Women Underestimate Importance of Long Term Care Planning
November Designated Long Term Care Awareness Month in
"I am hopeful that this month will serve as a catalyst for women to start separating facts from myths about long term care and seek the most appropriate solutions for themselves and their loved ones," said Wendt. She cited three reasons women especially bear the burden of long term care costs: women live longer than men; they require care longer, and women more often assume the responsibility of care giver for family members or their partners. According to studies, 61 percent of all care givers are women with an average age of 46, and are married and working. The
"Long term care is a critically important issue for women, and the vast majority of women who are age 50 or older considerably underestimate the financial and emotional issues of long term care and have no plan in place that addresses future needs. We applaud Governor Granholm for recognizing the importance of long term care issues by reaching out to
Long Term Care Facts:
- According to
AARP , almost 1 in 4 households are involved in a caregiving situation with women making up the majority of caregivers. - The increased responsibilities women assume as caregivers contribute to 33 per cent of working women decreasing their working hours, 29 per cent passing up a job promotion, training or new job assignment, 20 per cent changing from a full time job to part time work and 16 per cent leaving their jobs.
- 22 per cent of working women take a leave of absence, in part, due to long term care giving responsibilities. Many leaves may be unpaid.
- In a report by the Women's
Institute for a Secure Retirement (WISER), women remain the primary caregivers in society, spending a significant part of their adult lives providing care. As a result women move in and out of the work force with breaks in their work histories and according to theSocial Security Administration experience 13 fewer years of earnings, retirement credits and opportunities for job advancement. - Female primary caregivers are at a higher risk for depression or long-term medical problems, such as heart disease, cancer, diabetes, or arthritis.
- Women are far more likely than men to reach an age when they will be the recipients of long term care.
- The annual cost of a nursing home averages
$75,000 per year according to theU.S. Department of Health and Human Services . - Experts advise that women should begin investigating long term care insurance in their early to mid-fifties or sooner.
- More information is available by visiting the
American Association for Long-Term Care Insurance Consumer Information Center : (http://www.aaltci.org) and requesting A Woman's Guide to Long-Term Care Insurance Planning.
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