This week, I want to focus specifically on the role long-term care insurance can play for women. That isn’t to diminish its importance for anyone concerned about future caregiving costs, but because the data clearly shows women face a disproportionately higher risk when it comes to long-term care needs.
According to research cited by care provider A Place for Mom, while roughly 70% of seniors will require some form of long-term care during their lifetime, nearly two-thirds of those individuals are women. One key reason is duration: women who enter long-term care typically remain there for an average of 3.7 years, compared to about 2.2 years for men.
Besides the issue of how long women may need this care, another reality many couples don’t think about is what stage of life this need for long-term care appears. In many marriages, a woman’s need for long-term care comes much later in life, often after significant financial resources have already been used to address the husband’s medical or end-of-life expenses.
Men are more likely to experience serious health issues earlier, and the costs associated with treatment, in-home care, or facility care can quietly erode savings over time. By the time a wife begins to need assistance herself, the household may be operating with fewer assets, reduced income, and limited flexibility. This “second round” of care is where many women find themselves especially vulnerable. This vulnerability is made worse by how much people underestimate the cost of quality care. These expenses are often assumed to be manageable or short-lived, when realistically even a relatively brief period of care can cost hundreds of thousands of dollars.
Long-term care insurance is not the right solution for everyone, but for many couples it deserves thoughtful consideration. Having coverage in place can help protect retirement assets, preserve choice in how and where care is received, and reduce the financial burden placed on family members. Just as importantly, it can provide peace of mind knowing that a future need for care does not automatically become a financial crisis.
Planning for long-term care is not about expecting the worst. It is about recognizing the real risks that exist and preparing accordingly. For women, long-term care planning is not a side issue; it can be a critical component of protecting financial independence, security, and dignity later in life.
(Past performance is no guarantee of future results. The advice is general in nature and not intended for specific situations)