Women have a particular stake in doing everything they possibly can to protect themselves from the high costs of long-term care. Here are some of the reasons why:
- Women typically live longer than men and, if married, tend to outlive their husbands. A woman born in l960 has a life expectancy of 73 years, compared to 67 years for a man born in the same year.
- As they grow older, women are more likely than men to live alone, without a spouse or other family member to provide home care. By the time a woman reaches the age of 75, the chances that she is living with a spouse have dropped below one in three.
- At any age over 65, women are more likely than men to need assistance with daily living.
- Women are the primary caretakers in our society. They are more likely than men to have caregiving responsibilities for impaired family members and they often use their own assets to pay for this care.
- Women over 65 have an average income of approximately $22,625 - less than one-third the cost of an average nursing home for a year.