Top 5 Points of Long-Term Care Advice for Women

Every individual needs and deserves long-term care at some point in their lives, due to illness, injury or accident that leaves them unable to care for themselves. As one enters old age, the likelihood of suffering from health conditions, such as dementia and Alzheimer’s, increases.

Elderly patients suffering from these diseases need special caregivers. Even if, under rare circumstances, family members are able to provide the required assistance, a lot of funds are needed for medicines and other bills. This is where Long Term Care insurance or LTC becomes very important, since it can ensure that assets and savings don’t get depleted.

How are LTC Policies for Women Different?

As new policies are introduced, single women are typically required to pay out more for LTC than single men. While the rates for women opting for LTC have risen by a significant 40%, the rates for men have declined by 15%. This means that an elderly male patient would need to pay $300 less than a female patient seeking the same medical and long-term care coverage plan.

The National Women’s Law Center (NWLC) has filed a motion for the unfair pricing policies to be revoked so as to ensure fair treatment to both men and women. They claim that women who are paid only 77 cents to the typical dollar paid to a male cannot afford the extra premiums. However, there are still some states where there is equal pricing of all medical expenses for both men and women.

Tips for Women Seeking LTC Insurance

Here are a few tips for women, especially those in their middle ages, when they arrange for an LTC plan:

1. Self-Insurance
   

   Long-term insurance best suits those patients who have sufficient savings and a decent portfolio of assets to qualify for Medicaid, but still don’t have enough money to cover several years of care.

2. Do Your Homework
   

   Research is perhaps the best tool at your disposal. Look at various policies and alternatives in providers/carriers, and browse for the best medical deals. Learn to compare different policies being offered by different medical providers.

3. Shop as a Couple
   

   Shopping for medical coverage with your spouse or partner allows you to share both the costs and the benefits. The best thing about it is that you don’t need to be legally married to take out an LTC plan. Your partner can plan it out with you.

   Look at policies that pay benefits for just three or five years, rather than a “permanent” coverage lasting a lifetime. According to various government surveys, women stay in nursing homes for only about 3 years. You do not need to shell out extra money for a lifetime of service if you cannot afford the extra expense.

4. Don’t Switch Your Coverage
   

   Short-term policies let you switch between companies but you don’t have this option with long-term coverage. You may think you’ll be paying a lower price but this does not happen in reality, so do your research thoroughly before you pick a policy.

5. Early birds
   

   The saying “the early bird gets the worm” holds very true with LTC. The earlier you purchase the policy, the less you pay. Therefore, it is recommended that you take out the policy as early as possible, otherwise you may ultimately end up paying more or being denied any coverage at all.

Keep these tips in mind when you go shopping for long-term coverage, so you can obtain the best rates and policies. Don’t forget, “the earlier, the better” is the motto when it comes to any long-term insurance!