Shocking Poll: 30% of Americans Over 50 Serve as Caregivers. Need for Long-Term Care Plan Critical.
A recent survey from the University of Michigan reveals that more than one in four Americans aged 50 and older are caregivers, caring for family members or friends with health issues or disabilities. The data, derived from the National Poll on Healthy Aging, sheds light on these caregivers' demographics and views on who should bear the financial burden of caregiving.
The survey shows that 30% of individuals in their 50s and early 60s provide care for at least one person, compared to 23% of those over 65. Notably, 10% of these caregivers in their 50s and early 60s are responsible for caring for three or more people. Women are more likely to be caregivers, with 32% of women over 50 taking on this role, compared to 22% of men.
Long-term care services are not paid for by traditional health insurance, including Medicare, as they only pay for short-term skilled care. The lack of traditional insurance coverage leaves families responsible for paying for costly professional care unless they have Long-Term Care Insurance or qualify for Medicaid due to limited financial resources.
The data also delves into who these caregivers are assisting. It reveals that 66% of them help someone aged 65 or older. The most common issues caregivers address include physical disabilities or mobility problems (59%), memory or cognitive issues (42%), and sensory impairments (28%).
Government Role
The survey also highlights opinions on who should take the lead in covering caregiving costs for those over 65. Nearly half (45%) of respondents believe the government should be responsible, while 27% think it should fall on the individual receiving care.
Caregivers are more likely to support government responsibility (51%) compared to non-caregivers (42%). This belief is particularly strong among those in their 50s and early 60s and among Black respondents, 63% of whom support government-led funding.
Medicaid long-term care benefits are available for those with limited income and assets. Tax incentives are available for those with a qualified Long-Term Care Insurance policy, and most states participate in the partnership program that provides additional dollar-for-dollar asset protection. However, questions about long-term care planning and insurance were not asked.
The survey, conducted by the U-M Institute for Healthcare Policy and Innovation, also revealed a significant gap in awareness about available resources. More than 60% of caregivers are unaware of local Area Agencies on Aging (AAAs), which support caregivers and older adults.
In Michigan, the caregiving landscape mirrors the national data, with 29% of residents aged 50 and older and 35% of Michigan women in this age group serving as caregivers.
Professional Long-Term Care Costs Rising
Like most states, Michigan participates in the Long-Term Care Insurance Partnership program. The cost of professional long-term care services is increasing nationwide, including in Michigan.
For example, the cost of home care services in Michigan is more expensive compared to the cost of home care services in Ohio.
Among Michigan caregivers, 69% assist someone over 65, while 19% care for individuals with intellectual or developmental disabilities. Despite these responsibilities, over half of Michigan caregivers are not familiar with AAAs.
The findings underscore the need for increased support and awareness of caregiving resources. "Nationwide, these data confirm that caregiving falls unevenly on those in their 50s and early 60s, especially women," said Sarah Patterson, a U-M demographer and research assistant professor.
There is also a clear need for more awareness of existing support programs.
The survey included responses from nearly 3,400 people, over 900 of whom identified as caregivers. It provides a comprehensive look at the current state of caregiving and the opinions surrounding it.
LTC Insurance Available
Long-Term Care Insurance has been paying substantial benefits for long-term care services for in-home caregivers, as well as long-term care facilities like assisted living and memory care. In 2023 the top insurance companies paid over $14 billion in benefits to help American families to pay for quality long-term care services for loved ones.
Most people acquire LTC Insurance in their 40s or 50s as part of comprehensive retirement planning. However, depending on their health, many people in their 60s and even 70s can find affordable options.