When It Comes to Care, Family Comes First

More than two-thirds of Americans (71%) say if they had an illness or injury that required care assistance for an extended period of time (long-term care), they would expect a family member or close friend to oversee and/or provide that care.

However, only 50% of Americans say they’ve had a conversation with family members or close friends about who will provide or oversee their long-term care (LTC) in the event they needed it.

A recent survey, conducted online by The Harris Poll on behalf of OneAmerica^®, asked 2,017 U.S. adults age 18 and over  whether they’d expect a family member or close friend to oversee or provide assistance with care if they needed it for an extended period of time (more than 90 days).

The numbers show that when it comes to LTC, many people may not know their loved one is expecting them to help with care, when in fact, millions of Americans will one day help fill that role for loved ones. For people with Alzheimer’s and other dementias alone, in 2018, 16.3 million family members and friends provided 18.5 billion hours of unpaid care . Nearly one-fourth of caregivers of people with Alzheimer’s and other dementias are “sandwich generation” caregivers— caring for aging relatives with the disease while also supporting their children and/or grandchildren.

“One of the most important steps families can take to prepare for the future is to talk about who will care for loved ones as they age,” said Tracey Edgar, vice president of sales, Care Solutions, at OneAmerica. “Time spent together at the holidays is a great opportunity to start these conversations and think through steps that can be taken before care is needed.”

Planning ahead for the possibility of LTC can ensure everyone is clear on expectations, that legal steps for care are planned for, and that assets are best positioned for any need that arises. Asset-based LTC protection is one solution that may be more within reach than people realize, and that can help provide benefits for care assistance in-home or in a facility.

"One of the benefits of asset-based LTC protection is its flexibility," Edgar said. "The benefits can allow people to choose how and where they want to receive care."

OneAmerica offers asset-based LTC solutions, which can help protect retirement income from the drain of unexpected expenses, while providing a death benefit if LTC benefits aren’t fully used. With asset-based LTC protection, premiums are guaranteed, and may include protection of two people with one policy and the option for lifetime benefits.

For more information and scenarios about how long-term care protection can help protect assets, download 'Planning for Every Possibility' at www.oneamerica.com/ltcstudies.

[1] This survey was conducted online within the United States by The Harris Poll on behalf of OneAmerica from December 12-16, 2019, among 2,017 U.S. adults ages 18 and older. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact Tammy Lieber at tammy.lieber@oneamerica.com.

[2] 'Alzheimer’s Disease Caregivers,' Alzheimer’s Association, March 2019, accessed at https://act.alz.org/site/DocServer/caregivers_fact_sheet.pdf?docID=3022.

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About OneAmerica^® 

A national provider of insurance and financial services for more than 140 years, the companies of OneAmerica help customers build and protect their financial futures. OneAmerica offers a variety of products and services to serve the financial needs of their policyholders and customers. These products include retirement plan products and recordkeeping services, individual life insurance, annuities, asset-based long-term care solutions and employee benefit plan products. Products are issued and underwritten by the companies of OneAmerica and distributed through a nationwide network of employees, agents, brokers and other sources who are committed to providing value to our customers. To learn more about our products, services and the companies of OneAmerica, visit OneAmerica.com/companies.

OneAmerica^® is the marketing name for the companies of OneAmerica.

Products issued and underwritten by The State Life Insurance Company^® (State Life), Indianapolis, IN, a OneAmerica company that offers the Care Solutions product suite. Not available in all states or may vary by state.

On July 19, 2019, State Life was rated A+ (Superior) by A. M. Best. This is the second highest of 16 possible ratings assigned by the agency.