The Wall Street Journal featured an article called "States Draw Fire for Pitching Citizens on Private Long Term Care Insurance" on February 26, 2008. The article discusses the Long Term Care Partnership Program recently approved in Colorado and many other states. http://www.dora.state.co.us/INSURANCE/regs/B-4.27.pdf

While the partnership program is still under review with many details yet to be finalized, a basic explanation of the program is that individuals who purchase "qualified" long term care insurance plans and use the funds from the plans for care will be able to retain an equal amount of funds personally not subject to Medicaid provisions. For example, you have a LTCI policy worth $500,000. You exhaust the funds in the policy for your care and you have $500,000 in investments. The $500,000 in investments is not subject to the asset eligibility, adjustment and recovery provisions of the state's Medicaid plan, it's yours to keep and spend according to your wishes.

Read more: The Controversy: LongTerm Care Insurance vs. Medicaid Services

"Poverty in our country has a distinctly feminine face. The largest segment of our population is poor, elderly women." (Teresa Heinz Kerry) The average social security check in 2006 was slightly over $1,000 per month. Will an annual income of $12,000 support you in retirement?

Many older women rely solely on social security for retirement income. Many have taken ten or more years on average, away from the workforce to raise children or serve as family caregivers. This caregiving time away from the workforce results in having to start a career over or to enter the workforce for the first time. It can involve learning new skills or taking classes just to be offered an entry level position or working a part time position with no benefits. With this lack of earning power over 10-15 years, it's no wonder many women fall behind men in building a retirement nest egg.

Read more: Resources to Help Women Avoid Poverty in Retirement