Struggling with Work-Life Balance, Caregivers Want Clear Direction
and Assistance To Address Financial Issues - Free Guide Available from
MetLife
Families with children or adults with special needs are confronting cuts
in services and assistance even as they look for more guidance to make
financial and other pressing decisions, a new, in-depth MetLife study
found. As they experience a harsher economic climate, family caregivers
are seeking meaningful information to help with special needs planning
for their dependent. "I do believe the resources in my community will
continue to disappear… I think parents will have to be more creative,"
noted a caregiver in California who was one of the 1,000 individuals who
participated in the MetLife Center for Special Needs Planning? 2011 Torn
Security Blanket poll.
"The mixed picture painted by the poll findings and follow-up interviews
with caregivers shows that a struggle exists for many of these families.
Part of the struggle is to obtain useful information in a substantive
context instead of scattered pieces from various sources. But at the
same time we see the amazing perseverance of caregivers who are almost
always willing to take a few additional steps in order to build a
sounder financial framework for their dependents. This is an encouraging
sign compared with our original study from six years ago," said Kelly
Piacenti, National Director of the MetLife Center for Special Needs
Planning.
On the positive side of the ledger, 38 percent of caregivers have
written a Will, compared to 32 percent in 2005, and 36 percent planned
for their dependent's future housing, up from 31 percent. The greatest
area of growth was in the number of caregivers setting up special needs
trusts – 21 percent reported setting up a trust, nearly double the
amount in 2005.
Still, much remains to be done from a planning perspective, the study
found. While, seven in ten caregivers responded that they had completed
at least one financially related task, many have yet to address crucial
gaps. For example, less than half (49 percent) of caregivers have
identified a guardian for their dependent should they no longer be able
to care for them. More than half (56 percent) said they are unfamiliar
with the steps needed to identify a trustee to watch over their
dependent's financial holdings in the future. Another 55 percent weren't
sure how to set-up a plan for lifetime financial assistance for their
dependent.
Caregivers Dissatisfied with Available Planning Information, Need
Education and Guidance
A key factor in this inaction appears to be the difficulty that many
caregivers encounter when looking for information and guidance –
especially in the area of special needs planning. Caregivers are less
likely to use a single source for financial information than they are
for medical or educational information – perhaps pointing to
dissatisfaction with the information available for planning, and the
need to go to several places before finding solid assistance. What's
more, more than half (59 percent) of caregivers said there is too little
information available about financial assistance (benefits and support
provided by government agencies) and 55 percent said that it is very
difficult to find. Only about one-third of families say they receive a
support service, and, although they may not qualify, many caregivers do
not know why they don't receive a service. At the same time, 69 percent
said that they are very concerned about being able to provide lifetime
care for their dependents with special needs.
Employer Assistance Welcome
One avenue for planning assistance that appeals to caregivers is their
employers. Over two-thirds say that access to a special needs planner
would be helpful if provided by their employers, while 64 percent would
welcome employer-sponsored workshops on special needs planning and
access to legal services.