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Senior Care A CRY FOR HELP: Why Long Term Care Is A Woman's Issue By Shelia A. White, RN, CSA, CLTC sawhite@provistagroup.com A CRY FOR HELP: Why Long Term Care Is A Woman's Issue Women face unique challenges related to their longevity that have an impact on their quality of life and their ability to remain independent, both physically and financially. Although advances in medicine have helped pave the way for longer life expectancies, women still face greater incidences of disability and chronic illness, according to Women's Health Research. Women live, on average, seven years longer than men.1 Life expectancy for women is approximately age 80, and if a woman reaches age 50 free of both cancer and heart disease, she can think about living to age 92!2 According to current U.S. Census data, women account for almost two-thirds of those aged 65 and older, and 70 percent of those aged 85 and older. In fact, by the year 2030, one in five people in the United States will be 65 or older; the fastest-growing segment of the population is those aged 85 and older.3According to the analysis of data prepared by the AARP Public Policy Institute from the 2004 National Nursing Home Survey, today more than 70 percent of nursing home residents are women, and the average admission age is 80 years. Not only are women more likely to require custodial care, but when they do, on average they utilize the care for longer periods than their male counterparts. Department of Health statistics support this data, indicating that a woman uses long term care (LTC) services for an average of 3.7 years, compared to 2.2 years for men. If there has ever been an insurance product designed for women, it is long term care. Long-term and chronic illnesses are direct concerns of women who are faced with debilitating conditions or caretaking responsibilities for those who are limited by those conditions. While the majority of care services are delivered at home, about 40 percent of women will require facility-provided services at some point in their lifetimes.4 In either case ― whether they are receiving care or have care-giving responsibilities ― there are many things women need to know to protect themselves and the people they love. First, long term care services are costly. Expenses can range, on average, from $20 for hourly in-home care, $35,000 -$60,000 per year for an assisted-living facility, or $70,000-$112,000/yr. for a nursing home facility. In 2004, Medicare covered only about 12 percent of nursing home costs, Medicaid covered about 45 percent, and individuals and their families covered approximately 28 percent of these costs.5 Unfortunately, this means that a woman's or her family's assets can be nearly ― or completely ― depleted as a consequence of nursing home admission. Most women are confronted with the need for long term care assistance long before they personally face a disability. Typically, their initial exposure to the complexities of the long term care system begins as a caretaker for a family member. According to an AARP report dated July 25, 2007, more than two-thirds of informal caregivers are female and the “typical” caregiver is a 46-year-old woman. These women are college educated, work outside the home, and spend more than 20 hours per week providing care for their mothers. The experience leaves many of them with physical, emotional and financial scars. Forty-four percent of caregivers reported high levels of physical strain or emotional stress, and more than 60 percent who were employed during the period noted career setbacks as a result of their care-giving responsibilities.6 In fact, women spend, on average, 12 years out of the workforce providing care to both their children and aging family members.7 It is estimated that a median of $240,000 is lost in wages for the time devoted to care-giving associated with aging parents.8 When women become caregivers, they are 2.5 times more likely to end up in poverty9 and five times more likely to depend on Supplemental Security Income (SSI).10 Women who have fulfilled the role of caregiver to an elderly family member understand first-hand why long term care assistance is truly a “family matter” and how proper planning can ease the minds of multiple generations. Long term care insurance provides both tangible and intangible benefits to all involved. These include: 1. Dignity and independence for the patient: No parent wants to become a burden to his or her children. As long as I can remember, my parents and grandparents expressed this desire. Most individuals prefer to age at home and receive care in comfortable and familiar surroundings. Today, 80 percent of all care is received at home.11 2. Peace of mind for all family members: While female rather than male children provide most of the care-giving (about seven in ten12), male siblings are not immune to the stresses related to long term care. Tensions flare among siblings as the physical and emotional burdens placed on the care-giving daughter(s) increases. Private long term care coverage can alleviate the burden on family members who aren't trained in delivering custodial care by providing third-party caregivers and allowing for a choice of care settings. 3. Financial relief: Although long term care insurance is designed to protect income and assets from being exhausted, for most women, maintaining their financial independence despite physical or cognitive impairments is more critical. Just remember, it is never too early to begin conversations about long term care planning. Young single women who might be faced with giving or receiving care also should be counseled. They might be best positioned to influence the generation(s) before them to consider coverage and likely will be consumers themselves. One thing we know for certain: It may never be too early to begin discussions about long term care insurance, but it could certainly be too late! Sources: 1. U.S. Census Bureau, 2005. 2. U.S. Society of Actuaries. 3. “Where Will I Live, and Who Will Take Care of Me?” report by OWL, May, 2006. 4. Ibid. 5. Ibid. 6. “Long Term Care Trends,” AARP, July 25, 2007. 7. Workforce Management, January 2005. 8. MetLife Mature Market Institute, 1999. 9. Philadelphia Inquirer, March 10, 2007. 10. “Where Will I Live, and Who Will Take Care of Me?, report by OWL, May 2006. 11. Ibid. 12. Ibid. |