Women may have a better understanding than men about the resources and options available to individuals facing a long-term care event, but they are significantly less likely to take action to protect themselves from the risks, according to a new study released today by Milwaukee-based Northwestern Mutual Life Insurance Co. Inc.
The study was released in conjunction with November’s Long-Term Care Awareness Month.
Responses in the study indicate:
* 73 percent of women are aware of at least one of the long-term care options available to them.
* Four in five women (80 percent) are sure of what they would need assistance with/don’t think they’d need assistance in the case of a long-term care event.
* Four in five women also were able to estimate how long – on average – they might need long-term care (79 percent).
“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,” said Rebekah Barsch, vice president at Northwestern Mutual. “Yet, we’re finding that women don’t necessarily feel empowered to plan for the chance they’ll experience a long-term care event.”
In contrast to their recognition of the risks, 30 percent of U.S. female adults said they’re not sure how they plan to address their potential long-term care needs. And 57 percent of women reported they are likely to need help meeting financial expenses.
Furthermore, only 37 percent of women said 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).
“The survey demonstrates that women aren’t translating their concerns into actions,” said Barsch.
