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Studies from John Hancock show that women understand the need for long term care insurance more than men do. Perhaps this is because of the traditional role of the woman as a caregiver. Whatever the reasons, the irony is that women may be the least prepared to face a long term care situation.
Today I read an article in the Minnesota Women's Press about the costs of Long Term Care. One great point that the article makes follows:
While the
emotional and physical burdens of taking care of a loved one are well
known, the financial cost of informal caregiving is less frequently
discussed. Caregivers may feel guilty complaining about what society
has said should be a labor of love. The problem is pervasive and
disproportionately affects women, creating a public policy challenge.
Females generally have less money and live longer and are more likely
than men to be the caregiver-and to need one.
"It is definitely challenging for all caregivers but the
responsibility falls disproportionately to women," said Amy
Friedrich-Karnik, a spokesperson for Family Caregiver Alliance an
organization that addresses the needs of family and friends who provide
long-term care at home. "Women tend to suffer financially in their
later years because of the financial impact caregiving has had on
them."
Women are often saddled with providing care that could be supplemented or even completely avoided with the purchase of Long Term Care Insurance. It may be time to consider giving LTCI a closer look.
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