Women Benefit More from Long-Term Care according to AALTCI

The American Association for Long Term Care Insurance (AALTCI) has released a new consumer guide for insurance and financial professionals that specifically addresses issues and options facing women.

Findings from the "Woman's Guide to Long Term Care Insurance Protection," indicate that women who are older than 65 comprise 980,000 nursing home residents in the U.S. This is compared to only 337,000 men in that age group.

According to the Association’s Executive Director Jesse Slome, women benefit more from owning long term care insurance, as two-thirds of all insurance benefits are paid to women, 41 percent to single women and 25 percent to married women.

In terms of single men, this demographic accounts for just 12 percent of claim benefits, 22 percent for married men. “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."

Having a long-term care plan in place before an event occurs helps preventing one spouse from becoming the primary caregiver. Caregiving on a full time basis takes its toll on the family and caregiving often times reducing the health of the caregiver.

Simplify Your Long-Term Care Planning with a Long-Term Care Specialist!