Long-term care very much a women’s issue

By Barbara Franklin

Work-life balance, equal pay, access to childcare – these are the issues that we tend to think of as “women’s issues.” But there’s a very real issue that doesn’t get as much attention among women: long-term care planning.

November is Long-Term Care Awareness Month, an effort to bring attention to this important issue. Long-term care planning is very much an issue of grave importance for women and one they should make sure is part of their financial planning and retirement program. Women typically outlive their spouses, so this means not only will they most likely be caring for a spouse but they also will need outside care as they age.

The majority of nursing home residents and those with Alzheimer’s disease are women. More than 65 percent of all long-term care insurance benefits are paid for care received by women.

Most of us don’t like to think about growing old or needing nursing home care, but the truth is 70 percent of people who reach age 65 will require long-term care services. And the last thing any of us wants to do is become a burden to our families as they struggle to figure out how to pay for our care. Rather than spending time together as a family, our children are saddled with the emotional and financial strain of nursing home or home health care bills. That’s not exactly most women’s idea of aging with dignity.

That means now is the time to plan for the future. The average age for new long term care insurance applicants is 57. That means you don’t want to wait too long to secure coverage. The older you get, the more likely you’ll have a health problem that could keep you from getting coverage.

Don’t put off getting your own insurance because you think Medicare will take care of you. Medicare covers very little of the cost of long-term care.   Most of us want to have choice in the type of care we receive.   Do you want to choose the best nursing home or wait until you have to select the least expensive nursing home? Do you want to be prepared for in-home care or leave your loved ones struggling to help take care of you?

Making decisions now means you can have more control over where and how you want to live out the final years of your life.

A long-time Center for Women member, Barbara Franklin is the owner of Franklin & Associates, a Charleston-based company offering both traditional and innovative approaches to long-term care planning and financing. During the month of November, Franklin & Associates is offering a complimentary policy review of any long-term care insurance policy. To schedule an appointment, call 843-762-4260 or visit www.franklinassociatesinc.com.

C4W Business Member Profile: Barbara Franklin, Franklin and Associates

What is your profession? Specialist in long-term care planning and financing and owner of Franklin & Associates Inc.

What do you enjoy doing outside of your career? Travel, fitness, volunteer driver for ITNCharlestonTrident (Independent Transportation Network)

How long have you been a member of the Center for Women?  15+ years

What inspired you to become a member?  I had been a member of the Chamber of Commerce, Rotary, Lions and other service organizations, but I was intrigued by the idea of an organization dedicated exclusively to educating and supporting women – and particularly women in business. I was inspired to become a member because my area of professional expertise – long-term care planning – is of particular relevance to women and I felt I had something to share at the same time as I was connecting and learning from others.

What kind of impact has the Center for Women had on you?  Prior to starting Franklin & Associates I worked for 22 years in human resources with a Fortune 500 Company.  There were few women in management in those days and few role models. I learned early on that the Center for Women was FULL of role models – women who had made their mark in the community. Jennet Alterman has been a particular role model over the years as I have observed – and admired – her leadership, dedication and passion for the Center. I have also enjoyed serving on various panels and having the opportunity to educate women about long-term care planning, care giving issues as well as navigating the Medicare maze.

How has living day-to-day as a woman affected you?  I am the same as most women I know – or read about – who juggle a wide variety of roles and responsibilities every single day. For me it’s the roles of wife, business owner, mentor, daughter, caregiver, grandparent, volunteer, committee chairman among others. At times these roles conflict and are overwhelming, but I am grateful to have work that I LOVE and that enables me to make a difference in the lives of others. I am most inspired by my mother who – at age 87 – is active, engaged, volunteers two days a week, attends exercise classes and keeps in touch with her family via her iPad!

What kind of message would you like to send out to women who are trying to succeed in today’s economy? It doesn’t happen overnight. Patience and persistence must become your friends, but success can happen if you find the work you love, provide value and exceptional customer service, do the right thing even when no one is looking, and surround yourself with the best people and support services.

How can people connect with you?  843-762-4260, 800-375-0351 or barbara@franklinassociatesinc.com and www.franklinassociatesinc.com