If you’re balancing the care of aging parents while also raising your children, you’re part of the sandwich generation, and it’s no easy place to be. According to a Pew Research Center survey, nearly 23% of adults in the U.S. face similar challenges, trying to care for two generations at once while managing jobs, households, and relationships.

While the love you have for your family runs deep, the reality of caregiving can leave you feeling like you’re barely keeping your head above water. Fortunately, there are ways to make it easier, such as utilizing in-home care services and planning ahead with long-term care insurance (LTCI) to alleviate some of the pressure.

Planning for the future 

If you’re not yet in the throes of caregiving, now is the best time to prepare. Long-term care insurance (LTCI) can be a great tool to protect your family’s financial future and reduce stress when care needs arise.  

Although some LTCI policies can seem expensive, they provide a safety net that can help prevent families from depleting their savings. LTCI gives you options and, more importantly, peace of mind.

What it covers 

LTCI can help cover the care your parents may need as they age by reducing the out-of-pocket expenses for services Medicare and traditional health insurance don’t cover, such as:  

• In-home care 
• Assisted living facilities  
• Adult day care  
• Nursing home care 

Some policies also offer care coordination services, helping families navigate care options and find qualified providers.  

How LTCI works  

Policies typically include:  

• Elimination period: A waiting period (usually 30-90 days) before benefits begin 
• Daily or monthly benefit limits: The maximum amount the policy will pay 
• Benefit period: How long benefits last  
• Inflation protection: Optional feature to keep benefits in line with rising care costs 

If you have questions about your policy, get in touch with the LifeWorx LTCI Administrator.

What it costs 

Premiums vary based on age, health, and coverage levels. For example, a couple in their mid-50s might pay around $2,000 annually for a shared policy. While this may seem expensive, it’s significantly less than the cost of full-time care, which can exceed $100,000 per year in some regions. 

Challenges of being in the sandwich generation  

Emotional strain 

Caregiving is deeply personal, and it’s hard to watch loved ones struggle with aging or health issues. The physical and mental health declines associated with spending over 20 hours a week on caregiving tasks can last for several years. Balancing the needs of your parents with those of your children can lead to feelings of guilt, anxiety, and burnout.

Financial pressure 

Caring for parents and kids can result in significant costs. Many caregivers in the sandwich generation find themselves tapping into their savings or cutting back on work hours to manage their caregiving responsibilities. AARP estimates that caregivers spend an average of $7,242 annually on out-of-pocket caregiving expenses, not including the costs of raising children.

Time constraints 

Caregivers often feel like there aren’t enough hours in a day. Between medical appointments, children’s activities, work commitments, and household responsibilities, personal time is usually the first thing to go.

How in-home care can help 

In-home care can provide much-needed relief for both you and your aging parent. Professional caregivers can assist with a wide range of tasks, including meal preparation, bathing, and medication management. These are often tasks that consume a lot of time and energy. Additionally, many seniors prefer staying in their homes, where they feel safe and independent. In-home care also offers a lot of flexibility. Whether you need help a few hours a week or your loved one requires 24/7 care, you can tailor services to fit your family’s needs.