Not a question so much as a suggestion for insurance companies.
I closed down my business in 2008 to be a caregiver to my dad and my wife. My dad was in late middle stage Alzheimer's and in memory care. As he progressed he became more and more aggressive and combative which meant I was receiving calls to come quite often. At that same time my wife was diagnosed with "early onset" Frontal Temporal Dementia. Soon she progressed to the point that it dangerous to leave her unsupervised. The economy was crashing and I needed to devote a lot more time to business and that may still not have been enough, or I could choose family first and take care of them. I chose family first. My dad passed away in 2014 and my wife has progressed to the point that I have had to place her in memory care. I visit her multiple days a week.
I will get thorough it but the cost of doing this has been substantial and it has required me to alter my retirement plans considerably. I so am thankful that I was financially able to make that decision and not worry about how to pay the bills. Over the years though, I have met and watched several families struggle with the same decision. During this time I realized that their needs to be a new type of long term care insurance for income replacement for caregivers who are taking care of loved ones. The cost of memory care locally is well over $7,000.00 per month. I suspect that the payouts would be less than half that amount to just replace the income of the average family member/caregiver.