Generally speaking, women live longer than men. For example, Susannah Jones is the oldest woman alive at 116, while the oldest man, Wash Wesley is 111 years old. This is one of the reasons long term care insurance costs more for women. In fact, the cost can be as much as 30-50% more for a single woman than for a single man.
What are your options for LTC as a single woman?
Plan Early: Women should begin researching long term care insurance earlier than they may expect. The price of LTCI is based on your age, health, relationship status and gender, so the younger you are when you buy it, the less expensive it will be. Once you’ve purchased a policy, the cost does not go up just because of an age change, so we recommend looking into LTCI between your 50th and 55th birthday.
Work with a Specialist: Another thing that affects the cost of long term care insurance is the benefits you actually apply for. These benefits can range in cost from carrier to carrier, so it is important to speak with someone who specializes in long term care insurance to insure they are finding you the best deal on a plan that best suits your unique needs.
Apply with a Partner: Just because you are not married, does not mean you are not eligible for a spouse/partner discount. Many carriers will consider a domestic partnership or even a sibling to receive the 10-40% discount.
Having a plan will give you the peace of mind to know that in the event of a long term care event, you will be taken care of.
LTC Consumer is an independent, free online service to help consumers understand what long term care insurance is, how it works, and how to evaluate coverage options. Our mission is to provide an educational, no-pressure resource for learning about long term care planning, with the opportunity to speak with specialists who can help them.