Caregiving Growing Burden On Women in Mid-Career

Women are disproportionately affected by long-term care needs compared to men. In 2023, top insurance companies disbursed over $14.3 billion in Long-Term Care Insurance benefits, with most recipients being women. Caregivers are typically wives, daughters, or daughters-in-law, reflecting the trend that men usually require extended care earlier than women.

Statistically, one in five women will develop Alzheimer's during their lifetime, compared to one in ten men. Additionally, nearly 70% of women aged 75 or older are widowed, divorced, or never married, according to AARP, a stark contrast to about 30% of men in the same age group. This demographic disparity means that older women are more likely to live alone, with 48% of women aged 75 and older living solo compared to 22% of men, often lacking a natural in-home family caregiver to provide initial care when needed.

Women's longevity not only makes them more prone to requiring long-term care but also means they typically thrive better in care environments than men. Women are also often the primary caregivers; AARP notes that the "typical" caregiver is a 46-year-old employed woman with a college education who spends over 20 hours per week caring for her mother. The dual demands of work and caregiving can lead to significant career sacrifices for women, such as declining promotions, losing benefits, altering work hours, or taking early retirement.

Ultimately, the higher likelihood of living alone and the caregiving burden significantly impact women's financial stability, savings, and lifestyle when they eventually need care themselves. This places immense pressure on them to manage their resources without the support of a caregiver at home.

Professional Women's Lives Affected

A mid-level female professional facing a parent or family member's need for long-term care encounters unique burdens and stresses. These challenges can be overwhelming, impacting her emotional well-being, professional life, and sense of self. 

• Balancing Work and Caregiving:  Women often hold primary responsibility for caregiving, even while managing demanding careers. Juggling work deadlines, important meetings, and the constant needs of a loved one can be a logistical nightmare. This pressure can lead to missed work, decreased productivity, and feelings of inadequacy in both roles.
• Emotional Strain:  Witnessing a parent's decline can be emotionally difficult. Feelings of guilt, grief, and frustration are common. The emotional toll can affect a woman's mental well-being and ability to cope with the situation.
• Financial Strain:  Long-term care can be prohibitively expensive. Women may face the burden of managing these costs, potentially jeopardizing their own financial security or retirement plans. Additionally, taking on extra caregiving responsibilities might necessitate reduced work hours, further impacting income.
• Social Isolation:  The time and energy devoted to caregiving can leave little room for socializing or maintaining personal connections. This isolation can exacerbate feelings of stress and loneliness.
• Identity Crisis: Balancing professional and caregiving roles can force women to redefine their identities. They may grapple with feelings of losing themselves amidst the demands of caregiving, leading to frustration and a loss of self-worth.

These burdens can take a significant toll. However, there are resources available. Open communication with family members, exploring respite care options, and seeking support groups can help alleviate some of the pressure. 

Remember, prioritizing self-care is crucial. By carving out time for oneself, a woman can better manage caregiving demands while maintaining her well-being and professional identity.

Life Expectancy Translates to Higher Risk of Long-Term Care

A longer life expectancy for women translates to higher rates of chronic health problems and long-term care. Many experts will tell you long-term care is a women's issue, and planning is essential.

Indeed, life expectancy is usually considered a good thing. However, as longevity increases, the need for elder care continues to grow. Without advance planning, the role of caregiving usually falls on the lap of a woman. 

This places a huge additional burden on women who are also in the workforce and have a spouse and children simultaneously. Not only does their role as family caregivers adversely impact their careers, but it also affects their spouses and children. Balancing caregiving responsibilities and pursuing education to advance or shift one's career pathway can seem daunting for mid-career professionals. It's crucial to explore flexible educational options that cater to working professionals. Engaging in top-rated online health care programs allows caregivers and working adults to earn degrees that could lead to more fulfilling career opportunities in health care, an industry increasingly in need of skilled professionals.

A recent study, "Women Working Longer: Labor Market Implications of Providing Family Care," by Sean Fahle, Ph.D., assistant professor in the Department of Economics at the University at Buffalo's College of Arts and Sciences, and Kathleen McGarry, Ph.D., of the University of California, Los Angeles, found women caregivers were 8% less likely to work, and that after providing care, were 4% less likely to be working. 

The study was presented at the Women Working Longer Conference hosted by the National Bureau of Economic Research. Sean Fahle, PhD, assistant professor in the Department of Economics at the University at Buffalo College of Arts and Sciences, says the study found that caregiving is increasing, meaning more current generations of women are more likely to provide care than women before them. 

Millions of people are providing care for their parents or parents-in-law.

Fahle and McGarry used data from the Health and Retirement Study from the University of Michigan, which has been tracking participants for more than 20 years. The data used in the study from 9,498 people showed that about one-third of the women had provided care for an elderly parent, parent-in-law, or spouse.

What is Long-Term Care? 

People require long-term care services for many reasons, including chronic illness, accidents, mobility difficulties, dementia, and frailty. Long-term care helps with "ADLs"—Activities of Daily Living. These activities include eating, bathing, toileting (including personal hygiene), and dressing. Other people may require supervision due to dementia. 

• What is Long-Term Care?

Using microsimulation modeling, the United States Department of Health and Human Services (HHS) estimates that over half (56%) of Americans turning 65 today will develop a disability serious enough to require long-term care services. However, HHS reports that many will only need assistance for less than three years.

However, as a family caregiver, even three years of being a caregiver is a serious commitment. The average age of a family caregiver in the United States varies depending on the care recipient's relationship with the caregiver. Here's a breakdown based on recent data:

• Overall Average: According to the National Alliance for Caregiving and AARP, the average age of a family caregiver in the U.S. is 49.2 years old.
• Caregivers for Parents: While the overall average is 49.2, caregivers for parents tend to be slightly older. A 2023 study by A Place for Mom indicates that the average caregiver age for a parent or spouse is 62.3. This aligns with data from the National Center for Caregiving, which reports that caregivers aged 50-64 comprise the largest demographic (36%) providing care to parents.
• Spousal Caregivers: The picture changes when it comes to spouses caring for a spouse. The A Place for Mom study mentioned above suggests the average age of a spousal caregiver is 62.3. This aligns with data from the National Alliance for Caregiving, which reports that the average age of spousal caregivers is 62.

Aging Leads to Increased Risk of Long-Term Care

Almost half of those who reach age 65 will require long-term care services, with estimates indicating that 20 percent will need assistance for five years or more. Most of this support will come from wives and daughters unless the individuals have Long-Term Care Insurance or substantial assets to cover alternative care options.

The cost of professional caregivers and long-term care facilities can be prohibitive for some families and financially devastating for those who can afford the rising cost of care. 

Care costs vary depending on the types of services provided and where you live -- The Cost of Long-Term Care Services Throughout the United States.

Doesn't Health Insurance and Medicare Pay for Long-Term Care?

Health insurance and Medicare will only pay for short-term skilled care. Most extended care is custodial (help with ADLs or supervision due to memory loss), and health insurance and Medicare will not pay for those costs. Medicaid will pay for custodial care only if the care recipient has little or no income and assets. Long-Term Care Insurance will pay for extended care services, even care at home. However, too few people start shopping for a policy until they are older and have considerable health issues … which is usually too late.  

What is Underwriting In Long-Term Care Insurance?

Sean Fahle, assistant professor in the Department of Economics of the University of California, Los Angeles, says as longevity increases, the need for elder care is growing, and the lion's share of that burden falls to women.

People are living longer, Alzheimer's is projected to increase, and meanwhile family sizes are shrinking, so the burden of caregiving is falling on fewer children. Scenarios look somewhat gloomy in many ways going forward.

Other studies by insurance companies also show dramatic economic losses. The National Association of Insurance Commissioners reported this year that 10% of caregivers cut back on hours worked because of caregiving demands. In comparison, an estimated 6 percent left paid work entirely. Seventeen percent of caregivers take a leave of absence, and 4 percent reportedly turn down promotions.

Figures from a survey by Genworth Financial were even starker: 11% of caregivers lost their jobs due to caregiving, and 52% had to reduce work hours by an average of 7 hours per week, the study cited.

Cost of Long-Term Care Adversely Impacts Savings, Income and Lifestyle

Many experts suggest Long-Term Care Insurance safeguards retirement income and assets and eases the burden on these women who often become caregivers by default. The cost of paid care services drains savings and adversely affects income, lifestyle, and legacy. 

The economic value of family members' care is astounding. A 2011 study by Reinhard L. Feinberg, A. Houser, and R. Choula for the AARP Public Policy Institute estimated that the value of informal care in 2009 exceeded $450 billion, more than twice the estimated value of formal care. A Rand Corporation study valued it at $522 billion annually in 2012.

Planning Can Help Prevent Future Burden on Loved Ones

The adult children of aging parents are purchasing Long-Term Care Insurance in record numbers, in part to prevent the burden of caregiving on their children, especially their daughters. 

Most people who purchase a Long-Term Care Insurance policy are in their 40s or 50s. While older adults in their 60s and beyond can still acquire an LTC policy if their health is reasonably good, the cost of a policy tends to be lower the younger you are when you apply.

The LTC NEWS Survey of Long-Term Care Insurance Premiums outlines how affordable Long-Term Care Insurance can be, especially if you are younger and healthier. Most people obtain coverage in their 40s or 50s, but affordable options are available for those in their 60s and older, depending on their health.

However, premiums vary for the same benefits. For example, a 50-year-old couple in good health can see premiums for a plan with a $3,000 monthly benefit, a $108,000 benefit account, and a 90-day elimination period, growing 3% compounded every year range from $184.20 a month to as much as $359.73 a month. 

There are several types of LTC Insurance options, including traditional LTC policies and hybrid policies, which combine life insurance or annuities with a qualified rider for long-term care. A qualified specialist will review all these options and provide you with accurate quotes from all the top companies. 

Experts suggest speaking with an experienced Long-Term Care Insurance specialist who represents the top-rated insurance companies to help match your age, health, and other factors with the best coverage at the lowest cost.

The growing number of women providing care to their elders should lead to more people planning for options as part of retirement planning. Many professional women balancing their careers, families, and caregiving will find help with respite care if they cannot afford to pay for full-time professional care for their loved one.

The LTC NEWS Caregiver Directory can help. The directory has over 80,000 caregivers and facilities you can search from providers nationwide. 

A well-crafted plan benefits both the care recipient and the family members who may provide some or all of the care. However, incorporating a Long-Term Care policy is essential to alleviate the physical, emotional, and financial strain on future generations. This addition ensures access to quality care, protects assets, and allows loved ones to remain as family rather than caregivers.