Health
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Prevention and Wellness...
A growing sector of the workforce is finding itself in the “Sandwich Generation.” These are adults in their 40s, 50s, and 60s who are financially supporting a parent and either raising a young child or financially supporting a grown one, age 18 or older. Fifteen percent of middle-aged Americans are providing financial support to both an aging parent and a child. A recent study from the Pew Research Center says, “While the share of middle-aged adults living in the so-called Sandwich Generation has increased only marginally in recent years, the financial burdens associated with caring for multiple generations of family members are mounting.”
We are living longer, but we are living sicker with multiple chronic diseases. The burden of care can be lessened with preventative wellness and long term care insurance.
The issue of long term care is not going away and may in fact be increasing. According to the U.S. Census Bureau, the senior population is going to double in the next thirty years, meaning that the cost and need for long term care will continue.
According to the 2012 Genworth annual cost of care survey, the median annual cost of care in 2012 was as follows: $43,472 for home healthcare; $39,600 for assisted living; and $73,000 for a nursing facility. For employees who also have children to support, long term care costs for aging parents are a hefty burden. The total costs over time add up: $39,600 - $146,000 for one to two years; $79,200 - $365,000 for two to five years; and $198,000 - $730,000 for five to ten years.
According to studies from Georgetown University, an estimated 20% of people over age 65 will need long term care for two to five years; another 20% will need it for five years or more. It’s never too early to start taking preventative measures, such as
quitting smoking, exercising, getting sufficient sleep, and eating a healthy diet.
The more we take care of ourselves now, the less likely we may be to need excessive long term care as we age.
The impact of a healthy diet, sleep, and adequate exercise should not be underestimated. Diet and exercise, according to Dr. Kristine Yaffe, can reduce one’s risk of Alzheimer’s Disease by 50%, also reducing one’s risk of stroke and cancer.
Additionally, exercise has been shown to reduce the pain of arthritis. Workplace wellness programs are a great way to help employees maintain their health and wellbeing, but what happens once you retire? Most, if not all, people desire to maintain their independence as they age, and good health is essential to doing so, yet long term care is not seriously addressed as part of retirement planning.
Wellness programs are starting to show some results. A case study on Healthways’ SilverSneakers® program showed that participants (people who are Medicare eligible) had lower health care costs and fewer hospitalizations than non- participants. The study also found that savings in-