Women and Long-Term Care: A conversation with a financial advisor
Long-term care is a woman's issue for two main reasons: longevity and caregiving.
Women live longer than men on average. In the US, women live on average until 81.1 years old, while men live until 76.4 years old. This means that women are more likely to need long-term care services at some point in their lives.
Women are also more likely to be caregivers for others. In the US, women give around 65% of unpaid care to family and friends, known as informal caregiving. This includes caregiving for people with chronic illnesses, disabilities, and other needs.
As a result of their longer lifespans and caregiving roles, women are more likely to need long-term care services.
Longer Life Span
Women outlive men by about five years on average, and women who are married tend to outlive their husbands. This is due to several factors, including biology, lifestyle, and access to healthcare.
As a result of their longer lifespans, women are more likely to need long-term care services. A third of long-term care insurance claims begin between ages 70 and 79, and over half begin after age 80. More than two-thirds of Americans age 85 or older are women, and eight out of 10 centenarians are women.
Women Need More LTC than Men
Women spend twice as many years in a disabled state as men at the end of their lives. This means that they are more likely to need long-term care, such as nursing homes, assisted living, or home care.
There are a few reasons for this. First, women live longer than men. This means that they have more time to develop age-related chronic diseases, which can lead to disability.
Second, women are more likely than men to be caregivers for others. This can put them at risk for physical and emotional burnout, which can lead to health problems.
Third, women are more likely than men to live in poverty. It's hard for them to get good healthcare and other things that can keep them healthy and independent.
Unable to Afford LTC
Older women over 75 are more often widowed, divorced, or never married compared to men in the same age range. This means that they are more likely to live alone. Living alone makes it hard for them to get help with daily tasks. It also causes financial difficulties.
Nearly half of women age 75 or older live alone, compared to less than a quarter of men. Single women earn about $14,600, much less than married couples who earn $35,000.
This difference in marital status and income can have a significant impact on women's health and well-being. Women living alone are at higher risk of feeling socially isolated, which can cause depression and other health issues. They are also more likely to have difficulty accessing healthcare and other resources.
Women are more vulnerable to poverty
Elderly women are more likely than men to experience poverty in later life, especially those who are divorced or separated. This is because they often have lower incomes and fewer resources.
The percentage of elderly women in poverty is higher for divorced or separated women. It is 37% compared to widowed women, who have a poverty rate of 28%. Never-married women have a poverty rate of 22%, while married women have the lowest poverty rate at 10%.
There are several reasons why elderly women are more likely to experience poverty. One reason is that they are more likely to live alone, which can increase the cost of living. Additionally, women are typically paid less than men, which can lead to lower retirement savings.
Women may choose to leave their jobs temporarily to care for their children or elderly relatives. This decision can have a negative impact on their overall income over time.
Women are Nations Caregivers
There are around 48 million unpaid caregivers for adults in the US, with 61% being women. This means that over 29 million women in the US are providing unpaid care for an adult loved one.
Married women are often the primary caregivers for their husbands. Women often become caregivers and tend to live longer than their husbands, which is why this happens. By the time a woman becomes sick or unable to care for herself, she may be widowed and need to rely on family members or professional caregiving services.
This can be a difficult and challenging situation for both the caregiver and the care recipient. Caregivers often have to juggle their caregiving responsibilities with other commitments, such as work and family. They may also experience financial hardship and emotional stress. Care recipients may feel isolated and dependent, and they may worry about losing their independence.
Bottom Line
Long-term care insurance helps women protect themselves and their families from the financial burden of long-term care. It can cover the costs of care in a nursing home, assisted living facility, or at home. It can also help protect your assets and income. To determine whether LTC insurance is right for you, talk to your financial advisor.
Sources:
https://www.aaltci.org/long-term-care-insurance/learning-center/for-women.php
https://pubmed.ncbi.nlm.nih.gov/11211557/
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