Women and Long Term Care

There has been massive concern on  the threats of long term care as the costs of LTC are purging elders and their families to poverty, and the risks put greater weight on women. This may sound flattering for some knowing that women outlive men but, in some instances, such as long term care, this can be threatening. Long term care will haunt women in their later years when, regardless of physical or mental illness, they will have to bathe a frail spouse and look after a nearly dying parent.   

The study conducted by Genworth Financial gives much strength on the impact of long term care on women. The following are the company’s main findings:

·         Surveys say that there are about 23 million unpaid care providers in the United States, wherein seven in ten are women

·         Nearly one infive unpaid caregivers or 19 percent give continuous care up to at least 40 hours per week, 80 percent of those are women.

·         44 percent of women age 65 and above are likely to need nursing home care versus the 24 percent of men

Why women are at greater risks?

First, women live longer than men; meaning, they will require prolonged care either in a nursing home or at home. They also tend to live alone, especially the divorced women. Second, women perform the care giving role for their families and loved ones and these responsibilities may continue even if they are already old and weak. Lastly, women who have been providing cares to loved ones are six times more likely to acquire illnesses than those without care giving responsibilities.

Does the government provide help?

The government programs called Medicaid and Medicare mainly provide assistance to low-income groups, and the services they spare are just momentary.   Medicare requires the person to receive care from a nursing home or a hospital for few weeks before the help commences. It is also not true that Medicare pays your entire stay in the facility; otherwise, Medicare pays the 20 days and then the next 80 days will be paid through a supplement. When the 100 days end, the person will be responsible for his or her own care and will be never again accepted.

 
How about Medicaid? Medicaid is a program aims solely in helping the needy to avail long term care. So if you don’t belong to the low-income group, you will be forced to give away your assets to meet the spend down requirements of Medicaid.

The wealthy may opt to self insure since they have enough to fritter. However, the majority of middle-class Americans are on the verge of becoming severely impacted by long term care.

Do You Need Long Term Care Insurance?

Remember that long term care insurance isn’t for everyone. There are so many considerations you should assess to know if this will give you the peace mind.

1. How old are you?
   According to financial experts, the recommended age to get long term care insurance is during mid 40s or mid 50s – the age wherein you are free from pre-existing health problem.
2. What is your net worth?

If your asset amounts between $75,000 and $3 million, long term care insurance is a great way to secure your assets. However, if your net assets worth only $75,000 and below, you may turn to Medicaid for assistance once your assets become depleted.

1. Does your family have health history of chronic disease such as Alzheimer’s, multiple sclerosis, dementia, and etc?

If you have a family history of chronic diseases, you are likely to acquire that disease that will require you to get long term care in the future. However, if you already manifest those illnesses, you may or may not qualify for long term care insurance.