When it comes to long-term care planning, it takes a village—or at least the input of both men and women.
Women are better at researching long-term care (LTC) options and grasping the scope of ongoing care events, but men are better at planning the finances to pay for them, according to a new study by Northwestern Mutual Life Insurance, Milwaukee.
Most women could recognize what types of care would be needed in the future and when those needs might begin. But almost 1/3 of women said they weren’t sure how to plan for those LTC needs, and 57 percent admitted they’d probably need financial assistance.
Men are more likely that women to take proactive actions with long-term care in mind, such as saving in advance and considering LTC insurance, the study showed.
"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, in a press release. "Yet, we're finding that women don't necessarily feel empowered to plan for the chance they'll experience a long-term care event."
The online study polled 2,516 adults during October 2012.