REPORT RELEASED BY VOLUNTEERS OF AMERICA SHOWS LOOMING THREAT FOR SENIOR CARE

REPORT RELEASED BY VOLUNTEERS OF AMERICA
SHOWS LOOMING THREAT FOR SENIOR CARE
Families Facing Financial Crisis in Caring for Family Members

ALEXANDRIA, Va., March 4, 2011 – With the country still recovering from the economic downturn, Volunteers of America has released an eye-opening study on the state of aging in the U.S. The collision of the economy, the health care crisis and a large population of aging Americans has put many families in or near financial crisis.

According to the report, a “plurality of caregivers say the economy has made it more difficult to provide care to a family member. Few—roughly one in 10—are paid for the care they provide.” More than 46 percent report that the economy has made it harder to be able to provide care. Three quarters of caregivers state that the person to whom they provide care is 70 years or older.

“We have a potential catastrophe looming with the collision of a significant, and growing, aging population, the economic downturn, and the health care crisis,” stated Rosemarie Rae, executive vice president with Volunteers of America.

The first baby boomers will reach 65 next year, with more than 71.5 million Americans in the 65 or older age bracket by 2030. This will be the largest senior population in U.S. history and almost double the approximately 37 million seniors today. “This is a large, emerging crisis in America,” added Rae.

“Medicare already pays out more in benefits than it brings in and will be insolvent by 2017,” Rae continued. “Social Security will pay out more than it collects beginning in 2016 and the system as a whole will be insolvent by 2037.” Medicaid statistics are equally alarming. In order to qualify, most people must bankrupt themselves before they can receive long-term care coverage.

“We are hopeful that healthcare reform will begin to shape this discussion and mitigate the negative impacts of the current system,” Rae said.

The Volunteers of America study also reported that an overwhelming majority—97 percent of women and 94 percent of men—believe that the elderly should be allowed to age at home, if they want to. Almost half of the women surveyed expect that they will be called upon to provide care to an older family member at some point in the future and more than 54 percent stated that it is not likely that they will be able to care for the family member.

A majority of those interviewed reported that they were unable to make financial, career or family sacrifices in order to care for an older family member. More than 65 percent stated that they would be unable to take time off of work to care for an elderly loved one, and 86 percent of women interviewed and 81 percent of men agreed that better workplace policies are needed to meet family obligations to help aging family members.

Only about half of those interviewed have done any preparation for their own aging. In addition to not having financial stability, many have not entered into discussions with family members about how they should be cared for. Most have not talked to their doctor about aging issues and more than 50 percent do not have a power of attorney and/or will in place.

Volunteers of America has spent more than a century anticipating and adapting to the needs of the population’s most vulnerable citizens. In preparation for the growing health care demands associated with an unprecedented rising number of aging individuals, Volunteers of America commissioned a study (conducted by Lake Research/American Viewpoint) to determine the most challenging issues facing Americans regarding care giving and aging. The findings from the study have validated Volunteers of America’s Aging with OptionsTM initiative, which provides an integrated care and support system for older Americans and their caregivers.

Volunteers of America identified four primary challenge areas faced by aging women and their caretakers: economic issues, desire for independence, workplace flexibility and lack of preparation.

The report is available at http://www.volunteersofamerica.org/Media-Center/News-Events/Americas-Caregiving-and-Aging-Challenges.aspx.