2019. Even now, as the pandemic has tapered down, it is likely that this number has increased. This article will explore the financial implications of unpaid caregiving in Indiana (although unreimbursed elder care is a nationwide issue) and how long-term care insurance and proper planning can help compensate family caregivers.

Financial Implications of Unpaid Caregiving in Indiana

Elder care in Indiana is a growing expense for both individuals and families. Most of this care is provided by family members, who are often left with little to no compensation for their time and effort.

The lack of planning for long-term care needs by most Americans is one of the main reasons why families are shouldering such a large financial responsibility.

Role of Long-Term Care Insurance and Planning to Compensate Family Caregivers

Long-term care insurance can help offset the costs associated with family caregiving. These policies typically reimburse policyholders for some expenses incurred while receiving long-term care services. In addition, long-term care insurance can help provide financial security for family caregivers by reimbursing them for some of their out-of-pocket expenses.

Creating a plan that can adequately cover the costs associated with family caregiving is essential to providing compensation for unpaid caregivers. There are a few steps that need to be taken to create such a plan:

  1. Estimate the cost of long-term care services: This can be done using online calculators or speaking with a financial advisor.
  2. Look into government programs that can help cover long-term care costs: Programs like Medicaid and Medicare can help cover some of the costs associated with long-term care services.
  3. Purchase long-term care insurance: This type of insurance can help cover some of the costs associated with long-term care services.
  4. Invest in assets that can be used to pay for long-term care: Assets such as life insurance policies or annuities can be used to pay for long-term care services if needed.
  5. Create a budget: This will help you determine how much you can spend on long-term care services without jeopardizing yourself financially.
  6. Speak with a retirement planner: They can help you create a plan that meets your specific needs and goals.
  7. Review your plan regularly: Plans should be reviewed regularly to ensure they meet your needs and goals.

Conclusion:

Family caregivers in Indiana provide billions of dollars in unpaid care each year, yet they often receive little to no compensation for their time and effort. The same can be said for many other states in the US. The lack of planning for long-term care needs by most Americans is one of the main reasons why families are shouldering such a large financial responsibility. Long-term care insurance and proper planning can help offset some of the costs associated with family caregiving. These measures are essential to compensating unpaid caregivers and ensuring that families are not left struggling financially.

Contact a retirement planner today to discuss your long-term care needs and develop a plan that meets your specific goals and objectives.

Many people have learned about the power of using the Safe Money approach to reduce volatility. Our Safe Money Guide is in its 20th edition and is available for free.  

It is an Instant Download.  Here is a link to download our guide: 

Safe Money Guide – Annuity.com

Advisory services are offered through Aegis Wealth Management, Inc., which is registered as an investment advisor with the SEC and only conducts business in states where it is properly registered or is excluded from registration requirements. Registration is not an endorsement of the firm by securities regulators and does not mean the advisor has achieved a specific level of skill or ability.

Information presented is believed to be current. It should not be viewed as legal or tax advice. You should always consult an attorney or tax professional regarding your specific legal or tax situation. Aegis Wealth Management, Inc., is not engaged in the practice of law or accounting. Tax rules are subject to change at any time. The content was prepared by a third-party journalist.

About Stephen Dybwad

Stephen is an independent financial advisor who believes the true art of financial guidance is not so much in the accumulation of assets but is in the preservation and distribution of those assets. Steve has been providing highly individualized financial guidance to clients across the nation for over 30 years. He is a popular speaker and lecturer and has formed several strategic alliances with accountants, attorneys, and other professionals to bring a multi-disciplined approach to the planning process.

View The Best Annuity Rates Available Now

Annuities are a safe and reliable investment. They can transform your savings into a more predictable income. Speak with one of our qualified financial professionals today to find out how an annuity can offer you guaranteed monthly income for life.

Our unique system of “Pooled and Shared” articles by our authors, our outside contributors, and writing assistants provides efficiency, enhanced collaboration, and greater topic accessibility. This allows for a better utilization of content and productivity while delivering meaningful content to our readers.

Content in our posted articles is deemed to be accurate but topics, facts and laws can change. It is always a good idea to verify facts before making decisions. Always seek authorized and professional advice regarding financial decisions which includes investing, annuity purchases, tax planning, changes in a financial portfolio and retirement planning.

Share This Entry:

In This Article

Protect Your Retirement

Our 20th edition of The Safe Money Guide, the standard of the industry.

Recent Posts

Archives