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Women & Long Term Care, What do you need to know?

September 25th, 2017

In June 2015 I wrote a newsletter titled Women & Longevity, and Longevity is one of the reasons it’s important for women to know about long-term care insurance. We have always said “know your genes” when you think about long-term care insurance; if you know you have family illnesses that can keep you needing care in your later years it may be important to look at long-term care insurance. I’ll be the first one to say it; long-term care insurance is one of the most expensive insurance policies I’ve seen and quoted, but long-term care expenses are even more expensive than the insurance and long-term care expenses increase at a higher rate than other regular expenses.

So, what do you need to know and why should you care? Statistics show that women over the age of 65 have the likelihood of living 2 ½ years longer than a man with 55% of those women living alone from being single, divorced or widowed. Another statistic shows that a third of people currently needing long-term care are women. New research shows that 80% of people in need of long-term care stay at home with care being served in their private home. Another statistic is the fact that roughly 63% of people that are over the age of 65 that have Alzheimer’s are women.

What is long-term care insurance and what does it really cover? Long-term care insurance covers or helps to cover care based on the loss of the ability to care for yourself. If one has lost the ability to care for themselves in basic daily activities it would be time for them to get care. Long-term care insurance also covers someone who has a chronic illness or a disability which prevents them to care for themselves. The U.S. Senate Special Committee on Aging says that the purpose of long-term care is to “enable a person to function, so they can live independently.”

Average annual costs of long-term care from 2016 (this is straight from the 2016 Lincoln Financial Group Cost of Survey).

Full-time, in-home health aid: $43,344 a year

Private room in assisted living: $54,719 a year

Full-time, in-home registered nurse: $152,008 a year

Private room at a skilled nursing home: $102,656 a year

Not all long-term care insurance policies will cover 100% of the expenses above. Each individual or couple can customize their long-term care policies to fit their assumptions. Some people buy policies they hope will pay for most of the expenses and some buy policies to help pay for a portion of the expenses. If you are interested in learning more please let me know and I’m happy to help put together a plan for you.


Christina Jones


Financial Planner

Partner, Windsor Wealth



Women and long-term care, How to recognize and serve their needs; Lincoln Financial Group

What every woman should know about long-term care; Lincoln Financial Group

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