Women everywhere are living longer and working harder. Along with those realities comes a greater need to manage risks related to our health and financial futures. Both the Affordable Health Care Act (ACA) and Social Security can help women manage those risks. During this week’s Affordable Care Act (ACA) Women’s Week of Action—November 9-13—we call each of you, women everywhere, to action.
When it comes to individual planning, we suggest considering three important factors: Coverage, Affordability, and Preventive Care.
Proper coverage is important for everyone, particularly women. Before the Health Insurance Marketplace opened in January 2014, approximately 17 percent of American women, ages 19 to 64, were uninsured. The Marketplace has helped that rate drop by almost 5 percent, with more than 4.3 million American women getting coverage by mid-2014.
When it comes to affordability, over 8 out of 10 people who enrolled in health coverage through HealthCare.gov qualified for financial help to make their monthly premiums more affordable. Most people can find plans available for less than $75, which makes planning that much easier.
HealthCare.gov outlines plans that cover free preventive care with no co-pay. Women are now able to access preventive screenings, such as mammography, certain cancers, and testing for genetic risks. In addition, women have access to contraception, sterilization procedures, patient education, counseling, and much more. ACA is providing security, peace of mind, and accessible healthcare to millions.
Planning doesn’t stop there! Income from other retirement programs and savings may run out, but Social Security benefits continue for life. Women tend to receive greater help from our programs due to lower lifetime earnings, and they retire with smaller pensions and fewer assets than men do. In addition, women are more likely than men are to receive Social Security retirement benefits as a spouse, divorced spouse, or survivor. For these reasons, women want to be aware of the benefits and programs we provide.
We encourage you to create a my Social Security account to begin tracking your earnings record and potential future benefits. You can also use the retirement estimator to estimate your Social Security benefit under various retirement scenarios.
By knowing what you can expect from Social Security, you are strategically answering the call to action to make important decisions concerning your savings and retirement plans.