Women and Long Term Care

The fact is that women outlive men, wives outlive husbands.

You already know that more than half of all women will need long term care and that women make up the majority of residents in long term care facilities. Our goal here is not to paint a picture of doom and gloom but to show you that the choices you make now will be the choices you live with later.

Wouldn't you rather plan for long term care where you are receiving quality care, your family is not burdened, and your savings and assets are protected?

We only work with the top companies that have the best financial and consumer ratings. It's no surprise that most of our clients are women -- women know the risk, they want protection, they like to plan. It's better to consider long term care protection a year too early than a day too late!

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Do you think your are going to live a long life?

If so, do you think that as you age you may become frail or have difficulty doing the things you can easily do now such as bathing or dressing? If so, what is your plan?

Financial planners agree that it is essential to have a long term care plan.

Today, if healthy, you have three choices:
1) pay for care yourself,
2) go on state aid (Medicaid welfare health care),
3) long term care insurance.

If you do not buy insurance to protect yourself which of the other two are you going to plan for?

Pay yourself or state aid?

If you decide to pay yourself how long will your savings last if care costs $72,000+ a year?

After your savings is gone you are left with only one option, state welfare health care (Medicaid).

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How will you pay for care?

If you self-insure, you will end up using your savings/investments to pay for your long term care. First you'll use the income from your savings/investments and then the principal. Once that is spent the next source of money will be your assets.

Is your plan to spend your savings and assets on long term care or do something else with them?

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How much is insurance and can I afford it?

People buy long term care insurance so they won't be a burden, they want access to quality care and the ability to stay in their homes. But how to pay for it?

If you needed care you'd be spending as much as $6,000¹ a month out of savings, but long-term care insurance shouldn't be a financial hardship. A comprehensive policy price is based on the benefits you choose and your age and can range from $100 to $500 per month. A few of our clients purchase high benefit plans, others get low benefit plans, but most get benefits in the middle.

Using the return on investments is a great option. If you have at least $50,000 in savings or investments the Interest On Savings/Investments model will show you how you can easily afford long term care insurance - click here to see the IOS model. This model is commonly used by financial planners to explain how to protect the entire savings/investment portfolio.

First get a quote and find out what it will cost you. Then if the quote is in your budget the next step is to see if you qualify, there is no obligation to see if you qualify. You cannot buy this insurance until you qualify and not everyone qualifies.

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I can't afford long term care insurance.

If you don't have much in savings or income or if your family can't help, you are on the road to Medicaid.

If you should need care which can be done at home, consider a reverse mortgage. A reverse mortgage is not a substitute for long term care insurance. A reverse mortgage may allow you to stay longer in your home.

Once you need a higher level of care and can't stay at home then you may require Medicaid. Feel free to contact us if you have any questions.

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Are you a planner or a gambler?

Do you know enough yet to make a plan for your long term care? If not feel free to explore other parts of our website or contact us with any questions.

If you think that by waiting to decide on which plan to choose you are not deciding, you just decided.

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BROCHURES (PDF files, you can read online or download)

Long Term Care Insurance Buying Guide
A general guide and instructions for those considering long term care insurance.

Help When You Need It
One of most important benefits with long term care insurance is not how much money you get but the person-to-person support when you need it. This is especially important if you are single or if your spouse cannot care for you.

Protecting Your Choices
You have choices only while you have your health.

Our Future, Ourselves:
A Guide For Women And Their Advisers In Preparing For Long Term Care
It's all about being prepared, for the inevitable.

Women in Your Life Booklet
US Govt Dept of HHS booklet

Other Web Pages and Sites:

Women Bear Greater Share of Long Term Care Risks and Costs

Why More Women Insure - and why more women advocate LTC insurance.

National Program on Women & Aging - Brandeis University

Quick Health Data Online - US Govt Office On Women's Health

National Women's Health Information Center - US Dept of Health & Human Services

Frozen in the Headlights: The Dynamics of Women and Money - Financial Planning Journal