Many Americans are aware that women often live longer than their men. But, few realize what this means for women who live well into their 80's and 90's and don’t have Long Term Care Insurance. Women are especially vulnerable when it comes to lack of Long Term Care Insurance, because they often have earned less money than their husbands and thus have less savings and Social Security income or other retirement resources from which to draw when they need to pay for long-term care compared to their male counterparts.
Take the case of Phyllis, a vibrant, 84-year-old woman who recently lost her second her husband. She’s lived a full, rich life including raising 4 children and has now outlived both of her husbands. Phyllis spent most of her working life raising children and thus does not have much to speak of in the way of Social Security benefits and her savings and inheritance from her two marriages were relatively meager. However, she has her health, for the moment, but worries about the future and what she would do if she needed long-term care services such as assistance with the daily acitivities of living or to be admitted to a nursing home or assisted-living facility. Sadly, Phyllis doesn’t have Long Term Care Insurance coverage and will thus need to rely on her savings and her children to care for her.
Cases like Phyllis’s are all too common nowadays as older Americans are living longer lives and thus are more likely to find themselves unable to perform the basics of daily living either due to old age or afflictions such as Alzheimer’s or dementia. A recent article in the Macon Telegraph in Georgia presented some relevant statistics with regards to long-term care. They are as follows:
- 75% of residents in nursing homes are women in the State of Georgia
- After age 65, a woman has a 72% chance of needing long-term care while man has only a 44% chance
- Among those that require care, 20% will need 5 years or more
- 67% of all long-term care recipients are women
- Nursing home stays are currently at a cost of $56,000 annually and this number will double in the next 20 years
Thus, women are at a greater risk of being left to pay out-of-pocket for expensive long-term care services should they not have Long Term Care Insurance. And, paying out-of-pocket is not feasible for most people. Luckily, if you take action today, you can prepare for a peaceful and secure retirement by purchasing a Long Term Care Insurance policy. Whether you are a man or woman or even a couple, the smart move is to prepare now so that you’re covered when your long-term care needs arise and you are at your most vulnerable. Women, for many reasons mentioned here and others, are especially encouraged to purchase a policy and the younger you buy, the better deal you can get it. But, you’ll want to speak to a professional, qualified agent such as those here at LTC Tree. We can walk you through the plans and options and make sure you’re covered for your future long-term care needs.
Let LTC Tree help you avoid the situation that Phyllis found herself in. Sound advice on Long Term Care Insurance can be hard to come by, but we are experts in the options and can help you make the right decisions for you, your family and your future retirement plans. Simply fill out our request form, and we’ll glad to talk you through the various plans and options. Thank you for reading today's blog. We really appreciate it.
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