It's a Fact! Statistics Point to Importance of Planning for Women
More women face their elder years alone than their male counterparts. This is due to longevity, divorce or widowhood.
The Census-Bureau reports that three-quarters of older Americans living alone are women. Fifty seven percent (57%) of women age 85 and older are living alone.
Eighteen point two percent (18.2%) of people age 85 and older lived in nursing homes in 2000. About 3 out of 4 nursing home residents are women.
Twenty-two percent (22%) of women between the ages of 60-69 are widows. Fifty-five percent (55%) of women age 70+ are widows.
These facts are important for women to be aware of in view of the very high cost of long-term care, whether at home or in nursing facilities. Medicare pays only a portion of these costs in the United States and none if one is living abroad. It is vital for women to inform themselves of what kinds of long-term-care policies are being offered today, including the specific services offered, and their annual premiums. Some companies, such as Bankers Life and Casualty and MetLife, have policies that include care overseas. Obviously, premiums are lower the younger one applies, and what may seem like minor health problems at the time of application can result in being refused coverage by an individual company. Acceptance becomes more difficult as one's ailments increase. The bottom line is to get the information and apply before it is too late!
The Bankers Life and Casualty website (http://www.bankerslifeandcasualty.com) provides links to many other websites covering subjects such as planning for your future and keeping informed. The senior resources covers information on Social Security and Medicare, locating nursing home facilities and home health agencies, and lifestyle articles on nutrition and health, among many others.
Metlife (http://www.metlife.com), was named the best managed big insurance company in 2008 by Forbest Magazine. Its site features a Life Advice Series, including life transitions, such a losing a spouse, single parenting, and many other subjects. Available are brochures on all aspects of finances, family, and insurance basics.