Financial Security When Caregiving For A Parent
business insurance financial welfare aging
$800
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10 months ago
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We all want to protect our homes and families. We buy life, home, and auto insurance. Some of us even buy disability or long-term care insurance. But what happens if one of our parents or loved ones ends up needing care?

Our parents are aging and most likely will need our help with basic activities like bathing, eating or making meals, or getting dressed at some point due to a fall, surgery, or medical condition. Many employers have been adding paid maternity and paternity programs to their employee benefits, but there is a gap for paid leave to care for our elders. There are a lot of family members who would like to be able to provide care for older loved ones who may need help recovering but cannot afford to take unpaid time from work or to pay for someone else to provide the care.

Hiring someone can be expensive. On average, a home health aide costs $4,195 per month for 44 hours of service per week. Therefore, many family members choose to be the caregiver to avoid the high cost and provide the care they feel is best for their family. Approximately 48% percent of caregivers for family members are 18-49 years old.  However, caregiving while working is not easy. 

Working caregivers are often faced with financial hardships and have difficulty finding balance. In a recent study, 50% changed their work schedules around while working the same number of hours so that they could help a parent. 41% worked fewer hours overall. 29% needed to take a leave from their job, while 11% had to quit their jobs to provide full-time elder care and 9% changed employers for that purpose. 

Think about putting yourself in that situation. If you unexpectedly had to care for an older family member, how would you handle the time and cost for caregiving? If you had to take unpaid time off work, what would you do? We want your help understanding these decisions, so we can make life easier on people facing these tough moments in the future.

Deliverables

Help us understand the best way to compensate for unexpected elder care. Specifically, answer the following questions in detail:

  1. See the attached insurance policy that is intended to help provide income while a person is providing care to a parent.
    1. What do you like about it?
    2. What would you change?
    3. What would you add?
    4. What are the "must have" features?
    5. Would you be interested in buying this type of coverage?
  2. If you were forced to miss work to provide care for a Parent and you didn’t have this insurance, how would you make up the difference in your lost wages?


    Submissions will be graded on the following criteria:
  • Meets Deliverables
  • Creativity
  • Clarity
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