Financial Literacy: A Critical Component of Long-term Care Planning

Did you know that April is National Financial Literacy Month?

Author

ieadvocates
April 22, 2025

Working Caregivers-The Invisible Employees Newsletter

Brought to you by ieadvocates (invisible employee advocates)

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Financial Literacy: A Critical Component of Long-term Care Planning

Did you know that April is National Financial Literacy Month? To honor the occasion, this issue features a podcast discussion with elder law experts who share invaluable information around long-term care planning. As we know, the caregiving journey can be an expensive one. The good news is that the path of caregiving doesn’t have to be a seemingly unending, rocky road of financial challenges. Our guests offer tips for planning ahead so that caregiving financial difficulties can be minimized or avoided altogether. Having a financial roadmap for long-term care is important for building and sustaining financial health. If you are already on your care journey, our guests provide recommendations to help alleviate the financial stress of caregiving that may be overwhelming your household budget. It’s true that family caregiving can significantly impact your personal financial goals. Financial literacy is imperative for helping you make informed decisions and maintain your own financial wellness throughout the process. Boosting your financial literacy around long-term care planning, will equip you to better safeguard your own assets and ensure your peace of mind for the long term and for the long-term care of yourself and your loved ones. We invite you to listen and learn from our amazing podcast guests! Happy National Financial Literacy Month!

Table of Contents

In the news:

Latest research, events, and articles that are making an impact for working caregivers and their employers.

Why HR leaders need to become experts on long-term care benefits

Lee Hafner shares reports on the critical role HR leaders have when advising employees and employers on how to plan for long-term care which can be overwhelming.

"Caregiving is an absolute crisis," says Lori Martin, founder of employee benefit planning company Envision Benefit Specialists. "A lot of caregiving stories you read are pretty heart-wrenching. But when there's a plan in place, it can be a different experience." 

Why Financial Literacy Month Matters for Caregiving Employees

“Whether caring for an aging parent, a disabled spouse, or a child with special needs, understanding the financial aspects of caregiving is crucial for today’s responsibilities and future care needs.”

Find ways employers can help caregivers save money and much more in this article.

 Did you know? (Read our blog):

Our blog brings you knowledge, personal and researched, to raise your awareness and empathy about working caregivers and caregiving.

Long-term Care Planning: The Critical Role Employers Can Play (Blog 4/22/25)

Did you know that one in every six people in the U.S. are 65 years old or older? (Journal of Financial Planning) It is estimated that 70 percent of this group will need some form of long-term care at some point during their lifetime. However, despite this eye-opening data, many people have not given any thought to long-term care planning, including the risks of a long-term care event happening to them personally, or how they would pay for care if it did. The best time to start looking for long-term care options is long before you need them. Still, many people wait until an emergency occurs, when the need to find long-term care placement or support for themselves or their loved ones becomes an immediate priority. This does not have to be the case.

People and Companies In the spotlight:

Our podcast puts a spotlight on guests who are making a significant difference in the working caregiver space.

Episode 16: Elder Law, Medicaid Planning & Caregiver Chaos – with Eric Goldberg & Clelia Pergola

In this episode, we sit down with elder law experts Eric Goldberg and Clelia Pergola from the NJ Elder Law Center. Together, they drop some serious knowledge on navigating Medicaid, protecting assets, and creating real systems of support for families in crisis. This conversation gets personal, gets practical, and—most importantly—gets to the heart of what caregivers are up against. We dive into everything from care coordination and legal documentation to family dynamics, generational friction, and what employers really should be doing to help. If you’ve ever wondered what makes elder law so crucial—or if you’ve avoided the paperwork altogether—this episode is the nudge you’ve been waiting for. Click here to learn more about Eric.  Click here to learn more about Clelia.

Stories From Real Working Caregivers:

Actual working caregivers share their stories.

Meet Elizabeth Miller, a real working caregiver:

Elizabeth Miller, Certified Caregiving Consultant, and Certified Senior Advisor

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“ I think I would probably have a poster on my desk that would say -- '“Grace”. One of the things that I say a lot of is, there's nothing I can say that's gonna make the guilt feelings go away for me or for anybody else. But I say oftentimes like when that “g” word comes up of guilt, replace it with grace and  know that you're doing the best….  We’ve got to give ourselves grace. ”

Elizabeth Miller is a family caregiver advocate, speaker, author, Certified Caregiving Consultant, and Certified Senior Advisor. Elizabeth’s experiences caring for aging parents with chronic and terminal illnesses and for a neurodivergent sibling inspired her to create Happy Healthy Caregiver, LLC, in 2015. Through her coaching services, speaking, award-winning podcast, book, and online community, Elizabeth helps family caregivers infuse caregiving and self-care with their busy lives. She hosts the Happy Healthy Caregiver podcast on the Whole Care Network, wrote the Just for You: A Daily Self-Care Journal, and facilitates support groups for family caregivers. Click here for her LinkedIn.

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“…how are we paying for this (caregiving)? That's why we need to keep working, many of us, while we are caregiving because it may seem like the right idea to stop working, but aren't we just kicking our problems down the road later?  Who's going to pay for our care? ”

Recommended media content:

We explore and share with you diverse media illuminating the dynamics and narratives within the care economy - from insightful podcasts to thought-provoking books and engaging videos.

PODCASTS

A great way to increase your financial literacy is to subscribe to The Stacking Benjamins Show podcast with hosts Joe Saul-Sehy and Josh Bannerman (aka “OG”). Dubbed “The Greatest Money Show On Earth” the hosts really do make a topic like personal finance less stressful and even fun to learn and become financially savvy. In line with this edition’s theme, be sure to check out this episode: Estate Planning Horror Story With Terrie and Jon Hull

BOOKS-Part One

Stacked-Your Super-Serious Guide to Modern Money Management by Joe Saul-Sehy and Emily Guy Birken.  The authors do an incredible job of making personal finance easier to comprehend, implement, and even have some fun. “In these uncertain times, the basics matter more than ever. But for most of us, concepts such as investing, budgeting, and getting out of debt just don’t float our boats (or 150-foot yachts)—and so we put them off longer than we should.

BOOKS Part Two

Elizabeth B. Miller’s Just For You-A Daily Self-Care Journal “blends a full year’s worth of daily writing prompts with monthly ‘fun’ activity pages. Great gift for family caregivers and non-caregivers.” Self care is not necessarily spas and vacations. It’s a way to ensure you rest and recover. This book offers a daily reminder to do that. Each page has a reflective question. For April 22nd, the author asks: “What would the movie title for your life be right now?”.

With gratitude, we share a book review:

We want to thank Amazon Customer (11/27/23) who took the time to read our book and provide a thoughtful review!

“A must-read for anyone grappling with the responsibilities and rewards of caring for elderly family members, this book not only imparts invaluable knowledge but also serves as a heartfelt companion on the journey of caregiving.”

Order your copy of Working Caregivers-The Invisible Employees book here. If you want to order a quantity of books for your leadership team and employees, contact us directly about discount pricing.

Order Working Caregivers-The Invisible Employees Book here

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