“The typical 80-year-old woman in the United States may have enough financial resources, including home equity, to pay for about 20 months of nursing home care, or 35 months of home health care. An 80-year-old woman in the top quarter in terms of income and wealth may be able to pay 58 months of nursing home care and about 103 months of home health care. Jason Brown, an economist at the U.S. Treasury Department, included those figures in a major new report on the economic security of older women in the United States.”
LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):
True, but misleading, as most of that wealth is home equity and Medicaid exempts between $560,000 and $840,000 of that, meaning most women are protected for high LTC costs. The problem is how we protect them (Medicaid), not that many are impoverished by care.
Treasury economist finds women need help with LTC costs