Chances are most of us will need help at some point in our lives. In fact, those age 65 and older have a 70% chance of needing long term care services at some point, according to the U.S. Department of Health and Human Services.

Where will that care come from?

Relying on family to care for you is an appealing option. You have their love and trust, and it’s comforting to know they would care for you and ensure your well-being.

At what cost?

But what many don’t consider is the difference between a companion and a caregiver. Having family assist you is great, but studies show that relying on them day in and day out for your personal care takes a toll on their physical and emotional health. Family members who work and provide caregiving services for a loved one are much more likely to suffer from maladies such as high blood pressure, reoccurring pain and depression than those who aren't caregivers.¹

Plus, many caregivers suffer from long term work and financial consequences from providing care. Nearly seven in 10 caregivers report making work accommodations because of caregiving responsibilities.² In addition, 63% report loss of income, and primary caregivers contribute $8,000 of their own money, on average, towards care and services, which could put their own financial goals such as college for their kids or retirement at risk.³

The Solution

Long term care insurance is a good solution to this problem. It pays for care when you need it and where you’d like to receive it. The majority of people—about 80%—who rely on care as they age get that care at home.⁴ Long term care insurance can pay for a wide range of care, from help with housework to visits from a nurse to care in an assisted living or nursing facility, if needed.

Long term care insurance gives you options and allows your loved ones to spend quality time—not caregiver time—with you.

¹ Gallup-Healthways Well Being Index, 2010

² National Alliance for Caregiving and AARP, Caregiving in the U.S., 2009

³ Beyond Dollars 2013, Genworth

⁴ Congressional Budget Office, Rising Demand for Long Term Services and Supports for Elderly People, June 2013

This piece has been reproduced with the permission of Life Happens, a nonprofit organization dedicated to helping consumers make smart insurance decisions to safeguard their families' financial futures. Life Happens does not endorse any insurance company, product, or advisor © Life Happens 2015. All Rights Reserved.