Seize This Mother’s Day – Have ''the Conversation''

ST. PAUL, Minn.--(EON:Enhanced Online News)--If Mother’s Day is when you show your mom how much you appreciate all she’s done for you, it may be the right time to have the conversation about something you can do for her -- help her plan for long-term care.

“With the annual cost of nursing home care averaging $75,000(1), this is a legitimate concern”

Women make up 75 percent of the nation’s nursing home population and seven in ten adult children who care for elderly parents are women. Yet a 2007 survey conducted for Securian Financial Group shows that 84 percent of the women with a parent who had received care indicated no plans were made until care was needed.

“Securing or providing care at the last minute can create a family crisis,” said Kim Anderson, product manager, Long-Term Care Insurance, Securian Financial Group. “Planning can take some of the stress out of an already-stressful situation.”

It’s not easy to persuade parents to plan for the day when they are no longer able to care for themselves – especially if they are healthy and the frail stage of life still seems a long way off. However, if the subject is raised in terms of enabling them to retain control of their destinies, they may be more interested in talking about it.

Having a plan in place also takes some of the burden off of family caregivers -- and that burden can be substantial.

Of the women in the Securian survey who expect their parents will be cared for at home, 70 percent say they likely will be the caregiver, but more than half do not expect to take time off work. That expectation may not be realistic. A 2004 report by AARP and the National Alliance for Caregiving revealed that at least 60 percent of employed family caregivers adjust their work schedules because of caregiving responsibilities; nine percent left the workplace altogether.

Concern about care costs

Nearly half of the women in the Securian survey said they are concerned about the quality of care their parents will receive because of limited family finances.

"With the annual cost of nursing home care averaging $75,000(1), this is a legitimate concern," said Anderson. "The likelihood of needing long-term health care sometime in your life is currently 43 percent(2) and that number is expected to rise as the population ages. It's important that women explore care issues with their parents and start planning for their own future care needs."

About the study

Gestalt Inc. conducted a nationwide online survey in January 2007 with 400 women who were part of the Survey Sampling Inc. consumer Web panel. Respondents were aged 30 to 64 with a minimum total household income of $40,000. Find more facts about the Securian study at www.securian.com.

About Securian

Securian Financial Group, Inc. helps provide financial security for individuals and businesses in the form of insurance, retirement plans and investments. Securian serves more than 7,000,000 individuals in all 50 states and Puerto Rico and nearly $29 billion in assets under management.

(1) Based on rates for a private nursing home room. Genworth Financial 2007 Cost of Care Survey. Conducted by CareScout, an independent research firm. 03/07.

(2) National Underwriter, 2004 Field Guide to Estate Planning, Business Planning & Employee Benefits.

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