A new consumer guide to long-term care insurance protection has been published by the American Association for Long-Term Care Insurance. The eight-page booklet available to insurance and financial professionals specifically addresses the issues and options facing women.
“Women have a far greater risk of needing long-term care and indeed two-thirds of all long-term care insurance benefits result from care needs by women,” explains Jesse Slome, executive director of the national trade organization. “Women also tend to be the ones who initiate the long-term care planning discussion and often are the decision maker when it comes to purchasing long-term care insurance.”
Women over the age of 65 comprise 980,000 nursing home residents in the U.S., according to the “Woman’s Guide To Long-Term Care Insurance Protection.” Only 337,000 men over age 65 are in nursing homes. Women are far more likely to suffer from Alzheimer’s Disease that is the cause of the largest and most costly needs for long-term care. “Women benefit more from owning long-term care insurance,” Slome notes. “Two-thirds of all insurance benefits are paid to women, 41 percent to single women and 25 percent to married women.” Single men account for 12 percent of claim benefits and married men for 22 percent.
The guide addresses important planning considerations for women who have spouses or partners as well as women who live alone. “Each have very specific planning needs and issues,” Slome explains. “Married women face a likelihood of providing care for their spouse, who typically is older, or facing a very significant annual bill for care.” Women who live alone lack the spouse or extended family members to assist with caregiving.
Copies of the guide can be viewed on the American Association for Long-Term Care Insurance‘s website and may be purchased by insurance and financial professionals. To view a copy go to: http:www.aaltci.org/tools or call the organization for information at 818-597-3227.
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