Having a long-term care plan is important for anyone but especially for women. After all, women generally live longer, which means they have a higher rate of chronic illness that requires care over an extended period. Women also earn less and spend less time in the workforce compared to men, which can greatly impact their financial situation in retirement. Plus, as they age, many women face financial hardships due to divorce or the death of their spouse.

Women and Longevity

On average, women outlive men by about five years, which means married women tend to outlive their husbands. Women who reach age 65 can expect to live an average of 20 more years and those who reach age 75—an additional 12 years.

Due to their longevity, women are more likely to receive long-term care than men.

• More than 70% of nursing home residents are women.
• Over 75% of residents in assisted living facilities are women.
• Almost two-thirds of home care recipients (both paid and informal) are women.

Source: American Association for Long-Term Care Insurance

The Risk of Outliving Your Assets

Because of longer life expectancy, women are more likely to experience chronic conditions, cognitive decline, and frailty in old age. Many of them will need help with daily activities like dressing, bathing, or preparing meals. Unfortunately, this type of care isn’t covered by health insurance or Medicare.

Without proper planning, the burden often falls on family or on a woman’s personal savings. Many women face the risk of outliving their assets, especially if they become widowed or divorced later in life. Planning for long-term care helps protect against that uncertainty and ensures your future is on your terms.

The Financial and Emotional Toll

Women also bear the brunt of caregiving responsibilities. Daughters, wives, and sisters often step in as unpaid caregivers for aging relatives. While that care is invaluable, it can come at a steep cost, such as missed work, lower lifetime earnings, and emotional exhaustion.

By securing long-term care coverage, women can reduce the likelihood of placing that same burden on their own children or loved ones. It’s not just about preserving money—it’s about preserving independence, dignity, and peace of mind.

Long-Term Care Insurance: A Smart Strategy for Women

Long-term care insurance is one of the most effective ways to protect your future care needs. It offers:

• Choice: Decide where and how you want to receive care, whether at home, in an assisted living facility, or a nursing home.
• Control: Maintain financial independence without relying on family or Medicaid.
• Protection: Preserve your retirement savings for what they were meant for—living, not just surviving.