Long-Term care for women is a growing concern in America. According to an article entitled “Long Term Care is a Woman’s Issue” there is a long-term care crisis coming! According to Census predictions are in and they say a lot about where America is headed. By 2030 1 in 5 American’s will be a senior citizen! This article was written several years ago too, so that only makes things scarier.
Another point is that Medicare is not set up to help with long-term care. This means that there needs to be some planning involved in getting ready to become older. Why is all of this a women’s issue? Because facts and statistics show that women live longer than men. They need to invest more time and effort (and money too) into long-term care benefits. Women also take on many other responsibilities such as caring for aging parents, an ill spouse and even their own children well into life. A woman’s work is truly never done.
There are things to take into consideration when looking into long-term care such as family history of medical illness’, net worth and employment.
Genworth Financial offers long-term care insurance with an excellent planning service. There is a perfect story on the homepage that struck home with me. A nest egg can quickly be demolished when one or the other spouse gets ill and needs long-term care. Alzheimer’s disease for example can come on suddenly and can leave someone unable to be taken care of at home. A nest egg is great, but does not last. Long-term care insurance helps with these unseen events.
Long-term care insurance premiums are based on age, length of time of coverage, health, and the maximum amount of reimbursement of care. For less than $1000 a year these benefits can be used to protect from events that no one can prevent, but are often required as a part of aging.
Information for this post is sourced from Genworth Financial in partnership with the SheHeard Influencer Network. Wording such as all opinions are mine.