Long-term care covers a wide range of products and services, such as home care, hospice, medical equipment, and home-delivered meals. If you’re rich, you have enough money to buy private care you need. But the vast majority of regular middle-class America is heavily under-insured, which is a nice way of saying that we are all about to face quite a big challenge ahead.
And, this daunting matter goes out particularly to most women. Why is that so? Nowadays, women live longer than men; they require lengthier care as they age. Plus, most the time women carry the burden of taking responsibility of caring for their familys welfare.
Statistics show women constitute 75 percent of all residents in a nursing home age 65 and older. The number only proves women face greater risks towards the high rising costs of long term care. One study conducted by Medicare showed, approximately nine million men and women over 65 will need long-term care. And in the coming years, the number is expected to increase making more people see it more likely to be challenging when they reach old age.
The same applies to the way the U.S. Department of Health and Human Services considers the situation by stating that those who reach the age, said there was a 40 percent chance of entry into nursing homes and 10 percent of is expected to stay five years or more.
According to AARP, women who are 65 years can expect to live 20 years more and those who reach age 75 can live for an additional 13 years. Thus, women face major challenges in being able to live with independence and dignity as they age. This simply implies with more life, higher disability and chronic health problems, and lower incomes than men on average, many women need long-term care without having the means to pay for them. Women are also the main providers of long-term care that the vast majority of employees paid formal long-term care and unpaid caregivers are women.
ARRP also added that millions of older women cannot afford to pay for long-term care because of low income. An important factor affecting this is marital status because married couples have higher incomes than single people.
Moreover, more than two-thirds of Americans aged 85 or over are women. With advancing age, disability has increased and there is a higher need to lift long-term care, ARRP also stated.