Men’s Life Expectancy is Rising, So is the Potential Need for Long Term Care
Remember when you thought you were invincible? Before the stress and responsibility of adulthood? For some it feels like yesterday, but for the majority of aging men it feels more like a distant memory.
Like anyone, male or female, the effects of a life well-lived are often experienced—for better or worse—in their retirement. Thankfully, however, retirees today are benefiting from advances in medicine and health care, which have extended life expectancy. According to the Social Security Administration, in 1948, the life expectancy of a man was just over 73 years.1 Today, that same man has a life expectancy of 84.
This is great news for longevity, but some may perceive this as worrisome news for retirement savings. The fact is, dating back to 1940, women have generally been expected to outlive men by four to six years. What this means for those of us with female counterparts is that your beloved may be faced with years without you by her side—and this may come after she has performed caretaking duties for you. Later in life, she may need care herself and be required to pay for care services at home, in an assisted living facility or in a nursing home. Will there be enough remaining assets for her care?
The financial burden of long term care can sneak up on you. This is both a reality and concern facing a growing number of us as we age. As such, long term care planning has become a regular topic of conversation among financial planners, friends, and family. One way to plan ahead for a potential long term care event is purchasing long term care insurance.
The FLTCIP can help
The Federal Long Term Care Insurance Program (FLTCIP) offers comprehensive long term care insurance coverage for care services in a variety of settings and your choice of caregiver. Care may be provided at home by informal caregivers such as friends, family members, and other private caregivers, as well as formal care by licensed caregivers. Informal caregivers cannot have lived in your home at the time you became eligible for benefits, but they can live in your home after you become eligible.
In addition, the FLTCIP's care coordination services offer you and your qualified relatives information about long term care resources, such as local care providers and relevant community programs, as well as valuable support to your family as you manage with the conditions of arthritis.
Many members of the federal family are eligible to apply for FLTCIP coverage, including federal and U.S. Postal Service employees and annuitants, active and retired members of the uniformed services, and qualified relatives. To find out if you or a loved one is eligible to apply, visit LTCFEDS.com/eligibility. For personalized assistance, call 1-800-LTC-FEDS (1-800-582-3337) TTY 1-800-843-3557 to speak with a program consultant.
1. Social Security Administration. “Cohort Life Expectancy,” https://www.ssa.gov/OACT/TR/2017/lr5a5.html (accessed June 2017).
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