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Women need to plan for long-term care expenses

Posted On Mon, November 1, 2010

When it comes to planning for the future, it's important to take into account how much money will be needed to sustain the quality of life one is used to living. There are factors, such as health conditions, which may require more funds later in life. Some life insurance plans and savings are two sources that can be tapped to take care of long-term care expenses.

According to the American Association for Long-Term Care Insurance, women are more likely than men to require assistance for an extended period of time. They say nearly 75 percent of those residing in assisted living establishments are female. Such statistics highlight the importance for women in particular to ensure they have their finances in order to cover healthcare costs.

AALTCI executive director Jesse Slome says too many women aren't prepared for their later years financially.

Long-term care is a critically important issue for women," says Slome. "The vast majority of women who are age 50 or older considerably underestimate the risk and have no plan in place."

It's wise for people to consult a professional to receive advice on how to best plan for their financial needs during retirement. Doing so can prevent financial strain on loved ones.

 

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