Women’s Guide to Long-Term Care Insurance Protection
Long-term care is an issue of particular importance to women. Women are often affected as providers of care and ultimately as recipients of long-term care. And, when it comes to buying long-term care insurance protection, women today have a significant benefit that few are aware of. That benefit can save them significant dollars immediately and for many years to come.
Financial experts universally agree that without long-term care planning, a current financial plan may 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 vitally important for women? Simply because women live longer than men. As a result, women are much more likely to reach an age when they will receive long-term care.
Some vital facts for women from the recently 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 the age of 85,
Women over the age of 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 suffer from 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, a woman is likely to ask what she can do to help herself. A man may ask who he can go to for help. 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 facts 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 report 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 don’t give up caregiving responsibilities for work, but 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 limited circumstances. Medicaid requires recipients to be indigent. But the most important question being asked by experts advising women 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 the costs of long-term care is with the protection of a long-term care insurance policy. There is more than financial protection. You’ll have better options for you and your family because long-term care insurance protection can give you more flexibility in how and where you get care.
You can enjoy more options, like the ability to be 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…not have to worry about you.
Last year, the long-term care insurance industry paid out $8.5 billion in benefits to some 180,000 Americans. About 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 the quick majority of benefit dollars paid out, women pay the same for coverage as men. As a result, women have a significant savings advantage, and most financial professionals recommend that women seek this protection while they can still qualify for health.
When considering long-term care insurance, keep in mind that rates for women with a spouse, 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 can 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 an insurance or financial professional who can access policies from multiple companies. Some agents may only represent a single insurer.