Women face a very different long-term care reality than men. They tend to live longer, are more likely to need care, and often face those costs alone. On average, women require nearly 3.7 years of long-term care, compared to 2.2 years for men. That difference isn’t small. It can have a meaningful impact on a retirement plan.
The challenge is that most people don’t think seriously about long-term care until they’re already in the middle of a situation, either their own or a loved one’s. By then, options are limited, and costs are significantly higher. In many parts of the country, nursing home care exceeds $100,000 per year and continues to rise. Long-term care insurance is often treated as a “someday” decision, but for women, it should be viewed as a core part of a well-structured financial plan.
Women are statistically more likely to need long-term care, pay for it out of pocket, and do so without a spouse or partner. They live, on average, five or more years longer than men. While longevity is a positive outcome, it also increases the likelihood of needing extended care, whether at home, in assisted living, or in a skilled nursing facility. Nearly 70% of nursing home residents are women, and women represent about two-thirds of Alzheimer’s cases, which often require longer and more intensive care.
At the same time, many women experience financial gaps tied to caregiving. Two-thirds of unpaid caregiving in the U.S. is done by women, often resulting in reduced earnings, lower retirement contributions, and smaller Social Security benefits over time. This creates a planning challenge: higher care needs paired with fewer financial resources to support them.
Long-term care is one of the most significant and often underestimated expenses in retirement. In 2026, the national median cost for a private nursing home room is approximately $9,700 per month, or over $116,000 per year. Assisted living averages around $74,000 annually, while home care services often start around $34 per hour. These costs vary by location and have historically increased faster than general inflation.
Two assumptions tend to derail planning. Many people believe Medicare will cover long-term care, but it does not cover ongoing custodial care beyond limited short-term situations. Others assume Medicaid will step in, but eligibility typically requires spending down assets to very low levels first. For many individuals, even a two to three-year care event can result in $200,000 to $300,000 in expenses, enough to materially impact long-term financial security.
There are several ways to plan for this risk, each with different trade-offs. Traditional long-term care insurance provides coverage specifically for care expenses and is structured around benefit periods, elimination periods, and optional inflation protection. Hybrid or linked-benefit policies combine long-term care coverage with life insurance or annuities, providing benefits if care is needed and a death benefit if it is not. Short-term care insurance offers more limited coverage and may be a viable option for those who do not qualify for traditional policies. Life insurance policies with long-term care riders allow policyholders to access a portion of their death benefit to cover care costs.
The right solution depends on your health, your assets, and your overall financial goals. This is not a standalone insurance decision. It should be evaluated in the context of your broader financial plan.
Timing also plays a significant role in both cost and availability. The most favorable window to explore long-term care insurance is generally between the ages of 55 and 65. Waiting often leads to higher premiums and increases the risk of not qualifying due to changes in health. More importantly, delaying the decision can limit your options altogether. Once certain health conditions arise, coverage may no longer be available.
Determining the appropriate level of coverage requires a thoughtful approach. There is no one-size-fits-all answer. The right amount depends on where you live, your family's health history, your longevity expectations, and the assets and income you already have. Some individuals may be able to self-insure a portion of the risk, while others would find that doing so places too much pressure on their retirement income or investment portfolio. The goal is not to cover every possible expense, but to protect your overall financial plan from a long-term care event that could significantly disrupt it.
Long-term care planning is not simply an insurance decision. It is a broader financial planning decision that requires evaluating how potential care costs would affect your income, assets, and long-term goals. Many people postpone this conversation, but in practice, waiting often results in fewer choices and higher costs.
Long-term care remains one of the most overlooked risks in retirement planning, particularly for women. The difference between planning early and waiting often comes down to cost, flexibility, and control. Addressing this proactively allows you to make decisions from a position of strength rather than urgency.
If long-term care has not yet been incorporated into your financial plan, it may be worth evaluating now while you still have flexibility in how that decision is approached.
If long-term care has not yet been incorporated into your financial plan, it may be worth evaluating now while you still have flexibility in how that decision is approached. We understand the unique financial challenges women face and can help you build a plan that accounts for the long game