Military and veteran caregivers who contributed to the Elizabeth Dole Foundation’s RAND study acknowledge that long-term financial planning has been a complex and often overwhelming responsibility. The consequences of not planning ahead can be severe, but thinking through their futures forces caregivers to confront difficult and unknown possibilities. What happens if I pass away before my veteran? What happens if my veteran passes away before me? The former question requires weighty contingency plans and anxiety about providing long-term stability for their loved one. The latter may leave a caregiver who resigned from from the workforce for years or decades suddenly without the government stipend that served as their family’s only source of income while their veteran was alive. Other decisions, such as determining power of attorney or weighing the benefits of early retirement to care for a loved one, have long-term impact on the comfort of the caregiver and family, and can potentially expose both caregivers and care recipients to mounting financial struggles.
The RAND study revealed that if not coordinated, the landscape of services available to military caregivers becomes a “maze” of organizations, services, and resources in which caregivers can easily become overwhelmed. Two-thirds of post-9/11 caregivers are under financial strain as a result of their caregiver role. Many relate some of that strain to decisions they’ve had to make regarding their jobs in the workforce, including the need to resign or cut back hours to care for a loved one. The study also revealed that two-thirds of caregivers 40 years and older in the workforce are concerned about their ability to retire someday.
Military and veteran caregivers also report mixed experiences regarding civilian providers’ ability to understand their needs and knowledge of the unique benefits available to them. Since there is no clear evidence that civilian financial service providers have adequate products to address long-term needs of both caregivers and care recipients, these options are often overlooked. Because of this disconnect between military and civilian services, combined with the aforementioned “maze” of options, research has found that fewer than 18 percent of military family caregivers are utilizing the financial stipends available for the care and support of service members and veterans.
The fixes are not simple. The Elizabeth Dole Foundation’s Financial and Legal Impact Council has started to tackle these issues, both by providing updated and consistent resources to military and veteran caregivers, and by educating their own financial and legal representatives to the challenges facing these caregivers as outlined in the study. While military and veteran caregivers need to be educated on the importance of end-of-life planning—which can easily take a back seat to the mountain of day-to-day responsibilities they face—many of those organizations providing the financial and legal advice also need to be educated on the caregiver spectrum. As it currently stands, most programs offer financial or legal assistance aimed only at the wounded, ill or injured veteran, not the caregiver or family as a whole.
The Financial and Legal Impact Council has also determined that consistency in legislation, policies, and regulations in financial and legal issues affecting military and veteran caregivers will simplify the planning process. The Council members are developing strategies for educating military financial and legal providers on the caregiver culture, to help ensure more expedient and responsive financial and legal tools. They are also working with organizations to provide both webinars and one-on-one financial training assistance to caregivers, so that these hidden heroes can be fully informed and more in control.
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