The Pacella Law Group

According to the Center for Disease Prevention and Control, a woman who is 65 years old has a life expectancy of an additional 20.3 years, compared to 17.6 years for a man of the same age. In California and elsewhere, women are living longer. Not surprisingly, women also account for most of the long-term care insurance claims. Currently women pay the same price as men for their long-term care insurance. That may change according to the American Association for Long-Term Care Insurance. In a well-thought estate plan, long-term care is one of the aspects of one’s future for which we should plan. We have car insurance to protect our vehicles as well as cover our medical costs in the event of an accident. We have life insurance in the event of an untimely death. It is also a good idea to have long-term care insurance in the event that we end our lives with a debilitating disease such as Alzheimer’s, Lou Gehrig’s disease or cancer. Long-term care would also provide assistance for those who wish to stay in their homes but cannot do so without some sort of medical assistance. A recent study by the above mentioned association yielded some interesting facts.

• New qualifying claims in 2011 were from women 65 percent of the time.
• Of those claims, 32 percent were for care within the home.
• More than 8 million people have long-term care insurance.

Due to the fact that more claims are by women and that women tend to live longer lives, the current policy of equal pricing for men and women may change. In either case, planning for one’s potential disability is as important as planning for one’s other long-term retirement needs, or estate and inheritance wishes. Source: American Association for Long-Term Care Insurance, “Long Term Care Insurance Price Advantage For Women May Change,” Sept. 30, 2012 Source: American Association for Long-Term Care Insurance, “Women Account For Most Long Term Care Insurance Claims,” Aug. 4, 2012

• Our Los Angeles law firm represents individuals with a full range of estate planning needs including wills, trusts, gifts and long-term care issues.