Long-term care is a particularly important issue for women. Women are often affected as caregivers and ultimately as recipients of long-term care. And, when it comes to purchasing long-term care insurance coverage, women today have an important advantage that few people know about. This benefit can save them considerable amounts of money immediately and for many years to come.
Financial experts universally agree that without long-term care planning, a financial plan today can be considered incomplete. This is particularly true for women who are married or living in a couple as well as for those who live alone. Why is long-term care planning vitally important to women? Quite simply because women live longer than men. Therefore, women are much more likely to reach an age when they will receive long-term care.
Some vitally important 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,
Women aged 75 and over 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 EHPAD residents against 337,000 men,
Women are much more likely to suffer from Alzheimer’s disease.
The other reason why long term care planning is essential for women is simply because in today’s world women provide the majority of care. When a spouse or family member needs care, a woman is likely to ask what she can do to help. A man can ask who he can find to help him. Indeed, today, seven out of ten unpaid caregivers are women, mostly adult wives and daughters. Most of them balance caregiving with jobs and families.
Some other important facts for women from the new book:
Women provide between 60 and 75% of family or informal (unpaid) care.
Women caring for an ill or disabled spouse were almost six times more likely to experience 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 give up their caregiving responsibilities because of the job, but they lose an average of $ 25,484 in social security benefits,
$ 565,000 in earnings and $ 67,000 in retirement benefits.
Long-term care costs are generally not covered by standard health insurance. Government programs, such as Medicare, offer some coverage, but only under limited circumstances. Medicaid requires that recipients be destitute. But the most important question that experts advise women to ask themselves is “what will be the future of these government programs?” Are you ready to bet your own future on them?
Protecting a long-term care insurance policy is a good way to protect your savings and assets from the costs of long-term care. There is more than financial protection. You will provide better options for yourself and your family, as long-term care insurance coverage can give you more flexibility in how and where to receive care.
You can enjoy more choices, such as being able to be groomed in your own home. Having insurance to pay for care can help ease the burden on your family. It can allow your loved ones to take care of you … without having to take care of 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 claims dollars go 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 coverage as men. As a result, women have a huge savings advantage and most finance professionals recommend that women look into this protection while they are still able to qualify for health.
When considering long term care insurance, keep in mind that the rates for women with a spouse as well as for those living alone vary widely from company to company. Studies by consumer organizations have found that the cost for a 55-year-old guy can vary by a few hundred dollars a year. And since you may be paying for a number of years, the savings can add up. Experts advise consumers to work with an insurance or finance professional who can access policies from multiple companies. Some agents can only represent one insurer.