So much of the information found online that relates to long-term care insurance planning is old, outdated and frankly quite irrelevant. That is especially true if you are the things i refer to as an older woman on her own. That’s someone who is in the girl late 50s or older, is currently single, divorced or widowed. Possibly worst of all, little of the info offers valuable insights into methods to reduce the cost of this important form of future protection.
Women on their own have a special need to consider long-term treatment planning. Note that I have not mentioned long-term care insurance here : just emphasized the planning aspect. Here’s why.
First, it’s a commonly recognized fact that women are far more likely to reside long lives. The latest life expectancy for women is 84 (2018 statistic). Yet this actually is a bit misleading. A woman turning 65 today can expect to live, on average, until 86. 7. Reach your 80s and you have an increased possibility of reaching 90, 100 or even old.
Living a long life brings a variety of consequences. Perhaps the greatest is the quite real risk of needing extensive care services at some point towards the end of your life.
The second reason women on their own face a very real need to plan is the fact that unlike their counterparts who are married or have partners, women on their own do not possess what many refer to as that built-in caregiver. Contrary to what most people associate with the term long-term care, the majority of care is provided in the home setting, and much of it can be provided by the particular spouse or partner.
So , for older women on their own, undertaking some long-term care planning is essential. Yet that planning today can be deceptive when one bases their decision on older data and details.
According to AALTCI, the national industry trade organization, here are some current details that women should be aware of.
Women have a much larger need for long-term care services. Several 68 percent of all long-term care insurance policy claims are made by females.
Over one-third of long-term care insurance claims made by women are usually for services received in their own house. Only 20 percent are for care in a skilled nursing facility.
Because women are more likely to need long-term care and make more claims than men, women pay more for comparable long-term care insurance policies, often as much as 40 percent a lot more.
For all of these reasons, women would certainly benefit from taking a somewhat different method when considering long-term care insurance. Completely different from what many refer to as the ‘off the shelf’ product recommendation eine typically is presented. This describes the following basic policy provisions, a starting $150-per-day benefit amount, a 3-year policy provision coupled with a three percent annual growth of benefits to keep pace with pumpiing.
For the women on their own, some extensive care insurance protection is always likely to be better than having none whatsoever. Having some will provide faster entry to care, greater options in terms of choosing caregivers and care options. By some insurance, we mean having insurance to pay a portion of the cost making use of retirement savings and Social Security or other retirement income because the supplement.
An analysis of extensive care insurance prices conducted in January 2019 found that the off-the-shelf approach for a single woman age 60 would cost nearly $3, 000 a year. A price many women independently with fixed incomes simply cannot pay for or choose not to afford. Thus they go without any plan.
Rather, listed here are two more affordable options worth considering. A policy priced with an initial monthly benefit of $3, 500 growing at three percent annually with a benefit that grows from an initial $84, 1000 at age 60 to $198, 000 at age 90. This can be a significant amount of insurance benefits to cover home care and certainly many months if skilled nursing home care is required. The annual premium cost would be $1, 800-per-year.
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This amounts to some 40 percent yearly savings and an amount of coverage that may well suffice for many women and certainly will be better compared to having no coverage at all.