We have always associated long term care with the elderly. Nursing homes, assisted living facilities, insurance policies—these do not typically cross the minds of younger generations. However, long term care planning has become a necessity even for the younger generations. Adult children caring for parents are especially in need of this, and yet they still see it as something they do not need to worry about for decades. With this mindset, so many adult children are sealing a future full of stress and anxiety in dealing with long term care. So how do we fix this?
In our last post, we shared an article entitled, Long Term Care Planning Series: Wives and Mothers Need It Most, which highlights the issues that women go through during the process of long term care. Before that, we discussed in a separate article the struggles that husbands and fathers face in finding coverage for long term care.
For the last part of the series, however, ALTCP.org would like to focus on the side of adult children. How does caring for an aging parent impact an adult child’s life? What challenges do they face, and how do we address these issues? Share your thoughts in the comments section. Let’s all beat the challenges of long term care together.
Longevity and insufficient funds to pay for the extra years are hitting America’s older generations harshly. They are outliving their savings and are left to deal with the costs through other means. Naturally, adult children and other family members are stepping up to provide the support that these people need. However, with personal issues of their own, these adult children end up joining the ranks of what experts call The Sandwich Generation.
Who are Members of the Sandwich Generation?
The Sandwich Generation is the term used to describe the adults pressured to raise and help their children as they support aging parents with long term care needs. On top of this, they must also contend with their own careers and personal issues.
Among family caregivers, more than half are caring for their parents. Studies show that 50% of family caregivers are caring for an aging mother while 10% are caring for an aging father. Providing care could range from chauffeuring them to the grocery store to feeding them and managing their medications.
Career, Parent Care, and Childrearing: Which One Comes First?
This certainly puts a person on the spot, doesn’t it? Surely, one individual can only juggle so much.
When you are juggling raising your children, caring for the people who provided for you, and your means to provide for yourself and your family, the situation can get overwhelming in a blink of an eye.
Usually, the first to go from the list of priorities is self-care. Often, people in this scenario stretch themselves too thin to keep their jobs and fully fill in the role of a caregiver to two generations. And when this happens, the care that they provide gets affected.
It is also important to highlight how many of the members of this generation end up leaving their careers to fulfill the demands of caregiving. As many of them are in their 40s and 50s—the age when they should be securing their own future— the toll brought by caring for an aging parent can leave them with depleted resources and assets.
Seeing Caregiving as a Rewarding Experience
There is no doubt that caring for an aging parent can be taxing, exhausting, and frustrating. It is easy to see how individuals can succumb to negative emotions. However, many Americans are choosing optimism. According to a study done by the Pew Research Center, the United States is one of the three countries that see that caring for an aging parent is more rewarding than stressful.
Bear in mind that although finding and choosing to see the positivity is important in the situation, it does not negate the challenges and issues that come with being part of the Sandwich Generation.
Take Action Now
It is not too late to take action and control the situation. People in this situation can make a substantial difference if they act now. Pause and think, “What can I do now that will make a difference in my future?”
- Long term care is a big issue in the country, so address it now. Evaluate the cost of long term nursing homes and assisted living facilities. Typically, men and women need care 3.7 and 2.2 years, respectively. Will your finances and assets be able to handle these costs out of pocket?
- The reality is that anything can happen to anyone, so it is good to cover all the bases. Make the necessary preparations for end-of-life documentation or advance directives. These include living wills, medical power of attorney, and trusts.
- Consider purchasing long term care insurance coverage for you and your spouse. By doing so, you get to ensure funding for your long term care when the time comes. It helps you secure your independence.
What other tips and suggestions can you think of? Share your advice with us, and we’ll feature your answers!