Three reasons long-term care is important to women

Planning for long-term care is an easy thing to put off. Maybe you think you’re not old enough to think about it, it's too expensive or that you won’t ever need it. But if you want to help preserve your choices about future care, then long-term care is something that you need to consider. This is particularly true for women who have a longer life expectancy than men.

1. Women have a longer life expectancy

Women typically live longer than men. In Canada, there are nearly two women for every man aged 85 and older and women on average, have a life expectancy that is four years longer than men.¹As a result, women may spend twice as many years needing care and, consequently, twice as much money on care. Building financial strategies now can provide you with options for long-term care, including where you receive it and by whom.

2. Women frequently don’t have a spousal caregiver

When the first spouse falls ill, the healthy spouse often acts as primary caregiver. Many women are widowed by the time they need care and don’t have a spousal caregiver in the home. In that situation, choices become more limited unless you’ve prepared in advance.

There are a number of strategies that can offer you greater control over your long-term care needs when they arise, thereby reducing the need to rely on your children for care or financial support. It’s empowering to make choices regarding the type and location of care you receive.

3. Provincial health care options

In Canada, if you're a permanent resident you may apply for public health insurance. Each province and territory has their own health insurance plan. Depending what type of care you require, your needs may not be 100% covered. You can review the Government of Canada Health Care in Canada site for coverage details specific to each province.

We can help

At Edward Jones, we can help you achieve your financial goals. Contact your local Edward Jones financial advisor about a financial strategy that makes sense for you.