Preparing for Longer Lives: How Women Can Plan for Extended Long-Term Care Needs

Women’s longer life expectancy brings unique financial considerations when it comes to long-term care planning. With a 57% chance of needing some form of long-term care after age 65, women face both higher likelihood and longer duration of care needs compared to men.

According to a 2022 Department of Health and Human Services report, 26% of women will require long-term care for more than five years, versus 17.5% of men. The average care period extends 3.6 years for women compared to 2.5 years for men.

“Women aren’t just more likely to need care. They’re more likely to need care last,” said certified financial planner Laura Mattia, senior vice president and financial advisor with Wealth Enhancement’s Atlas Team in Sarasota, Florida.

In many cases, couples’ assets first cover the husband’s care needs, leaving women with fewer resources and no partner to share the financial burden when they enter the highest-risk stage of their lives, Mattia explained.

‘There’s not a one-size-fits-all answer’

Long-term care encompasses assistance with daily activities such as bathing, dressing, and eating for those who can no longer perform these tasks independently. Services can be provided in institutional settings like nursing homes or assisted living facilities, or in-home.

Women live longer than men on average. As of 2024, U.S. male life expectancy at birth is 76.5 years compared to 81.4 years for women, according to the Centers for Disease Control and Prevention. At age 65, men can expect an additional 18.4 years (to age 83.4), while women can expect 20.8 more years (to age 85.8).

Medicare does not cover long-term care, making it a significant financial planning consideration. Some individuals rely on unpaid family caregivers or qualify for Medicaid with minimal assets and income. Others self-insure or purchase insurance coverage.

“There’s not a one-size-fits-all answer,” said CFP Patti Black, a financial advisor with Savant Wealth Management in Birmingham, Alabama. “It depends on their resources, what income they have available.”

Annual nursing home costs run above $100k

Costs vary significantly by service type. Non-medical in-home care averages $35 hourly, while private-duty nursing costs $90 hourly, according to a March 2025 Genworth Financial report. Nursing home semi-private rooms cost $315 daily ($114,975 annually), and private rooms $355 daily ($129,575).

Assisted living facilities average $6,200 monthly ($74,400 annually).

Insurance options include standalone policies or hybrid products combining long-term care with life insurance or annuities.

“You don’t need something that covers every dollar you’ll spend in a nursing home or having somebody come to your house,” said CFP Jeff Judge, a managing partner with Chesapeake Financial Planners in Forest Hill, Maryland. “You just need to bridge the gap between your guaranteed income — pensions, annuities, Social Security — and what the cost might be.”

Women pay more for coverage than men

As of 2024, 5.8 million Americans have standalone long-term care insurance. The average age for new policies in 2023 was 57.

Premiums can be substantial, especially for women. A 55-year-old woman purchasing $165,000 coverage with 3% inflation protection pays approximately $3,750 annually versus $2,200 for a comparable male applicant. For 65-year-olds, costs average $5,290 for women and $3,280 for men.

“Explore the options and understand what the history of premium increases have been and what they might be going forward.”

Patti Black

Financial advisor with Savant Wealth Management

Premiums typically increase over time, sometimes substantially, Black noted. Delaying purchase after health issues arise may result in coverage denial.

Hybrid policies have gained popularity since 2014, according to LIMRA. These provide long-term care benefits if needed, or a death benefit to beneficiaries if not used.

“These are still expensive, but at least there will be some benefit, whether it’s long-term care or a death benefit,” Black said. Unlike standalone policies, unused hybrid coverage still provides value.

Sharing a policy with spouse can reduce cost

Joint policies with shared benefit pools can reduce costs, Judge suggested. Each spouse maintains individual coverage that the other can access if their own benefits are exhausted, or they share a common pool.

“A policy with a husband and a shared pool gets a minimum amount of protection for a reasonable price,” Judge said. “It’s potentially the better choice for budget-conscious clients or those with a younger husband.”

However, he cautioned that the husband may need care first and exhaust the shared benefits.

“This is the right solution for most clients as opposed to having no coverage,” Judge said. “They just need to understand what could happen and be willing to accept the trade-offs in exchange for a lower monthly premium.”

The key recommendation from experts: begin exploring options well before they’re needed.

“Nobody wants to talk about ‘Gosh, what happens if I need help going to the bathroom or getting dressed later in life,’ but it is so critical to think through it,” Black said. “I encourage people just to take a step forward, have conversations and investigate the options because their family will be grateful down the road.”

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