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Insurance & Money Management for Seniors
Women Bear Greater Share of Long Term Care Risks and
Costs
They have 60% greater chance than men of entering a
nursing home
 July 18, 2006 – A study by Genworth Financial has
found women were 60 percent more likely than men to enter a nursing home
at some point in their lives and may experience large financial
sacrifices in their roles as America's predominant unpaid care
providers.
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Money & Insurance Management |
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The study indicates long term care impacts women,
both as care providers and recipients, more profoundly than men.
Genworth's study, The Impact of Long Term Care on
Women -- An Analysis of Women as Care Providers and Care Recipients, was
presented to the Congressional Women's Caucus in a Capitol Hill briefing
today.
National polling data compiled by Public Opinion
Strategies on behalf of Genworth showed that 67 percent of adult
American women respondents have provided long term care to someone in
need. The complete report is available at Genworth.com.
"With the first wave of America's 77 million baby
boomers turning 60 this year, it becomes more critical for both men and
women to seriously evaluate the lifestyles they would like to maintain
as we live well into our 80's, 90's and beyond," said Colleen Goldhammer,
Genworth's senior vice president, long term care.
"Long term care planning is a family issue. And
preparedness includes planning for the care that loved ones may need. As
this new research indicates, women especially need to evaluate and
address what has been revealed to be a gender-specific, disproportionate
share of the long term care challenges that come with today's greater
longevity."
Key findings of Genworth's study of the impact of
long term care on women include:
● Estimates suggest there are around 23 million
unpaid care providers in the U.S. Seven in ten are women.
● Nearly one in five unpaid caregivers (19
percent) in America provide "constant care" of at least 40 hours of care
per week. Of those who provided constant care, 80 percent are women.
● Women 65 years or older today have a 44 percent
chance of entering a nursing home at some point in their lives compared
to 27 percent of men.
About Genworth Financial
Genworth is the leading provider of long term care
insurance in the United States, which it sells through Genworth Life
Insurance Company and Genworth Life Insurance Company of New York. The
company also is a sponsor of the Alzheimer's Association.
Genworth Financial (NYSE:GNW)
is a leading insurance holding company, serving the lifestyle
protection, retirement income, investment and mortgage insurance needs
of more than 15 million customers, with operations in 24 countries,
including the U.S., Canada, Australia, the U.K. and more than a dozen
other European countries. For more information, visit
http://www.genworth.com/.
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