Long term care is a tough subject that many people are afraid to discuss or look into because thinking about ourselves as old and frail isn’t fun. It is necessary, though. When we begin to look at long term care and the risk that is poses to us in the future, it becomes clear that long term care is overwhelmingly a women’s issue.
Life Expectancy in Texas
The life expectancy of a male in Texas is currently 75.7 years of age. Women in Texas, on the other hand, live on average to 80.5 years of age. This disparity of about 5 years makes a big difference when talking long term care and retirement plans.
Because women live longer than men, they are likely to be the caregiver if their husband ever needs care for any reason. Unpaid family care is the most common type of long term care in this country, with unpaid caregivers making up 9 in every 10 long term caregivers. It’s inexpensive and it makes things easier than moving into a facility, which is why most people turn to that option.
So, when a man needs care, the chances that his wife will care for him are quite high. When a woman needs care, though, things are different.
Women and Long Term Care
Women are more likely to be divorced or widowed than men and therefore, when they need care, they are less likely to have someone there to provide it for them. This is where the problem lies. Women currently make up about 80% of all nursing home residents across the nation, and they account for around 70% of all long term care insurance claims.
Though the need for long term care can happen to any one, women are at a much higher risk of needing care and having no one around to provide it cost-free. It’s for this reason that purchasing long term care insurance is an extremely wise move for women.
Though prices have increased recently for some products that have transitioned into gender-based pricing, which is pricing that accurately reflects the higher risk of women, it is still more than possible to find an affordable long term care insurance policy.