LONG-TERM CARE INSURANCE: 1 Million U.S. Women

September 16, 2022

3 minute read – With 10,000 Americans turning 75  years old every day, are we getting younger or older? The realty is as we age the cost of lifestyle is of paramount concern. Or, at lest it needs to be. Here’s some thoughts on why long-term care insurance provides a solution to this growing concern.

With women living longer, and are personally providing more caregiver services, they are more vulnerable to long-term care issues. Now is the perfect time to increase our focus on and Long-term Care (LTC Insurance), for women.

Women may spend their entire lives taking care of other people. Who’s helping these giving people and their related needs planning? A LTC Insurance policy can help protect assets and help maintain independence in the future. SIMPLE RULE: More money on hand gives you more choices for your personal healthcare, and that’s a good thing

Side Notes;

60% of LTC Insurance policies are issued to women, indicating that women are acknowledging the need for care. 80.6 years is the current life expectancy for women. With current life expectancy for men at 75.2 years.  Over 1 million women are in nursing homes; versus only 400,000 men.

Snap Shot:

  • Married Couples: Husbands often need care first, leaving less assets for the wife to use for her own care. Review of long-term goals to ensure both parties have a care plan for the future must take place. When? 55 years old is not too young.
  • Widowed/Divorced: When a woman becomes divorced or widowed and has no children, there may be no one to take care of her. Almost 70% of women age 75 or older are widowed, divorced, or never married, compared to only about 30% of men. This is an area where the value of Long-Term Care planning helps.
  • Adult Children of Aging Parents: When assisting adult children with their own LTC planning, they can purchase coverage and have access to Caregiver Support Services Benefit, which is a great source for advice and helpful information should a long-term care event arise for an uninsured family member, especially Mom.

Conclusions:

  1. LTC is a looming cost that must be identified, discussed, and planned for. One answer doesn’t fit everyone.
  2. Employers must continue to explore the signs this sends to key-people of all ages within the organization. All it takes is one employee who walked through long-term care with their parents to have them realize this value of what you are offering to them (tax benefits apply to the employer).
  3. There are various types of long term care insurance options. As well as various ways to financially plan for this (partially self-funding to maximization of benefits). This is a great conversation starter.

Finally. Why has the long term care insurance carrier market shrunk in the past 5 years? What are Partnership LTC plans? What are the tax benefits when purchasing LTCi? Excellent questions you should know the answers to. Let’s talk.

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