Richfield, Minn. (PRWEB) April 25, 2012
Women are among the most vulnerable to long-term care problems, as they include the majority of caregivers and care recipients in the U.S., statistics show. To help women prepare against the worst, a Minnesota long term care insurance agency is now offering a free educational guide.
Today, 70 percent of unpaid caregivers are women, with most of them being wives and adult daughters, the American Association for Long-Term Care Insurance (AALTCI) reports. Women also live an average of five years longer than men and are 10 times more likely to reach age 85.
“Long-term care is a huge issue women today are faced with,” said Deb Newman, founder of Newman Long Term Care in Richfield, Minn. “Too many women don’t properly plan because they underestimate the risk of becoming disabled or chronically ill.”
According to Newman, women are much more likely to reach an age where long-term care is needed. Married couples without plans tend to drain retirement savings to pay for care, as the husband often needs care first. “Sadly this leaves the wife with no spouse and less money to depend on for her own care down the road,” she said.
“Women who take on the caregiver role are also at risk,” Newman continued. “Caregivers tend to have higher levels of depression and perceived stress as well as lower levels of self-efficacy than non-caregivers. A lot of caregivers also have to adjust their careers by working less hours or giving up their jobs completely, which can obviously hugely impact a family’s finances.”
Newman recommends that women combat these threats by discussing their long-term care options with loved ones as well as a financial or insurance expert. Long-term care insurance, which is designed to protect assets and independence, is one viable planning option. About 65 percent of all long-term care claims are paid to women, versus 35 percent paid to men, according to the AALTCI.
“The most important thing is to create a comprehensive plan that works for you.” Newman said. “You don’t want to leave you or your family’s future to chance.”
To help women take the first step, Newman Long Term Care is offering a free guide “A Woman’s Guide to Long Term Care Insurance Protection”. This free consumer piece contains eight pages of valuable information including a long-term care checklist, as well as tips for self-employed women and business owners. The guide can be requested online at: http://www.NewmanLongTermCare.com/womenPR or by calling Newman Long Term Care at 612-454-4400.
About Newman Long Term Care
Founded in 1990, Newman Long Term Care has focused exclusively on long-term care insurance for more than two decades. The Minnesota-based firm is a national leader in the industry and currently sells long-term care insurance in all 50 states. For more information about Newman Long Term Care, visit http://www.NewmanLongTermCare.com.