Long Term Care: A Woman's Issue
Women in the 21st century are experiencing greater longevity, and statistics show that very few focus on long-term care (LTC) options; women live longer than men and are more likely to require long-term care. Traditionally, women provide care for their spouses which can have a substantial impact on a couple’s finances, and possibly, affect a wife’s ability to receive quality care in the future should she require. Many women believe that Medicare and personal health insurance will provide the financial coverage needed to afford long-term care options, however, these services often come with potentially high costs exceeding Medicare and insurance maximums.
Certainly, Medicare, health insurance, personal savings, investments and children are options to help offset the potentially high costs of long-term care, however, LTC insurance protection can be tailored to your specific needs ensuring that you receive the exact type of care that your require and expect.
As a woman, it is important to realize that increased longevity means you may one day find yourself in need of a type and quality of long-term care. As a result of natural aging you may require care for a long-term illness, accident or cognitive impairment, and there may not be someone to provide this care for you. If you plan for long-term care you will have the choice to remain in your home or move to a nursing home or assisted living facility with the ability to finance the care without depleting your retirement income and savings.