Navigation Links
Economic Downturn Impacting Women's Ability to Plan for Long-Term Care Costs, New Survey Finds
Date:1/8/2009

WASHINGTON, Jan. 8 /PRNewswire-USNewswire/ -- The current economic downturn has affected women's ability to plan and prepare for expensive long-term care costs, such as nursing home stays, according to a new survey released today by America's Health Insurance Plans (AHIP). The survey, conducted by StrategyOne on behalf of AHIP, found that 60 percent of women say the economy has affected their ability to plan for future long-term care costs.

"Women have been particularly hard hit by the current slowdown in the economy, and this has greatly hindered their ability to prepare for future long-term care costs," said AHIP President and CEO Karen Ignagni.

The current economic situation has not only affected women's ability to plan for future long-term care costs, but many women also feel they are not financially prepared for retirement. One in five women (22 percent) said they are unprepared for retirement and only 59 percent said their financial situations are safe and secure.

Most women realize their risk of needing long-term care services, but many are not taking steps to protect themselves. Three out of four women surveyed said they have at least a 40 percent chance of needing some type of long-term care during their lifetimes, such as care in a nursing home, assisted-living facility, or by a home health care provider. However, only 35 percent of women say they have actively thought about or planned for how they will cover those costs, and just 38 percent of women say they are at least somewhat prepared to cover long-term care expenses should they need it.

In addition, many women have a false sense of protection against the high cost of long-term care. Nearly 20 percent of women surveyed believe they have long-term care coverage. In reality, only about 5 percent of U.S. adults over the age of 45 have actually purchased long-term care insurance, suggesting that many of the women surveyed incorrectly believe they have long-term care coverage.

For those who said they do not have long-term care insurance, 42 percent said they would rely on government programs, such as Medicaid, to cover long-term care costs. Others said they would sell assets (31 percent), use their retirement savings (31 percent), or rely on family and friends (12 percent) to help with these costs. Twenty-three percent incorrectly believe that other insurance would provide assistance for long-term care costs.

Medicaid often provides coverage for long-term care services to qualifying low-income Americans, but many people have to spend down their savings to the point of poverty in order to quality for this assistance.

AHIP supports legislation that would make long-term care insurance more accessible and affordable, including legislation to allow employers to offer long-term care insurance through cafeteria plans or flexible spending arrangements. Sixty-one percent of women surveyed said they would be more likely to purchase long-term care insurance if they could deduct premiums from income taxes. Forty-two percent said they would be more likely to purchase if they could use non-taxable funds such as IRAs or 401(k)s to pay premiums.

More information about this survey is available at www.MyLifeMyFamily.com. This consumer-friendly website provides consumers with basic information about long-term care insurance, including videos that feature real-life stories from current policyholders, an interactive online quiz, and additional resources on the value long-term care insurance provides.

About the survey:

The survey was conducted by StrategyOne from November 6 - 24, 2008 and is based on telephone interviews with a national sample of 1,010 women, aged 30 - 59, and includes an oversample of unmarried women. Previous research has found that women are the decision-makers about health care, health insurance, and other important health care choices.

America's Health Insurance Plans - Providing Health Benefits to More Than 200 Million Americans


'/>"/>
SOURCE America's Health Insurance Plans
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Neusoft Becomes First Global Growth Company Partner of World Economic Forum
2. McKesson Corporation CEO to Address the Detroit Economic Club on Preserving Our Healthcare System and Improving Quality of Life
3. Research!America Honors Univ. of Chicago Economists for Study Showing Economic Impact of HIV/AIDS Drug Development
4. AHRQ Expands Therapeutics Education and Research Centers and Adds New Topics: Health IT, Economics, Formularies
5. MedImmune presents new pharmaco-economic data at AAP regarding infants at high risk for RSV
6. Economic motivation may affect how often some physicians order imaging studies
7. BioElectronics Corporation Receives 2007 Economic Development Innovator of the Year Award
8. Through-Wave Ultrasound: Effective, Economical and Ideal for Breast Imaging, Biopsy
9. MedPAC Again Fails to Evaluate Overall Economic Conditions in Assessing SNF Funding Requirements
10. Skatepark injuries can incur economic pain
11. AARP Calls New EEOC Policy A Civil Rights and Economic Fiasco
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/25/2016)... ... 25, 2016 , ... First Choice Emergency Room , the largest network ... the Medical Director of its new Mesquite-Samuell Farm facility. , “We are pleased ... location,” said Dr. James M. Muzzarelli, Executive Medical Director of First Choice Emergency Room. ...
(Date:6/25/2016)... (PRWEB) , ... June 25, 2016 , ... Conventional wisdom ... of success. In terms of the latter, setting the bar too high can result ... more than just slow progress toward their goal. , Research from PsychTests.com ...
(Date:6/24/2016)... ... ... in a crisis. Her son James, eight, was out of control. Prone to extreme mood ... something upset him, he couldn’t control his emotions,” remembers Marcy. “If there was a ... children and say he was going to kill them. If we were driving on ...
(Date:6/24/2016)... ... 24, 2016 , ... Comfort Keepers® of San Diego, CA is excited to ... Recovery® program to drive cancer patients to and from their cancer treatments. Comfort ... quality of life and ongoing independence. Getting to and from medical treatments is ...
(Date:6/24/2016)... ... June 24, 2016 , ... The Haute ... Dr. Barry M. Weintraub as a prominent plastic surgeon and the network’s newest ... world, and the most handsome men, look naturally attractive. Plastic surgery should be ...
Breaking Medicine News(10 mins):
(Date:6/24/2016)... 2016  Collagen Matrix, Inc., ("Collagen Matrix") the ... of collagen and mineral based medical devices for ... Bill Messer has joined the company as ... the growing portfolio of oral surgery, neurosurgery, orthopaedic ... joins the Collagen Matrix executive team as an ...
(Date:6/24/2016)... CAMBRIDGE, Mass. , June 24, 2016 /PRNewswire/ ... the Spaulding Rehabilitation Network,s Dean Center for ... of Physical Medicine and Rehabilitation, MIT Hacking Medicine, ... Center for Innovation, today announced the five finalists ... Hackathon for Lyme disease.  More than 100 scientists, ...
(Date:6/24/2016)... 24, 2016 Research and ... "Structural Electronics 2015-2025: Applications, Technologies, Forecasts" report ... In-Mold Electronics, Smart Skin, Structural Health Monitoring, ... Structural electronics involves electronic and/or electrical components ... replacing dumb structures such as vehicle bodies or ...
Breaking Medicine Technology: