Women and Money: Why Long-Term Insurance is Important, #SHGenworth

Women and Money: Why Long-Term Insurance  is so Important

I recently read a New York Times article about women and long-term care insurance. Some women don’t think it is necessary, but remember that women tend to live longer than men and many of them are alone in their old age. Also, did you know that at least 70% of those aged 65 and older will require some sort of long-term care? Do you realize that the average yearly cost of it is more than $80,000 per year?

This is where Genworth Financial comes in. Their long-term insurance policies can provide women with the peace of mind of knowing that all or a portion of the costs of long-term care will be taken care of.

Taking care of your long-term insurance needs

One of the reasons women file long-term care insurance claims is due to Alzheimer’s. Recent statistics show that 5.3 million Americans are affected by it and that 16 million will be diagnosed by 2050. Out of those figures, 65% of them are women. Based on historical data, the costs for caring for someone with needs long-term care will rise by 123%.

Most women think that Medicare or their private health insurance will cover these costs. However, most do not pay for the majority of the costs associated with long-term care. That means the costs of long-term care will fall on your family, which can put an incredible financial and emotional burden on them.

Women need to think about long-term insurance as another way to plan for their future, just like we do with life insurance and retirement accounts. You should purchase this type of insurance not only for your spouse, but for yourself as well so your children are not left with the emotional and financial burden of trying to come up with the money to pay for these services.

Most new long-term care claims are filed by women. This is because we typically live longer than men, which means we will have a much higher chance of needing long-term care. The stakes are raised even more by the fact that life expectancies are continuing to rise. While living to a ripe old age is a good thing, not being prepared for the costs of caring for elderly women is not.

The cost of long-term care varies from state to state, but in California, a home health aide can cost nearly $52,000 a year. If you end up in a nursing home with a semi-private room, then the average annual cost is $81,760. I don’t know about you, but I certainly do not have that kind of money laying around!

Do yourself and your family a favor and consider obtaining a long-term insurance policy from Genworth Financial. It only takes a few minutes to get a quoted and it is a very small price to pay that will give you peace of mind. You can rest assured that if you or a loved one needs long-term care, that you will have it. You will also be able to concentrate on more important things rather than wondering how the services and care will be paid for.

 

Information for this post on long-term insurance is sourced from Genworth Financial in partnership with the SheHeard Influencer Network. All opinions are our own.

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About Olfa Turki

Olfa Turki is a chartered accountant, a wife and a mom! She started her journey a few years ago when she decided to have a business of her own . She loves cooking with the kids, biking, reading books and drinking lots of coffee!

Comments

  1. Great information. As women we really need to think about this!

  2. I need to look into and start thinking about this. Thank you for reminding me. It is never too early to plan ahead.

  3. We have long term life insurance and I whole heartedly agree – it is VERY important to have and start EARLY

  4. This is good info. My dad was in insurance and I know how important it is to have long term life insurance.

  5. I guess this is something I should look into.

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