EDINA, Minn., Oct. 27, 2022 - The long-anticipated "tsunami" of long-term care is here. According to U.S. Congressional Research, the economic burden of long-term care services has reached nearly $500 billion and is growing.i An astonishing 70% of Americans over 65 will need long-term careii and one in five households already give care.iii Since women represent most caregivers and nursing home residents, their consequences can be especially harsh. Throughout National Long-Term Care Awareness Month in November, Moneyweave® Academy offers free educational resources about the long-term care risks that many females face.
"Everybody knows somebody who gives or needs care, and too many women are unprepared," says professor and Certified Financial Planner®, Dr. Daralee Barbera. The realities are stark and extreme.
Females represent nearly two in three unpaid caregivers and spend about 50% more time giving care than males.iv
The National Caregiving Alliance estimated a stunning average outlay of $324,044 for giving care in 2015, including out-of-pocket costs, lost wages, employer contributions and Social Security benefits.v
Women who give care are nearly three times more likely to end up in poverty and five times more likely to depend exclusively on Social Security.vi For women of color, the financial devastation is even more acute.vii
Females in general, need more expensive nursing home services and for longer than males. Support time for women is 68% longer than for men (3.7 vs. 2.2 years), as they experience higher incidences of disabling conditions, singlehood, and longevity.viii
On November 10 at 5PM Eastern, the Academy will hold a free, online Master Class, "Women and Long-Term Care: The Tax, Legal, and Financial Implications" about the most critical issues and how to address them. The session features nationally recognized experts, including Dr. Daralee Barbera; attorney and tax specialist, Darren Larsen Patnoe; and Moneyweave® Academy founder, industry expert and Certified Financial Planner® Mary Quist-Newins. Register for the class and visit the website for more long-term care planning tools, resources, and information.
ABOUT MONEYWEAVE® ACADEMY
Moneyweave® Academy is a 501.c.3. nonprofit corporation, founded in 2021 with a vision of enhancing the financial literacy and thus, the economic security of women and girls in the United States. Its nonprofit mission, concentration on comprehensive financial planning education for women, highly qualified experts, and beneficial impact set Moneyweave® Academy apart. Master Class sponsors are Blue Heron Partners and Diversified Professional Coaching.
CONTACT
Media Liaison, Chris Gosswiller
Email: chris@moneyweave.org
Phone: 651-243-8813
i "Who Pays for Long-Term Services and Supports?," Congressional Research Services, July 15, 2022, Retrieved 10.19.22, https://crsreports.congress.gov/product/pdf/IF/IF10343
ii "How Much Care Will You Need?," Department of Health and Human Services, LongTermCare.gov, Retrieved 10.16.22 https://acl.gov/ltc/basic-needs/how-much-care-will-you-need
iii "Caregiving in the U.S, 2020 Research Report," AARP, National Alliance for Caregiving, Retrieved 10.19.22, https://www.aarp.org/content/dam/aarp/ppi/2020/05/full-report-caregiving-in-the-united-states.doi.10.26419-2Fppi.00103.001.pdf
iv Women and Caregiving: Facts and Figures, 2015, National Center on Caregiving at Family Caregiver Alliance, Phyllis Mutscheler, PhD, Copyright © 1996 – 2022, retrieved 10.18.2022 https://www.caregiver.org/resource/women-and-caregiving-facts-and-figures/
v Ibid
vi Ibid
vii Ibid
viii "How Much Care Will You Need?," LongTermCare.gov, 2.18.2020, retrieved 10.17.2022, https://acl.gov/ltc/basic-needs/how-much-care-will-you-need#:~:text=Someone%20turning%20age%2065%20today,for%20longer%20than%205%20years
SOURCE Moneyweave® Academy, Inc.
