RICHMOND, Va., Oct. 1, 2015 /PRNewswire/ -- Providing care
for loved ones has taken a toll on the careers of half of
caregivers surveyed in Genworth's latest Beyond Dollars
study, with 11 percent actually losing their jobs and another 10
percent having to change careers. That's in addition to the other
financial, physical and emotional impacts of caregiving examined in
the study.
Genworth released the survey findings today during its annual
Long Term Care Symposium on Capitol Hill, which brought together
many of the nation's leading caregiver advocates and lawmakers to
highlight the challenges of caregiving and explore ways to make
that job easier on families. Caregiving responsibilities may
include helping with activities such as bathing, dressing and
household chores.
Among caregivers surveyed in the study, 51 percent felt that
caregiving responsibilities negatively impacted their ability to
perform their jobs. That's not surprising considering these
findings:
- 77% reported missing some work during the past year, up 19%
from when caregivers were surveyed by Genworth in 2010
- Caregivers missed an average of 7 hours of work per week
- 19% missed 10 or more hours of work per week
As a result of their caregiving responsibilities:
- 11% lost their jobs
- 10% had to change careers and
- 12% had to change positions
Absences, reduced hours and chronic tardiness also translated
into a significant reduction in caregivers' paychecks.
Approximately one-third of caregivers provided 30 hours or more of
care a week. And, on average, caregivers reported having lost
one-third of their income.
"Although caregiving brings many rewards, it can also have very
real negative consequences for families who haven't planned ahead
for the possibility of their loved ones needing long term care,"
said Suly Salazar-Layton, director
of Thought Leadership at Genworth's U.S. Life Insurance Division.
"In fact, 50 percent of respondents said if they could do anything
differently, it would be to do a better job of planning. Our hope
is that this study will encourage families to sit down and have
that talk well before caregiving becomes a crisis."
The Denial Factor
The study also highlights several factors contributing to
respondents' reluctance to plan early. Two of the biggest factors
cited were "not wanting to admit care was needed" and "not wanting
to talk about the issue" (cited by 30 percent and 25 percent,
respectively). Overall, caregivers who planned earlier for long
term care arrangements saved money. For instance, caregivers
providing care to recipients who had long term care insurance were
able to secure a reimbursement of 23 percent of their qualified
out-of-pocket expenses.
"It's not easy to admit when there is an issue, especially when
it comes to matters of declining health, and it's not always easy
broaching the topic of long term care with the people you love,"
said Salazar-Layton. "But meeting the challenge with action –
speaking with your loved ones and meeting with a financial
professional – does make things easier in the long run for
caregivers and care recipients."
Beyond Dollars found that almost half of care recipients
(48 percent) had considered the possibility of a need for long term
care, but only one-quarter of this group (26 percent) had actually
made a plan to cover their potential needs. Even planners felt they
could have been better prepared: 63 percent of this group
believed they should have taken steps sooner, which would have led
to reduced stress.
Fortunately, there are many available resources to help
individuals and families develop a long term care plan, but the
first and most important step is to simply start the conversation.
And there's help for that, too.
Additional Resources
- Consumers can find out what the cost of care is in 440 regions
across all 50 states by visiting Genworth's Cost of Care
website.
- Genworth's Let's Talk website offers tips for initiating
conversations about long term care and financial planning with
loved ones.
- Consumers looking to plan for their long term care needs can
tap additional resources such as the National Advisory Center for
Long Term Care Information www.longtermcareinsurance.org.
- Genworth's Caregiver Support Resource helps families make
informed choices about long term care.
About the Study
The study, conducted by Genworth in conjunction with Directive
Analytics, a third party survey administrator, in May 2015, included interviews with 1,200 U.S.
consumers 21 years of age or older. Respondents either were
recipients of long term care, caregivers or had a family member
that was a recipient of care greater than 30 days during the
previous 12-month period.
- Additional findings from the survey are detailed in the Beyond
Dollars Executive Summary.
- Key findings are visually represented in an infographic.
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500
insurance holding company committed to helping families become more
financially secure, self-reliant and prepared for the future.
Genworth has leadership positions in mortgage insurance and long
term care insurance and product offerings in life insurance and
fixed annuities that assist consumers in solving their home
ownership, insurance and retirement needs. To help families start
"the talk" about their futures and long term care planning,
Genworth recently completed the first stage of its national #Lets
Talk Tour to encourage conversations and information sharing.
Headquartered in Richmond,
Virginia, Genworth traces its roots back to 1871 and became
a public company in 2004. For more information, visit
genworth.com.
From time to time, Genworth releases important information via
postings on its corporate website. Accordingly, investors and other
interested parties are encouraged to enroll to receive automatic
email alerts and Really Simple Syndication (RSS) feeds regarding
new postings. Enrollment information is found under the "Investors"
section of genworth.com. From time to time, Genworth's publicly
traded subsidiaries, Genworth MI Canada Inc. and Genworth Mortgage
Insurance Australia Limited, separately release financial and other
information about their operations. This information can be found
at http://genworth.ca and http://www.genworth.com.au.
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SOURCE Genworth Financial, Inc.