Women recognize the importance of long-term care planning as well as the importance of taking the necessary precautions to prepare in the case of an unexpected health event. Perhaps, it is due to the fact that women face a much higher risk than men for needing long-term health and/or becoming a caregiver. Luckily, today women posses the purchasing power to meet both their individual and familial long-term care plans. Women also play the role of equal and joint decision makers in their household, with many of them even serving as the primary breadwinner.
Studies have found that women are placing a higher priority on the topic of long-term care and are looping in their trusted advisors to help them make informed decisions on the topic. As a result, it is important that these advisors are able to articulate to women exactly why they face these higher risks and the possible threats to their assets associated with being unprepared for a health event.
It is no secret that statistics prove many women will outlive their male counterparts as they posses a higher life expectancy on average. With this increased life expectancy comes an increased probability that these women will require long-term care at some point. This is shown to be true as we note that nearly two-thirds of the current long-term care population is comprised of solely women. Another factor placing women at a higher risk for care, is their increased likelihood to develop Alzheimer’s disease or dementia in comparison to men.
It is also important to note, that in general women tend to be the primary caregivers of their household and as a result, are often expected to care for a loved one in need of any long-term care as well. In the event of becoming a primary caregiver women are now faced with both a high financial and as well as timely sacrifice, as they become required to dedicate a large majority of their time to now care for this individual. Not to mention, their careers may also suffer as they are no longer able to dedicate the same amount of hours as previously available. This issue can also lead directly to an overall decreased retirement figure from social security and pensions.
This is why it is vastly important for women to have the option to discuss and understand their long term care needs and options so that if and when the situation arises they are best prepared to tackle this event. There are many different resources and options available for women today as they take the necessary steps to navigate and prepare.
If you or someone you know would like to learn more about Long Term Care Insurance be sure to visit: LTC TREE for more information.