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Women and Long-Term Care

Long-term care is an issue concerning many women. It has been said that long-term care needs hit women twice; first in providing care to parents or other loved ones, and then later in life when women need long term care for themselves. (1)

Not only are women are more likely to be the recipients of long-term care but they are also more likely to be caregivers than men. Women make up about 75 percent of nursing home residents, and seven out of ten unpaid caregivers are women. (2)

Over half of American women over the age of 65 can expect to spend some time receiving long term care. Many people believe Medicaid and Medicare will pay for the whole cost of long term care, when in fact, that is not true. They will only pay about 8 percent of the cost in a nursing home. (3) Medicaid will pay for care, but that is only after you have reduced your assets to meet the state spend-down requirements. Women should not rely on Medicare and Medicaid to pay for the cost of long term care, according to the National Center on Women & Aging.

It is important for women to plan early for long-term care, so the high cost does not threaten their financial security. A key reminder is the younger and healthier an individual is the less expensive the premium will be. Private long-term care insurance helps put women in control allowing them to decide where they will receive care, while providing less of a burden on family members. Women typically prefer to stay in their homes as they age, most long-term care insurance policies sold today will pay for home health care, in addition to nursing home care.

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Sources:
1. www.heller.brandeis.edu/national/may99pr.htm
2. AARP, November 1999
3. "Long-Term Care Insurance: An Employee's Guide," Employee Benefit News, April 1, 1997