Women may have a better understanding than men about the resources and options available to those facing a long-term care event, but they're significantly less likely to take action to protect themselves from the risks.
A Northwestern Mutual study found that though the majority of women (73 percent) are aware of at least one of the long-term care options available to them, 30 percent of them say they're not sure how they plan to address their potential long-term care needs. And 57 percent of women say they're likely to need help meeting financial expenses.
Plus, only 37 percent of women say they're saving for their future needs, and are significantly less likely to own long-term care insurance than their male counterparts (9 percent vs. 15 percent).
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"Women aren't translating their concerns into actions," says Rebekah Barsch, vice president at Northwestern Mutual. "The best way they can do so is by talking to an experienced financial advisor who can help determine a course of action to protect their nest eggs."
Four in five women also are able to estimate how long—on average—they might need long-term care.
November is Long-Term Care Awareness Month, and advocates say it's especially important for women to take action.
"There are two reasons long-term care should be top-of-mind for women: Traditionally they're the caregivers in their families, and they face greater longevity," Barsch says. "Yet, we're finding that women don't necessarily feel empowered to plan for the chance they'll experience a long-term care event."
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