Long-term care is an issue of special importance for women. Women are often affected as caregivers and ultimately as recipients of long-term care. And, when it comes to buying long-term care insurance protection, today’s women have a significant benefit that few are aware of. That benefit can save you a significant amount of money right away and for years to come.
Financial experts universally agree that without long-term care planning, a current financial plan can be considered incomplete. This is especially true for women who are married or living with a partner, as well as those who live alone. Why is long-term care planning vital for women? Simply because women live longer than men. As a result, women are much more likely to reach an age when they will be beneficiaries of long-term care.
Some vital facts for women from the just published book: A Woman’s Guide to Long-Term Care Insurance Protection:
Women live about five years longer than men,
Women are 10 times more likely (than men) to reach 85 years of age,
Women over 75 are much less likely to be married (38%) than men (74%),
Women over 65 are twice as likely to live alone,
Women over 65 include 980,000 nursing home residents versus 337,000 men,
Women are much more likely to have Alzheimer’s disease.
The other reason long-term care planning is essential for women is simply because in today’s world, women provide most of the care. When a spouse or family member needs care, the woman is likely to ask what she can do to help. A man may ask who he can get to help him. In fact, today, seven out of 10 unpaid caregivers are women, mostly wives and adult daughters. Most of them balance caregiving with work and family.
Some more important information for women in the new book:
Women provide 60-75% of family or informal (unpaid) care.
Women caring for a sick or disabled spouse were nearly six times more likely to have depressive symptoms.
Women who spend more than 9 hours a week caring for a sick or disabled spouse double their risk of coronary heart disease.
Women do not abandon their caregiving responsibilities due to employment, but they lose an average of $ 25,484 in Social Security benefits.
$ 565,000 in earnings and $ 67,000 in pension benefits.
Long-term care costs are generally not covered by standard health insurance. Government programs, like Medicare, offer some coverage, but only under restricted circumstances. Medicaid requires that beneficiaries be indigent. But the most important question that experts advising women ask is “what does the future hold for these government programs?” Are you willing to bet your own future on them?
A good way to help protect your savings and assets from long-term care costs is with the protection of a long-term care insurance policy. There is more than financial protection. It will provide better options for you and your family because long-term care insurance protection can give you more flexibility about how and where to receive care.
You can enjoy more options, such as being cared for in your own home. Having insurance to pay for care can help ease the burden on your family. You can let your loved ones worry about you … they don’t have to worry about you.
Last year, the long-term care insurance industry paid out $ 8.5 billion in benefits to about 180,000 Americans. Approximately two-thirds of all claim dollars are paid to women receiving care at home, in an assisted living community, or in a skilled nursing facility. While women are much more likely to use their long-term care insurance and receive most of the benefits that are paid, women pay the same as men for coverage. As a result, women have a significant savings advantage, and most financial professionals recommend that women consider this protection while they may still qualify for their health.
When considering long-term care insurance, keep in mind that rates for women with spouses, as well as those living alone, will vary significantly from company to company. Studies by consumer organizations have revealed that the cost for a typical 55-year-old could vary by a few hundred dollars a year. And since you may be paying for several years, the savings can add up. Experts advise consumers to work with a financial or insurance professional who can access policies from multiple companies. Some agents can only represent a single insurer.
