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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
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SOURCE America's Health Insurance Plans
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