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Women at higher risk for disabilitiesPosted On Fri, June 8, 2012
The American College's State Farm Center for Women and Financial Services released a report which showed women are at a more significant risk for disability than men, and also at a financial disadvantage to take care of their medical problems.
Approximately half of the women polled explained that if they developed a disability, they would have problems paying for it, the report noted. In addition, nearly 20 percent said they would be very worried with how to pay for their medical bills. Only 12 percent of men said the same thing.
Furthermore, 22 percent of women explained that they would only last a month on their savings if they became disabled, the report said. In total, 12 percent of men noted the same..
"The implications of this research are startling," said Mary Quist-Newins, director of The State Farm Center for Women and Financial Services at The American College. "Financial services professionals need to start educating their clients - especially their female clients - about the steps they can take to prepare for disability."
The report added that women are more likely to develop some illnesses as they age, especially arthritis. Because of this, single women feel they are more vulnerable to financial trouble, as nearly 30 percent of those polled said they would be devastated. Another 20 percent of married women noted they felt the same about their situation, which was much higher than 11 percent of men.
While many people may feel they are at a financial disadvantage if they get sick, this can be alleviated by getting a strong healthcare plan in advance. By looking for this and focusing on low health insurance rates, a person may get the exact plan they need.
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