LTC Coverage and Women

Have you thought about long-term care coverage for yourself or a loved one?

For many women, long-term care coverage considerations are not something oftentimes thought about, but they should in fact be.

Given the fact that women typically outlive men, women need to take note of long-term care insurance and the importance of it.

Along with typically living longer than men (women generally outlive men by five years on average), women also have greater rates of chronic health problems and disability.

It is no surprise that women are also the caregivers, especially when their husbands need long-term care. Given that many women are widowed, there is no one in place to provide them with LTC.

For those women living alone (meaning single, divorced, separated, widowed, etc.) it is important for them to consider obtaining some LTC protection for the years ahead.

It is also important for women to plan ahead due to the fact that the cost of LTC services oftentimes tops what the average person can pay from income and other resources. Planning ahead allows you to save your assets and incomes for uses besides LTC. With planning ahead for long-term care, there is a better chance for women to leave an estate to their heirs due to the fact they are less likely to use up their financial resources paying for care.

Planning ahead also leaves the individual with greater independence in the event they need care. Choices for obtaining care outside of a facility and being able to stay at home or receive services in the community for as long as possible increase if you have planned ahead.

While planning ahead for long-term care may not seem like a pleasant thing to do, it is important to remember that your chances of requiring LTC by the time you turn 65 is as high as 70 percent.

It is also important to note that many individuals do not understand that health insurance, Medicare, and/or disability coverage does not compensate for many long-term care services. While Medicaid pays for some LTC services, remember, that is only if you qualify for the program due to the fact you have limited income and financial resources.

If you are a woman and have not looked into LTC care, it is important to get some information and see what is in your best interests for insuring you against financial problems down the road.