“There are only four kinds of people in the world––those who have been caregivers, those who are currently caregivers, those who will be caregivers, and those who will need caregivers.”
- Rosalynn Carter, Former First Lady of the United States
I recently attended a webinar to learn about resources surrounding the caregiving experience as I regularly find myself having conversations with friends and family about their own stories and the impact it has on them and their collective community. I found it fascinating that one of the shared recommended services was called “A Place for Mom.” While it no doubt catered to all individuals, the organization itself was titled for Mom. The significance of this was not lost on me. As a working mother to two young children, I have experienced firsthand the mental load and expectations placed on me in my role. Add to that aging parents and I am forced to acknowledge I am among the growing population of more than 53 million Americans1 facing the issue of caregiving today.
It goes without saying that caregiving will be a part of our lives whether we want it to or not. So, the question becomes not so much which category do you fall in, but what are you doing to plan for it?
As women in the financial services industry, we understand the value of planning for the future. Whether you're a financial advisor, planner, or consultant, guiding clients towards financial security is our shared mission.
It’s a tall order. In today's ever-changing landscape, there are multiple areas to consider, some more exciting than others. One aspect that often gets overlooked is long-term care (LTC). And, unsurprisingly, long-term care is often considered a woman’s issue.
Not only are women more likely to need care, but they are also more likely to be caregivers for aging loved ones. And the experience of giving care will make them more open to the need and more willing to create their own plan for long-term care.
Consider some key statistics2:
- 75% of nursing home residents are women
- 97% of professional caregivers are women
- Women have a longer life expectancy and higher long-term care premiums (but generally they receive a lower salary)
When it comes to long-term care insurance, many people underestimate its importance until it's too late. The reality is that a significant portion of the population will require some form of long-term care as they age. Without adequate coverage, the costs can quickly deplete savings and assets, leaving individuals and their families financially vulnerable. And it’s especially important to include LTC in any plan you put together for your female clients.
A Holistic Approach
Of course, long-term care is just one issue. To truly ensure your clients are covered, you need to look at all aspects, and how they work together to create a solid future. Fortunately, in today’s market there are products that offer multiple solutions, such as linked-benefit products that cover both a long-term care event and also offer a death benefit. Or, for older clients or those with health challenges, an annuity that offers additional funds for long-term care can be put in place with almost no underwriting.
But if you’re not focused on insurance, figuring out which solution is right for your client can seem daunting. This is where relationships with reputable brokerage agencies come in, empowering both you and your clients with the knowledge and resources needed to make informed decisions. By looking at the entire life of the client, you’ll be able to understand which products apply at different life stages.
Having a long-term care plan is an essential component of any comprehensive financial plan—especially for women. If you’re unsure where to get started or what next steps you should take for yourself or your clients, contact your agency or brokerage partner. If you need additional support, contact Kristi Bell to learn more about how Ash Brokerage can help.
Kristi Bell, Partner, West Division, Ash Brokerage – [email protected]
1 Rosalynn Carter Institute for Caregivers https://rosalynncarter.org/
2 Steckenrider JS. Long-term care: a woman's world. J Health Hum Serv Adm. 2000 Spring;22(4):452-71. PMID: 11211557 https://pubmed.ncbi.nlm.nih.gov/11211557/