November is designated as national Long-Term Care Awareness Month to build awareness for the type of care needed by individuals who have a chronic illness or disability.
Of course the best way for your clients to protect themselves from the financial ruin and emotional strain associated with long-term care is to buy long-term care insurance (LTCi).
Why is it so important to raise awareness about long-term care? Because it is an issue that touches so many aspects of our lives.
Women, especially, bear the burden of long-term care costs for three reasons: women live longer than men; they require care longer, and because women more often assume the responsibility for their family's welfare, they often become the primary caregivers for elderly family members or their partner.
Some 980,000 women over the age of 65 are currently nursing home residents compared to only 337,000 men. Nearly three-fourths (73.6%) of assisted living residents are women. Twice as many women age 65-plus are being cared for in a home setting than men (3.27 million versus 1.68 million), according to the AALTCI.
A long-term care stay can decimate even the richest nest eggs.
By 2020, some 12 million older Americans will require long-term care services according to the AALTCI. Most long-term care is paid for with Medicaid, which is already over-extended. LTCi could be key in helping relieve some of the stress on our federal budget.