The recent coronavirus global pandemic has disrupted daily life at levels unprecedented in our lifetime. Yet life disruption is something family caregivers understand all too well. According to a study by AARP and the National Alliance for Caregiving (NAC), more than 34 million Americans are caring for someone over age 50: a spouse or partner, an older parent or in-law, a sibling, a beloved older family member or even a friend.
Will COVID-19 make long-term care even more expensive?
Has a loved one named you their financial power of attorney? Are you ready to take on all the responsibilities that entails? Hopefully, you won’t be called into action anytime soon, but with the coronavirus pandemic continuing, it’s something to think about.
The value of long-term care insurance (LTCI) is an ongoing conundrum. There’s no doubt we’re living longer. According to LongTermCare.gov, a site provided by the U.S. Department of Health and Human Services, at least 70 percent of people 65 and older will need long-term care services and support at some time in their lives.
As part of the CARES Act, the majority of Americans, including those who are elderly and on fixed income, will receive a one-time stimulus check from the Internal Revenue Service (IRS).
Americans everywhere are concerned about the coronavirus. However, COVID-19 has demonstrated that it’s particularly serious for older adults whose immune systems naturally weaken as they age — and especially for those with chronic medical conditions, according to Dr. Samir K. Sinha, a member of the American Red Cross Scientific Advisory Council.