Filed Under:Health Insurance, Ltci

Genworth: Family Doesn’t Always Come First

(AP Photo/Genevieve Ross)
(AP Photo/Genevieve Ross)

Women are still more likely than men to say they would be willing to give up their out-of-the-home jobs to become caregivers for adult loved ones – but only somewhat more likely.

Genworth Financial Inc., Richmond, Va. (NYSE:GNW), covers that topic in a summary of results from an online survey of 1,073 U.S. adults ages 25 and older, with incomes of $50,000 and over, conducted in August.

Today, many elderly people rely on adult children – especially their youngest daughters – to provide informal support services when they are getting on in years.

The caregivers may perform tasks ranging from driving loved ones who no longer can drive to providing round-the-clock nursing care.

Many of the caregivers are still women who grew up at a time when women often were not firmly attached to careers outside the home.

That may be changing.

About 60% of the women who participated in the survey said they would give up their jobs to become caregivers, if necessary – but the rest said they would not.

Similarly, about 40% of the men said they would give up their jobs to become caregivers, but 55% said they would not.

About 29% of the participants identified themselves as the members of their families most likely to become caregivers if loved ones needed care. About 39% named female relatives, and 14% named male relatives as the most likely caregiving candidates.

In other survey results:

- About 52% of the survey participants who bought long-term care insurance (LTCI) did so within 5 months after being affected by a major life event.

- About 57% of the participants said 45 to 64 is the right time of life to buy LTCI, but 7% said people should buy LTCI when they are 18 to 34.

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