LTC is an issue of particular importance to women. Women
can be impacted on two sides of the issue; as the primary providers of care and ultimately, as recipients of LTC.
The implications are clear that women in particular, as well as men,
need to plan for their own LTC.
While both men and
women are living longer, women tend to outlive men by 5 years (National Center for Health Statistics, National
Vital Statistics Report, Vol.53, No 6, Nov.10, 2004). Women who reach age
65 have a life expectancy of another 20 years vs men (17 years) (American Association of LTCi Sourcebook 2009).
Typically, women care for their husbands. The husband dies and the woman is left a widow, making her more vulnerable for LTC.
It is not surprising therefore, to find that nearly three out of four (72%) nursing home residents are
women (Center for Disease Control & Prevention, Vital & Health Statistics, June 2002). Of those
women having LTCi, their first benefit claim was for home care (75%) (Genworth Financial,
Women & LTC, 2009).
During a woman’s
lifetime, she will most likely give care to other family members. According to a study done by the National Alliance for Caregiving
& AARP (2004), some 3.3 million people, including men, are caring for someone 50 or older. In home
settings, women are caregivers 60% of the time (AARP Public Policy Fact Sheet: Women & LTC, 2004).
They often assist with activities of daily living, do grocery shopping, household chores, meal preparation, and administer
medications.
For women in
the sandwich generation, the challenge can be exhausting. Being responsible for their own children while caring for an aging
family member, managing a household, and often a full-time job, can be both emotionally and physically difficult. For those
who are single parents, a difficult situation is compounded.
Dual
caregiving takes a toll on women’s work time and wages as well as opportunities for advancement and professional training.
The National Alliance for Caregiving/AARP survey (2004) found that more than half of employed women providing care for a relative
needed to make accommodations to their job by coming in late, leaving early or working fewer hours. About one-fifth of employed
women gave up their work temporarily or permanently. For women business owners, the stakes are even higher. Taking time off
to care for a relative can put the ongoing success of the business at risk.
LTCi can provide the means for much-needed relief and respite for caregivers. Women
tend to be the driving force in family decisions regarding a relative’s need for LTC services. Once women understand
the valuable role LTCi plays in a family’s well being, they often become a leading force in the purchase decision. Undoubtedly,
LTCi is an underutilized, but vital strategy in planning for retirement. Increasing numbers of both men and women are recognizing
that for a financial plan to be complete, LTCi needs to be considered.
