International Women's Day (IWD), celebrated annually on March 8, is a global event dedicated to honoring the achievements of women across social, economic, cultural, and political spheres. It also serves as a call to action for accelerating gender equality.
As we mark International Women's Day, Matt McCann, a nationally known expert on long-term care planning, says it's imperative to shed light on a critical yet often overlooked aspect of women's lives: aging and long-term care.
"Women are predominantly the caregivers in our society, frequently stepping into roles that demand immense physical, emotional, and financial resources. This caregiving journey often begins out of necessity, due to a lack of planning, and extends into their own later years, where they may find themselves in need of care, often without a spouse by their side."
Women Receive Majority of Long-Term Care Insurance Benefits
Women as Primary Caregivers
Globally, women shoulder a disproportionate share of unpaid domestic work, including caregiving responsibilities.
In the United States, the scenario is no different. According to the Family Caregiver Alliance, approximately 66% of caregivers are female, and they may spend as much as 50% more time providing care than male caregivers.
McCann says that this substantial commitment often leads to significant personal and professional sacrifices, including reduced work hours, lost job opportunities, and increased financial strain.
Impact of Caregiving on Women's Lives
The demands of caregiving extend beyond time and energy; they have profound economic implications. A study highlighted by MarketWatch reveals that unpaid caregiving can delay retirement by as much as 21 years. Caregivers often reallocate funds to cover caregiving expenses, leading to a substantial deficit in retirement savings. Depending on their salary, caregivers may face a 40% to 108% reduction in retirement savings by age 65.
McCann notes that the emotional and physical toll on caregivers is significant. The "sandwich generation," individuals caring for both their aging parents and young children experience heightened levels of stress, financial pressure, and time constraints.
"Placing the burden of caregiving on women is unfair. The "sandwich generation," where a woman must balance caring for an aging parent while also supporting her own family, is physically, emotionally, and financially exhausting. As women age, the physical demands of caring for an older spouse become even more challenging, continuing the cycle unless a plan is in place ahead of time."
McCann says this dual responsibility can lead to adverse health outcomes, including increased psychological distress and accelerated physical decline.
While those with Long-Term Care Insurance benefit from guaranteed, tax-free funds that cover quality care and ease the burden, many families fail to discuss the issue until it's too late.
Women Living Longer and the Implications
Women generally have a longer life expectancy than men, which presents unique challenges as they age. Living longer increases the likelihood of requiring long-term care services.
According to data from the World Health Organization, the majority of older persons needing long-term care services rely on informal home care, primarily provided by unpaid caregivers, often family members.
In the United States, this pressure on family and finances is tremendous as too many families ignore long-term care planning until a crisis has occurred.
McCann says that you may need long-term care services due to a chronic illness, accident, mobility hardship, dementia, or even frailty due to aging. Since health insurance, including Medicare, only pays for short-term skilled care, the vast majority of the responsibility falls on the family or finances unless a plan has been put in place beforehand.
What is Long-Term Care Insurance - What Does It Cover?
This extended lifespan also means that women are more likely to outlive their spouses, leaving them without a primary caregiver when they need assistance the most.
"This scenario underscores the importance of planning for long-term care to ensure that women and their husbands receive the necessary support without placing undue burdens on their families."
Role of Long-Term Care Insurance
Long-Term Care Insurance serves as a crucial safety net, ensuring that individuals receive quality care, even at home, without depleting their assets or imposing significant financial and emotional strain on their loved ones.
"Long-Term Care Insurance not only protects your savings but also ensures you have access to quality care options, including care at home, which is where most people prefer to receive care."
LTC Insurance policies can cover various services, including in-home care, assisted living, memory care, and nursing home care. By securing an LTC policy, women can maintain their independence and dignity while alleviating the caregiving burden that often falls on their daughters or other female family members.
Financial Implications of Aging Without Planning
The cost of long-term care is significant and continues to climb. According to the LTC News survey of nationwide long-term care costs, the national median cost for a home health aide is $5,200 per month based on a 44-hour workweek. Assisted living and nursing home care are even more expensive, with costs varying widely depending on your location. The cost of care increases every year.
How Much Does Long-Term Care Cost Near You?
Without proper planning, McCann says that these expenses can quickly erode savings, leaving you and your family in precarious financial situations.
Furthermore, the lack of long-term care planning can have ripple effects on the broader economy. As more individuals require care, the demand for unpaid caregivers rises, leading to increased absenteeism and reduced productivity in the workforce. This scenario highlights the need for comprehensive policies supporting caregivers and care recipients.
"Long-Term Care Insurance is an affordable way to safeguard your income and assets, ensure access to your choice of quality care services, and give your loved ones the time to be family instead of caregivers."
Empowering Women Through Education and Planning
Education and proactive planning are essential in addressing the challenges associated with aging and long-term care.
Women, in particular, should consider:
- Educate Themselves About Long-Term Care Options: Understanding the various care options available, not just for themselves in the future but also for parents and other loved ones. Care options, including in-home care, assisted living, and nursing home facilities, empower individuals and their families to make informed decisions about their future.
- Explore Long-Term Care Insurance: Investigating LTC Insurance policies can provide financial security and ensure access to quality care when needed. It's crucial to assess policies early, as premiums are generally more affordable when purchased at a younger age. Most people obtain an LTC policy between the ages of 47 to 67.
- Encourage Spouses and Families: Too many people are in denial about the consequences of aging and the growing need for long-term care. Loved ones should be open to learning about their options, and many find it surprisingly affordable to add an LTC policy to their retirement plan.
How Much Does Long-Term Care Insurance Cost at My Age?
Motivate Yourself to Plan
International Women's Day reminds us of women's multifaceted roles in our society, including caregivers.
McCann says that planning for long-term care is an act of love—for yourself and for those you care about. It ensures that your care needs are met without burdening your family.
Get Professional Planning Help Now
Matt McCann, CLTC is licensed in all 50 states and the District of Columbia, representing top-rated insurance companies that provide long-term care solutions. He is also a regular panelist on the "62 Who Knew" Podcast.
His innovative approach allows clients to consult with him over the phone while viewing his computer screen, ensuring a convenient and transparent process for learning about, exploring, and selecting the best options.
You can get free and accurate quotes from all the top companies, along with professional recommendations - Free and Accurate LTC Insurance Quotes.
Media Availability
McCann is available for radio, TV, and podcast interviews. He also speaks to groups and organizations worldwide on the issues of aging, caregiving, health, and long-term care.
Contact McCann through his website for information.