This year the nation will celebrate Labor Day in a time of mounting economic uncertainty and stress.

The U.S. is under unprecedented pressure to reform Medicare, Medicaid and/or Social Security. Preservation of these programs may mean fewer benefits for middle-class and wealthy beneficiaries. When less support is available from government programs, individual planning and private investment and insurance solutions -- such as long term care insurance -- become more important than ever.

When a family member needs extended care, millions of workers cut back hours or even quit their jobs to become a caregiver. This not only hurts their own economic future, but takes their payroll and income taxes (otherwise available to fund programs) out of government coffers.

Contemplated cuts in programs that benefit the elderly coincide with an explosion in the number of elderly citizens, many of whom are expected to have a life expectancy unprecedented in human history. The army of people that will be needed to care for these elderly is nowhere to be seen. Family and friends simply will not be able to serve as the sole providers of uncompensated care in this relatively new scenario, in which care may be needed for many years, and even decades.

While many family caregivers lament the difficulties of caregiving, home health aides report a high level of job satisfaction, with almost three-quarters of aides saying they would definitely become a home health aide again. Now, consider for a moment the opportunities inherent in an industry which not only offers high levels of job satisfaction but, even in a slowed economy, is also experiencing increasing demand. Imagine if young people and the chronically unemployed were encouraged to join the caregiving industry. Imagine further if families had the money to hire these professionals.

When the problems and possible remedies on both the national and the individual level are considered, there is one solution that is uniquely positioned to address them all: long term care insurance. Long term care insurance (LTCI) provides money for people to privately pay for care -- independent of other assets, income, or eligibility for government programs. Citizens who plan ahead and purchase LTCI are able to:

- reduce the burden on Medicaid and other public funding sources of long term care, and also

- reduce the burden of caregiving on their family, to the extent that professionals can now be brought in to help, and/or provide family caregivers with much-needed breaks or respite care.

The greater the number of people who have LTCI, the more stable the funding for professional caregiving will be, since it will no longer be vulnerable to public policy and funding cuts. This climate could in turn encourage more people to enter the caregiving job force, and thus help alleviate both the caregiving shortage and unemployment.

The solutions are simple, and represent a win-win for everyone:

- Those with the health and the budget to purchase private long term care insurance should do so, and

- Those who are looking for an occupation or a job should consider becoming a licensed caregiver.

About the Network

The National LTC Network has, for 16 years, been a national leader in long term care insurance distribution. The Network counts among its 30 member firms some of the most respected and successful firms in the industry. Members include trailblazers in workplace sales, association sales, and traditional individual sales.