Women Face 60 Percent Greater Chance of Entering a Nursing Home Than Men
In 7 Out of 10 Instances in America, Women are the Care Providers
in Unpaid Long Term Care Situations
RICHMOND, Va., July 18 /PRNewswire-FirstCall/ -- A study by Genworth
Financial 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, found women were 60 percent more
likely than men to enter a nursing home at some point in their lives. It also
documented that women may experience large financial sacrifices in their roles
as America's predominant unpaid care providers. The new gender-specific long
term care research 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.
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.
About Genworth Financial
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.
SOURCE Genworth Financial
CONTACT: Media: Neal McGarity, +1-203-708-3460,
Neal.McGarity@genworth.com, or
Investors: Alicia Charity, +1-804-662-2248,
Alicia.Charity@genworth.com,
both of Genworth Financial, Inc.
