Oct 29th, 2013
The month of November is officially designated as the National Long-Term Care Awareness Month, to help spread awareness for the type of care needed by individuals who have a chronic illness or disability.
Why is it important help raise awareness about the issues related long-term care? Because it is an issue that touches so many aspects of our lives.
Baby boomers are starting to tip the scale of longevity, unlike any other generation prior. Through research, medical advances, and technology we have more control over the quality and longevity of our lives. According to the National Center for Health Statistics, 100 years ago the average life expectancy in the U.S. was 47 years. The average has increased to 78. And many of us know people over the age of 80 that are living independently.
The current average length of long-term care needed is about 3 years. This can cause a devastating impact on your finances and your family’s finances, as Medicare doesn’t cover this and most medical insurance caps the long-term benefits.
Women, especially, bear the burden of long-term care costs for three reasons: women live longer than men; they require care longer, and because women more often assume the responsibility for their family’s welfare, they often become the primary caregivers for elderly family members or their partner.
Some 980,000 women over the age of 65 are currently nursing home residents compared to only 337,000 men. Nearly three-fourths (73.6%) of assisted living residents are women. Twice as many women age 65-plus are being cared for in a home setting than men (3.27 million versus 1.68 million). According to the AALTCI.
To cover the additional cost related to long-term care many families turn to long-term care insurance. This type of coverage can pay for in-home care so senior can live in the comfort of their own home.
The month of November it is everyone’s duty to help raise awareness. Enlighten others about the high costs of care, the common misconceptions about traditional coverage and the solutions available to them.