Twenty-seven percent of Boomers think they are covered by long term care insurance, but in reality, only about 6 percent of the elderly have this insurance and very few Boomers actually carry this coverage. Four out of five Boomers interviewed do not know how long term care is paid for and 25 percent say they are unwilling to consider paying for any additional insurance to cover these costs. And while 68 percent know they are not financially prepared to handle long term care costs, only 15 percent correctly identified Medicaid, the government program for the poor, not Medicare, as the principal source for long term care funding assistance. Two out of three Boomers believe that they should not be forced into poverty to get government assistance for long term care, but that is exactly what Medicaid requires. Women are particularly vulnerable to financial and emotional devastation from long term care needs.
Women earn less and live longer than their male counterparts.
And they are the most likely caregivers when older relatives or spouses become frail or ill and need care. This survey found that 41 percent of women interviewed who had been in caretaker roles had been forced to quit their jobs or take a leave of absence. Fifty percent said they had to cut back their working hours and give up space in their own homes to accommodate loved ones needing care. As more women are employed full time, it becomes more difficult for them to fill the requirements of caring for aging parents and relatives. Forty-six percent said they were forced to hire nursing care to help with the tasks.