For many women, aging means a shift in their roles. Instead of focusing on being a mother or co-worker, many women now have to focus on being a caretaker. In fact, 75% of caregivers are women, according to Morningstar.
Women live longer than men by 3-5 years, on average. Most Americans age 85 or over are women - as many as 2/3, according to Forbes. Living longer often means it's up to them to care for a spouse...and then care for themselves once their spouse has passed away.
The Cost of Being a Caretaker
As a caretaker, your life changes dramatically. You still have all the same personal and financial obligations that you did before, but now you're managing those obligations for someone else. Caring for a chronically ill loved one is never easy, especially if you're worried about how long you can continue providing care. That kind of worry and stress often affects your health. As a result, women caregivers have a greater percentage of depression and heart disease.
How can you keep that kind of stress at bay?
Long-Term Care Insurance
The situation often gets worse once your loved one passes away. Now you're on your own at the time when you need care yourself! Unfortunately, only 38% of women over age 75 still have a spouse to provide care for them. That might be why 66% of long-term care policies are issued to women.
Long-term care insurance can help make sure there's money to pay for the kind of care you need, whether it's a home health aide, an assisted living community, or a nursing home.
The first step in planning for the future is knowing what to expect. Talk to me about estimating the cost of your health care during retirement. Together, we'll put a plan in place for your future. We can talk about long term care insurance reviews, as well as life insurance policies that have long term care benefits for you and your spouse.