Women Live Longer But Suffer More Disability Issues

Most of us understand that women generally live longer than men do. However, this longer life is increasing the risk of disability, according to a recent study.

Even though women live longer, the study shows they will suffer from disabilities much earlier than men. The study concluded that women might live longer, but men have more active years before them.

The study, published in the American Journal of Public Health, reported that, on average, a 65-year-old woman's life expectancy had increased by two years to 85.5 years. However, even though women outlive men, roughly 30 percent of 65-year-old women were found to be living with a disability.

According to the CDC's National Center for Health Statistics, an 84-year-old woman living today should live another 7 1/2 years on average, one year longer than an 84-year-old male. 

Women Living Longer ... But ...

Researchers compared data from studies of people age 65 and older and enrolled in Medicare in 1982, 2004, and 2011. They looked at if a disability kept them carrying out normal daily living activities and followed the participants in the years following the survey to determine their mortality rate.

"Despite the fact that women live more years than men, they can expect fewer active years." 

 Vicki A. Freedman, a research professor at the Institute for Social Research at the University of Michigan, and lead author of the study, which was published on last week in the American Journal of Public Health.

Part of the reason that older women are more likely to have disabilities is that "women are just living longer regardless of the disability."

Jen'nan Read, an associate professor of sociology and global health at Duke University who was not involved in the study.

No one seems to understand why women appear more able to keep on ticking through physical adversity, although several gender differences could be at play, Read said. 

"As the population is aging, and women are more likely to live longer, it has huge implications for [women's] quality of life. They live longer and have a poor quality of life years and also tend to be less likely to have the social and economic resources to deal with these problems."

"We need systems in place, such as assisted living facilities, nursing homes, and home help programs, but we are nowhere near the level we would need as this population of baby boomers explodes in the next 10, 20, 30 years,"

Jen'nan Read 

Cost of Caregiving is Expensive

Health insurance and Medicare pay little for long-term health care costs dealing with daily living activities or supervision due to cognitive issues. Medicaid will only pay for long-term care services for those with little or no income or assets.

Many experts recommend Long-Term Care Insurance to address these costs. As medical science extended lifespan, it also increased the risk of needing extended care, which can have an emotional, physical, and financial impact on families.

Long-term health care costs have continued to rise. These costs will increase rapidly in the coming years due to increasing demand for services and labor shortages.

The LTC NEWS Cost of Care Calculator shows both the current and future costs where you live. The calculator will help you plan by illustrating the financial devastation of future care services. 

“People mistakenly associate Long-Term Care with nursing home care, but most care actually takes place at home or in the community."

 Jesse Slome, executive director of the American Association for Long-Term Care Insurance (AALTCI)

The AALTCI is a national consumer advocacy and education group.

LTC Insurance Helps You Stay in Your Home

Most Long-Term Care Insurance claims start with in-home care. A study completed by the AALTCI shows that 73% of LTC Insurance claims paid for in-home care.

In 2021 the top insurance companies paid over $12.3 Billion in Long-Term Care Insurance benefits - Over $12 Billion in Long-Term Care Insurance Claims Paid in 2021 | LTC News. 

LTC Insurance Works – Women Especially Benefit

Women benefit significantly from Long-Term Care Insurance. First, they typically become caregivers when a male spouse starts to decline. An LTC policy helps the spouse provide the proper care without causing physical or emotional stress. 

Secondly, when a woman starts to need care herself, the male spouse is either unable to provide the care at all or has passed away. The AALTCI completed an analysis of claims showing LTC Insurance's significance for women. 

The analysis reported data on 5,439 policyholders studied by the Connecticut Partnership for Long-Term Care.

"Over half (59%) of the claims were women, and 41 percent of all claimants were not married at the time. That's important because many people are married when they start planning but should understand they may not have a spouse to provide care at older ages," said Slome.

“We know that consumers want to remain in their own homes and having a long-term care insurance policy can make it easier for them to do just that.”

“Home care benefits from a long-term care insurance policy is one fact that surprises consumers.”   “The other is that policies, especially for those wanting home care benefits, can be more affordable than many people think.”

Jesse Slome 

The financial costs and burdens of aging will impact American families in a very significant way. Too many people forget to plan until their health declines or they get much older, making it much harder to plan. As we get older, we experience substantial changes in our health, body, and mind. Often these changes lead to the need for long-term care services. 

In surveys, most people indicate that they wish to remain in their own homes. Ideally, people want to avoid facilities, especially in nursing homes. People surveyed also say they want to avoid putting pressure on their adult children or be forced to sell off assets, thus draining their savings.

Family caregivers face enormous challenges as the role of caregiver is physically and emotionally exhausting. Plus, the role places stress on the caregiver's family as their career and lifestyle change dramatically. 

Paid caregivers are expensive. 

Long-term care costs, both in-home care and facility care, have increased every year. As a result of the virus crisis, costs are now rising faster than ever before.

"Either way, the costs are significant, as is the toll on loved ones who typically are called on to provide care. Long-Term Care Insurance can be an affordable option, but many wait too long," he said.

The U.S. Department of Health and Human Services says if a person reaches the age of 65, there is almost a 50% chance of needing long-term health care services before they die.

People are always encouraged to seek regular medical check-ups, maintain healthy lifestyles, exercise, and plan for the financial costs of aging before retirement. However, with long life comes a higher risk of needing extended care.

Longevity has a cost. One of those costs will be the consequences on your family and finances due to the long-term health care services many of us will require as we get older. Planning for the financial costs and burdens of aging is a crucial part of retirement planning.

Shared Spousal LTC Policies Help Couples Plan

Women do live longer. However, most Long-Term Care Insurance policies offer shared spousal benefits for couples. These shared benefits make planning even more affordable and allow couples to safeguard their savings and income and reduce the stress and burden otherwise placed on their families. 

Ideally, experts suggest planning in your 40s or 50s when premiums are much lower and your health is generally better. Taking action now is the key to enjoying a successful future retirement.

Start your research by discovering the current and future cost of extended care services where you live. You can then calculate the financial impact on your future retirement. 

Long-Term Health Care Costs Vary Depending on Location

The financial impact of long-term health care is substantial even for well-to-do families. Typically a male will need care first, and the women will live longer and be more dependent on savings and family when they require extended care.

These costs vary depending on where you live. For example, one year of in-home care in Knoxville, Tennessee, averages around $44,000 a year, according to the LTC NEWS Cost of Care Calculator - Tennessee Long-Term Care | LTC News. 

However, in Minneapolis, Minnesota, that same year of in-home care averages around $72,000 a year -  Minnesota Long-Term Care | LTC News.

Those are the costs today. Expect all long-term health care costs to continue to escalate. 

Long-Term Care Insurance can help reduce the financial burden and give family members more time to be family and not be placed into the role of being a caregiver. 

Tools Available on LTC NEWS Help in Research

Several other resources are available on LTC NEWS to help you learn about your options. But you need expert help. Qualified and experienced Long-Term Care Insurance specialists will help you design the best plan based on your age, health, family history, and other factors.

The cost of Long-Term Care Insurance can vary dramatically between insurance companies for the same coverage. You can save a lot of money by seeking the right professional help. 

Find a trusted and experienced specialist by clicking here. 

Unlike financial planners or general insurance agents, a specialist will usually work with the top insurance companies, not just one or two. They also know how policies get used at the time of claim; this allows them to design an appropriate plan without buying more coverage than you need.