Women Need Long-Term Care More than Men

A few years ago, most long-term care insurance carriers introduced gender-based pricing. What does that mean? Women pay more for this insurance. Why? Because we live longer, use more insurance benefits and cost the insurer more money than men.

Carriers are pricing to their risk

Traditionally in our country, long-term care has been provided at home by family members – wives, daughters and daughters-in-law. But over the past two or three generations our society has changed significantly.

Today, women represent more than half of the work force. We have high divorce rates, especially among the graying population. Additionally, we’re having smaller families, which results in fewer members to help with care needs. And, families are spread geographically throughout the country. Relying on family to provide care is not the option that it once was and why being able to pay for care is more important and ever before.

The article, “Long-Term Care Planning is Important for Women,” states that about 80% of care is still provided at home by unpaid family caregivers.

Do you really want your kids to take care of you?

Consider the financial impact on the financial future of women who become hands-on caregivers for elderly loved ones.

Potentially already at a disadvantage in earnings, time away from work or quitting all together impacts wages, retirement funding including employer contributions and Social Security income.

We’re wired to take care of everyone else but neglect ourselves. A plan for long-term care should be a priority. Yes, long-term care may cost more today with gender-based premiums but it can still be affordable. Some coverage is better than none.

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