McKnights Senior Living
Many American’s plans to pay for their parents’ long-term care could jeopardize their ability to afford their own care in the future, suggests the results of a new survey.
The Policygenius Sandwich Generation Survey obtained responses from 310 Americans who are financially supporting both their children and their parents, the so-called sandwich generation. More than half (52%) of them said they have provided some kind of assistance to their parents in the past year, including scheduling doctor’s appointments or transportation (73%), financial assistance (44%) or hands-on care with activities of daily living (55%).
When survey-takers were asked how they would cover a $4,500 monthly caregiving expense — the median monthly cost of assisted living — for their parents if needed, 40% said they would use savings, and 33% said they would assume debt.