Caregiving: Why Everyone Should Consider the Possibility. Insights from 1706 Advisors

Why Everyone Should Consider the Possibility of Caregiving

By Cara Kahan, RFC®

Why Everyone Should Consider the Possibility of Caregiving

Caregiving is a 24/7 job. When the person receiving care is a loved one, it can compound the emotions and stress the caregiver experiences. We understand the personal side of caregiving, after going through our own family caregiving journey with our beloved father/grandfather. As an independent insurance agency, our goal is to help individuals and businesses protect the people they care about, including protection for the possibility of caregiving.

Facts About Caregiving

  • Caregiving is more common than you may think. More than one in five Americans are caregivers (defined as providing care to an adult or child with caregiving needs within the last 12 months). This totals an estimated 53 million adults in the U.S. (AARP)
  • Caregiving spans all generations. In fact, 60% of first-time caregivers are Gen Z or Millennials. (Forbes)
  • The financial impacts of caregiving are significant. The average caregiver spent about 25% of their household income to cover caregiving costs (AARP). Among working-age caregivers, one in three lost their income altogether by voluntarily leaving their jobs to manage caregiving duties (Rosalynn Carter Institute for Caregivers).


How to Prepare for The Possibility of Caregiving

The best time to get resources for caregiving is before you actually need them. Products like long-term care insurance (LTCI), disability insurance, and life insurance can support families financially when the need for caregiving arises. They also provide a family with additional options, such as hiring a paid caregiver or supplementing lost income, and these options can reduce the emotional toll of caregiving.


Employers and Business Owners

If you are a business owner, protecting yourself also means protecting your business. If you suddenly needed care, or you needed to take time off to care for a loved one, it could leave your business vulnerable. If you’re an employer, offering LTCI to employees can protect business operations while also improving morale and employee retention. We’re happy to speak to you about LTCI for employees, and help you assess whether or not it’s right for your business.



As an individual, it’s important to consider the possibility of caregiving in multiple directions. You may need care for yourself, an elderly relative, or a child. Caregiving can be expected and temporary, such as caregiving for someone after a major surgery or disease recovery, or it can be unexpected and ongoing, such as caring for a loved one who has severe cognitive decline. It’s more common that caregiving happens unexpectedly and without a clearly defined timeline. Considering all possible scenarios is the one of the best ways to protect yourself and your family.


Taking the Next Step

If you’re already caregiving, thank you for all you do! The National Alliance of Caregiving has a wealth of resources to support you. We can also help you prepare for additional caregiving needs down the road. If you’re not yet caregiving, you can protect your finances, your family, or your place of work by discussing the possibility of future care. Contact us to set up time to talk. For more information on solutions for individuals, families and business owners, contact Alana. For more information on solutions for employers, contact Stacy.
Share this post

Other related posts