Women Underestimate Importance of Long Term Care Planning

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Nov 08, 2010, 08:04 ET

November Designated Long Term Care Awareness Month in Michigan

BRIGHTON, Mich., Nov. 8, 2010 /PRNewswire-USNewswire/ -- November has been designated Long Term Care Awareness Month in Michigan by Governor Jennifer Granholm. Lisa Wendt, president and CEO of Brighton-based LifeSecure Insurance Company, a provider of long term care insurance, sees a compelling issue between long term care and its impact on women.

"I am hopeful that this month will serve as a catalyst for women to start separating facts from myths about long term care and seek the most appropriate solutions for themselves and their loved ones," said Wendt. She cited three reasons women especially bear the burden of long term care costs: women live longer than men; they require care longer, and women more often assume the responsibility of care giver for family members or their partners. According to studies, 61 percent of all care givers are women with an average age of 46, and are married and working. The October 19 segment of ABC's "Good Morning America" program highlighted this issue within a feature story on Jinny Oheim of Henderson, Nevada, who was forced to quit her job to take care of her 91 year-old mother who was diagnosed with Alzheimer's in 2008.

"Long term care is a critically important issue for women, and the vast majority of women who are age 50 or older considerably underestimate the financial and emotional issues of long term care and have no plan in place that addresses future needs. We applaud Governor Granholm for recognizing the importance of long term care issues by reaching out to Michigan residents and their families with her proclamation. I encourage every woman to have a real conversation with her loved ones about their future long term care options," continued Wendt. "For guidance, review your situation with a financial planner or insurance agent familiar with long term care planning to learn about the latest resources and insurance products available to plan for your future needs."

Long Term Care Facts:

According to AARP, almost 1 in 4 households are involved in a caregiving situation with women making up the majority of caregivers.
The increased responsibilities women assume as caregivers contribute to 33 per cent of working women decreasing their working hours, 29 per cent passing up a job promotion, training or new job assignment, 20 per cent changing from a full time job to part time work and 16 per cent leaving their jobs.
22 per cent of working women take a leave of absence, in part, due to long term care giving responsibilities. Many leaves may be unpaid.
In a report by the Women's Institute for a Secure Retirement (WISER), women remain the primary caregivers in society, spending a significant part of their adult lives providing care. As a result women move in and out of the work force with breaks in their work histories and according to the Social Security Administration experience 13 fewer years of earnings, retirement credits and opportunities for job advancement.
Female primary caregivers are at a higher risk for depression or long-term medical problems, such as heart disease, cancer, diabetes, or arthritis.
Women are far more likely than men to reach an age when they will be the recipients of long term care.
The annual cost of a nursing home averages $75,000 per year according to the U.S. Department of Health and Human Services.
Experts advise that women should begin investigating long term care insurance in their early to mid-fifties or sooner.
More information is available by visiting the American Association for Long-Term Care Insurance Consumer Information Center: (http://www.aaltci.org) and requesting A Woman's Guide to Long-Term Care Insurance Planning.

About LifeSecure Insurance Company

LifeSecure Insurance Company is based in Brighton, MI and offers long term care and post-hospital recovery insurance. The company's insurance products are sold through a network of independent marketing organizations, brokers and agents and licensed in 44 states. Additional information is available at www.YourLifeSecure.com.

SOURCE LifeSecure Insurance Company