I thought it was interesting that according to Unum’s 4th Annual Landscape of Long Term Care, in 2008, 68 percent of its customers who used their long-term care (group) benefit received care in their own homes. This is a trend worth watching, as many people mistakenly believe that long-term care is for taking care of the elderly in nursing homes. UNUM reports that more than half of its claimants are under the age of 65.

On the flip side, according to the U.S. Department of Health and Human Services, 50 million people provide this type of care for a family member. Here is a further breakdown as to who is providing the care, according to UNUM:
o Daughters and daughters-in-law: 18%
o Friends, neighbors, hired caregivers, grandchildren and siblings: 16%
o Sons and sons-in-law: 9%
o Mothers, fathers and extended family such as nieces and nephews: 5%

Does this describe you—are you currently taking care of someone? And what about your parents—do they have proper coverage or are you going to be their plan? Who would take care of you if something were to happen?

What is important to remember is that there is a cost to providing this care even if it’s done by a family member. Long tern care insurance with a home health-care provision is a must. Talk to your financial professional to determine the best options for you.