What Does A Typical 60-Year Old Woman Look Like latest 2023

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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, today’s women have a significant advantage that few are aware of. This benefit can save them significant dollars 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 especially true for women who are married or living with partners as well as those who live alone. Why is long-term care planning vitally important for women? Simply because women live longer than men. Consequently, women are much more likely to reach an age where they will benefit from long-term care.

Some vitally important facts for women from the just-released 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 represent 980,000 residents of retirement homes compared to 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 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 ask for help. Indeed, today, seven out of 10 unpaid caregivers are women, mostly wives and adult daughters. Most of them balance caregiving with jobs and families.

Some additional important facts for women in 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 suffer from 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 because of employment, 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 usually not covered by standard health insurance. Government programs, such as Medicare, provide some coverage, but only in limited circumstances. Medicaid requires beneficiaries to be indigent. But the most important question that experts advise women is “What future will hold for these government programs?” Are you ready to bet your future on them?

Long-term care insurance policy protection is a good way to protect your savings and assets against the costs of long-term care. There is more than financial protection. You’ll provide better options for yourself and your family because long-term care insurance protection can give you more flexibility in how and where you receive care.

You can enjoy more choices, such as the ability to be cared for 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 care about you… without having to take care of you.

Last year, the long-term care insurance industry paid $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, women pay the same coverage as men. As a result, women have a significant savings advantage and most financial professionals recommend that women look into this protection while they are still able to 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 vary widely from company to company. Studies by consumer organizations have shown that the cost for a typical 55-year-old can vary by a few hundred dollars per 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 may have access to policies from multiple companies. Some agents can only represent one insurer.

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