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Research has shown that the population of elderly women in nursing homes are far greater than men and most of these women are single and childless. This is the reason elder care specialists strongly advocate for long term care for women. Women are living longer than men these days. As a matter of fact, demographers have revealed that more women are living into their 90s, some even to their hundreds! On the other hand, most of the men are living until the age of 78, but if they’re lucky they might make it into their 80s. Longevity signals perfect health and this is something that every woman should be happy about but unfortunately, most women dread the idea of living past their 70s and needing serious care because they are not financially prepared for it. Majority of the women who are moving towards the age of 65 had left their jobs, or had retired early, to take on the responsibilities of an informal caregiver to ensure that the needs of their elderly or disabled loved ones are met. In the process of providing care to a loved one, the female caregiver does not only spend 12 to 21 hours a day monitoring the needs of her patient. Naturally, she has to use her nest egg especially if the person she is caring for is not insured or whose total savings is not anywhere near $100,000. Being an informal caregiver has many consequences. First of all you shall be forced to deviate from your career plans and other personal goals, secondly it can potentially deplete your assets and third, spending more than 10 hours a day caring for a loved one is usually linked to countless debilitating illnesses such as stroke, heart diseases, and hypertension among others. Long Term Care For Women Women are advised to plan their future health care needs early in life. They can start by consulting financial planners, geriatricians, Area Agencies on Aging, long term care insurance (LTCI) agents, or other people who are linked to the LTC industry. These LTC professionals can help women sort their options so that they can effectively plan their LTC needs. Even though health care studies reveal that most women could end up in nursing homes, you have the option to receive care in another LTC setting only if you’re not comfortable with the idea of institutional care. However, for you to be able to have options for your LTC you must have a plan. For example, a comprehensive LTCI policy will grant you access to any LTC setting of your choice as long as it is included in your coverage. Apart from helping you receive the best LTC services, your LTCI policy will also protect your assets from estate recovery. You won’t spend more than 1% of your annual income if you consider a policy today but if you opt to self-insure someday, prepare to spend at least $200,000 each year as the cost of care is expected to increase fourfold in 2030. Long term care for women is a serious matter so don’t take it lightly unless you want to end up on food stamps and on the receiving end of mediocre to poor LTC.
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