Planning ahead for long-term care is important, but it’s especially crucial for women.

5 reasons why planning for long-term care is important for women:

1. WOMEN LIVE LONGER

On average, an American man will live to age 75, while an American woman will live to age 80 ½.

About 64% of Americans 85 years or older are women and 80% of Americans who live to 100 years old are women.

Since women live longer, they are more likely to need long-term care and pay more long-term care expenses than men.

2. WOMEN HAVE HIGHER LIKELIHOOD OF DISABILITY AND CHRONIC HEALTH PROBLEMS

Since women live longer, chronic health problems are more likely to occur. Older women do not live more active years than men, despite their longer lives. Women are more likely than men to develop debilitating conditions like arthritis, depressive symptoms, fall-related fractures, 

3. WOMEN ARE MORE LIKELY TO AGE ALONE

Women are more likely than men to live alone in their older age. For some women that’s because they are widowed, divorced, or maybe they never married. Since they live alone, there is no one in their home to help them. Almost half (45%) of women over the age of 75 live alone.

4. WOMEN ARE CAREGIVERS

There are currently about 48 million informal or unpaid caregivers to adults in the U.S and 61% of these caregivers are women.

Married women are often caregivers for their husbands first. By the time women become sick or unable to care for themselves, they are widowed and need to rely on family members or professional caregiving services.

5. WOMEN TYPICALLY HAVE DIFFERENT FINANCIAL SITUATIONS

Women tend to be at a financial disadvantage in retirement compared to men. Many women work fewer years than men because of child rearing or caregiving. They also are more likely than men to work part-time. Plus, there is a gender pay gap. Women earn only 82% of what men earn.

These all add up to less earnings for women than men, which means they typically will have less money to help cover long-term care expenses.

What can women do about it?

Plan ahead! A solution for some women could be long-term care insurance. It can cover the costs of long-term care services, protect assets and income, and protect your family.

LTC insurance allows you to stay in control of your care options, enabling you to choose where you want to receive care.

It can provide professional services like care coordination, claims specialists, and case managers who can help your family during claim time. Long-term care insurance also minimizes the financial burden on your spouse or children if they had to take time away from their job or had to pay for your care. To determine whether LTC insurance is the right fit for you, talk to a Long-Term Care Insurance Specialist.