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Long-Term Care: The Next Big Issue for Women?
By William Grossman
Long-term care is getting a lot of exposure in the current health care discussions. Long-term care (LTC) is a variety of services which help meet both the medical and non-medical needs of people with chronic illness or disability who cannot care for themselves for long periods of time.
Who is the group most likely to need LTC?
Is it those who succumb to longer lasting illnesses and injuries, requiring help with normal daily living activities? No, it’s the women who end up providing the care 24/7 for their spouses and other family members. A majority of these women will eventually need care for themselves. However, most will not have had a LTC policy for their spouses or themselves. Health insurance and Medicare will not pay for these services. Medicaid will pay after you have spent all your money.
Women are more likely to need LTC because they live about 5 years longer than men, have ten times the chance of reaching age 85 then men, are twice as likely to be living alone over the age of 65, and are more likely to suffer from Alzheimer’s Disease.
Financial experts agree that without LTC planning, your financial plan is incomplete. Having a plan will give you more choice in how and where you receive care and can ease the financial and emotional burdens on you and loved ones.
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