Let’s talk about something that affects most of us, but somehow doesn’t make it into enough financial conversations: long-term care planning. And if you’re a woman? This conversation is even more critical.
Here’s the reality: Women spend an average of 3.6 years in long-term care, compared to just 2.5 years for men. That extra year might not sound like much on paper, but when nursing home costs average thousands of dollars per month, it adds up fast.
But it’s not just about the women who receive care. It’s about the women who provide it.
The Invisible Burden No One Talks About
Right now, approximately 53 million Americans are unpaid caregivers—and 59% of them are women. Think about that for a moment. More than half of all unpaid caregivers are women, many of whom are juggling full-time jobs, raising their own children, and managing their households.
The numbers tell a sobering story. Around the world, up to 81% of all caregivers for older people are female. These women spend an average of 24.4 hours per week providing care—nearly the equivalent of a part-time job—and many spend even more. In fact, 40% of caregivers find themselves in high-burden situations, with some providing more than 40 hours of care weekly.
Here’s the part that really hits home: 88% of family caregivers say they aren’t getting enough support. They’re doing it alone, often at great personal cost.
The Financial Toll You Don’t See Coming
When we think about long-term care, we typically focus on the costs of nursing homes or assisted living. But the hidden costs of family caregiving are staggering.
Women who become caregivers often face impossible choices. Research shows that caregivers who forgo retirement contributions to make ends meet risk a 90% reduction in their retirement savings compared to non-caregivers. That’s not a typo. Ninety percent.
And the out-of-pocket expenses? The average family caregiver spends around $7,200 per year on caregiving expenses—money that comes straight out of their own pockets for things like medical supplies, transportation, home modifications, and more. When you’re already spending 26% of your income on housing, medical expenses, and transportation for your loved one, that adds up to a financial crisis waiting to happen.
The toll extends beyond finances. Women caregivers experience higher rates of stress, anxiety, and depression than their male counterparts. They’re more likely to neglect their own health needs, with 53.4% of caregivers aged 65 and older reporting two or more chronic diseases.
Why Women Face Greater Long-Term Care Risks
Let’s look at the facts. Fifty-one percent of women age 65 and over will need paid long-term care, compared to 39% of men. Women also face a higher lifetime risk of dementia—21.1% for women compared to lower rates for men.
Why the disparity? Several factors come into play:
Longevity: Women typically outlive men by five to seven years, which naturally increases their likelihood of needing assistance with daily activities as they age.
Higher disability rates: Women tend to experience higher rates of disability and chronic health problems as they age, spending approximately 2.8 to 3.0 years in a disabled state at the end of their lives.
Living arrangements: Women are more likely to be widowed and living alone in their later years. Without a spouse to provide care, they’re more likely to need paid long-term care services. In fact, over 70% of nursing home residents are women, with an average admission age around 80.
The marriage factor: Statistics show that 51% of unmarried people over age 65 require paid long-term care in their lifetimes, compared to 43% for married people. Since women tend to outlive their spouses, they’re more likely to face care needs alone.
The Double Bind: Caregiver Today, Care Receiver Tomorrow
Here’s the cruel irony: The same women providing care for aging parents or spouses today are the most likely to need extensive care themselves down the road. But because they’ve depleted their financial resources and damaged their own health while caregiving, they’re often less prepared to afford quality care when their turn comes.
Women who have served as caregivers may face:
- Depleted retirement savings
- Reduced Social Security benefits from years out of the workforce
- Compromised health from years of caregiver stress
- Limited support networks (they gave care but may not have anyone to reciprocate)
It’s a pattern that repeats across generations, and one that demands we approach financial planning differently.
Planning Strategies That Actually Work
The good news? With proper planning, you can protect yourself from becoming overwhelmed by long-term care costs—whether as a care recipient or as a caregiver.
Start the conversation early: Don’t wait until a crisis hits. Have honest discussions with your family about expectations, preferences, and resources. Who would provide care if needed? What arrangements would everyone be comfortable with?
Build flexibility into your financial plan: Your retirement strategy should account for potential long-term care needs. This might include:
- Long-term care insurance (women may pay 40-50% more than men due to higher claim rates, but it’s often still worth it)
- Hybrid life insurance policies with long-term care riders
- Dedicated savings earmarked for potential care costs
- Understanding Medicare and Medicaid benefits and limitations
Protect your retirement if you’re a caregiver: If you’re currently providing care, don’t sacrifice your own financial future. Look into:
- Respite care options to give yourself breaks
- Caregiver support programs offered through employers
- Financial compensation programs in some states
- Tax deductions and credits for caregiving expenses
Consider the full spectrum of care options: Not all long-term care happens in nursing homes. Home care, adult day programs, assisted living, and other options may be more appropriate and affordable. Understanding the full range helps you plan more accurately.
Review and update regularly: Your plan should evolve as your life circumstances change. Annual reviews ensure your strategy remains aligned with your needs.
The Cost of Waiting
Roughly 1 in 5 Americans turning 65 will face more than $200,000 in long-term care costs. Yet in a recent survey, 1 in 3 respondents said they haven’t even considered how they’ll pay for long-term care if needed.
The cost of waiting isn’t just financial. It’s watching your retirement dreams dissolve as you scramble to cover care costs. It’s the stress of making impossible choices between your own needs and those of a loved one. It’s the guilt of not providing the level of care you wish you could afford.
You Deserve Peace of Mind
You shouldn’t have to choose between caring for someone you love and protecting your own financial future. You shouldn’t have to guess whether you’ll be able to afford quality care when you need it.
With holistic financial planning that takes long-term care seriously—especially for women—you can face the future with confidence instead of fear. You can be there for your loved ones without sacrificing everything you’ve worked for. And when your turn comes to need care, you’ll have the resources and the plan in place to ensure you receive it with dignity.
Take the Next Step
Long-term care planning isn’t about being pessimistic. It’s about being prepared. It’s about ensuring that the people you love—including yourself—receive the care they deserve without financial devastation.
Whether you’re concerned about caring for aging parents, worried about your own future needs, or currently overwhelmed by caregiving responsibilities, there are strategies that can help. The key is starting the conversation now, before a crisis forces your hand.
Schedule a consultation with us today. We’ll review your unique situation, discuss your concerns, and develop a comprehensive strategy that addresses long-term care within your broader financial plan. Let’s work together to create a plan that gives you the peace of mind you deserve.
Important Disclosure:
The information included in this document is for general, informational purposes only. It does not contain any investment advice and does not address any individual facts and circumstances. As such, it cannot be relied on as providing any investment advice. If you would like investment advice regarding your specific facts and circumstances, please contact a qualified financial advisor.
HBKS Wealth Advisors is not a legal or accounting firm, and does not render legal, accounting or tax advice. You should contact an attorney or CPA if you wish to receive legal, accounting or tax advice.
The historical and current information as to rules, laws, guidelines, or benefits contained in this document is a summary of information obtained from or prepared by other sources. It has not been independently verified but was obtained from sources believed to be reliable. HBKS Wealth Advisors does not guarantee the accuracy of this information and does not assume liability for any errors in information obtained from or prepared by these other sources.
Investment Advisory Services offered through HBK Sorce Advisory LLC, d.b.a. HBKS Wealth Advisors. Not FDIC Insured – Not Bank Guaranteed – May Lose Value, Including Loss of Principal – Not Insured By Any State or Federal Agency.
Endnotes
- ConsumerAffairs, “Long-Term Care Statistics 2025,” accessed October 2025, https://www.consumeraffairs.com/health/long-term-care-statistics.html
- SeniorLiving.org, “Family Caregiver Annual Report and Statistics,” February 2025, https://www.seniorliving.org/research/family-caregiver-report-statistics/
- The Commonwealth Fund, “The Unequal Weight of Caregiving: Women Shoulder the Responsibility in 10 Countries,” March 2024, https://www.commonwealthfund.org/blog/2024/unequal-weight-caregiving-women-shoulder-responsibility-10-countries
- Caregiver Action Network, “Caregiver Statistics: Demographics,” accessed October 2025, https://www.caregiver.org/resource/caregiver-statistics-demographics/
- Caregiver Action Network, “Caregiver Statistics: Demographics,” accessed October 2025, https://www.caregiver.org/resource/caregiver-statistics-demographics/
- Caregiver Action Network, “Data & Insights on the Caregiver Experience in the U.S.,” August 2025, https://www.caregiveraction.org/caregiver-statistics/
- American Association for Long-Term Care Insurance, “Long-Term Care Insurance Need – Statistics for Men and Women,” July 2024, https://www.aaltci.org/long-term-care-need/
- Morningstar, “100 Must-Know Statistics About Long-Term Care: 2023 Edition,” September 2023, https://www.morningstar.com/personal-finance/100-must-know-statistics-about-long-term-care-2023-edition
- Compare Long Term Care, “Long Term Care Insurance Statistics: 2025 Update,” January 2025, https://www.comparelongtermcare.org/insurance-stats
- SingleCare, “Long-term care statistics 2025,” August 2025, https://www.singlecare.com/blog/news/long-term-care-statistics/
