Today's More Affordable Long-Term Care Option for Women

The affordable long-term care planning option for women.Photo byAmerican Association for Long-Term Care Insurance

When you live a long life, the chances are exceedingly high that you'll require the type of care referred to as long-term care. It can be costly. Little is covered by either insurance or Medicare.

And because they generally live longer, women tend to need long-term care more than men. For that reason women can expect to pay between 30-and-40 percent more for long-term care insurance.

Cost is clearly a reason people don't purchase this important coverage. The 2024 Long-Term Care Insurance Price Index reports that a 60-year old female can expect to pay around $4,400 yearly for coverage worth nearly $600,000 when she turns age 85.

Clearly long-term care planning is important for women. It is vitally important for older women who are single, divorced or widowed. Generally they have less money to ultimately pay for care. Plus they don't have the built-in caregiver, also referred to as a husband or partner.

There is an option available that many are not aware of. It is espcially valuable for women. That's because unlike traditional long-term care insurance which charges women more than men, this charges both the same for equal amounts of coverage.

It's called short-term care insurance and while policies differ from company to company, some do closely resemble traditional long-term care insurance. That means they will pay for care in your own home or in a skilled facility such as a nursing home.

Short-term care insurance policies are less costly too. That's because they generally pnly provide benefits for a 1-year or 360 day period. However, for many that is all the care they'll need. Or, as many experts will tell you, when it comes to long-term care, some protection is always better than none.

Policies are not available in all states. Roughly 30 make this coverage available. And policies can differ significantly in terms of how and what they will pay when you need care. For that reason, working with a knowledgeable specialist who sells both long-term care and short-term care insurance is advisable. You can find one by contacting the American Association for Long-Term Care Insurance.

An added good point about these policies. Some will accept applicants into their 80s. Traditional long-term care insurance providers generally stop accepting applicants after age 76 or 78.