Do you sometimes feel alone when it comes to planning for your financial future? Don’t worry, you are not alone. When it comes to planning for retirement, there are many women that face similar challenges. One of the most overlooked is long term health care insurance.
In a new study that shows despite the fact that more than 75 percent of women believe they will need long-term care, only 19 percent currently have a long-term care policy. Only about five percent of the U.S. population over the age of 45 have long-term care insurance, suggesting that many of the women surveyed have a false sense of protection against the cost of long-term care.
Are You Covered?
AHIP commissioned the study to determine opinions on their financial situation, knowledge of long-term care insurance and the impact of the economy on their finances. The study shows of those women who do not have LTCI, 27 percent believe they are covered under their current insurance policy, and 24 percent are unsure whether their policies provide coverage.
Preparation Needed
Many women do not feel prepared for retirement, are worried about their finances and are not confident with the steps they have taken to prepare for retirement. Only 35 percent of women have actively thought and planned for long-term care. As with any financial planning matter, long term care planning deserves as much attention as any other retirement issue.
Good Resource
AHIP launched a Web site, MyLifeMyFamily.com, which provides consumers with information about financial planning and long-term care insurance, myths and facts, resources and videos of people who have personally purchased long-term care insurance.
Click here to download a copy of the study.