I'm a Health Care Adviser: This Is the Long-Term Care Gap Women in Their 50s Can't Afford to Neglect

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With the average American living 79 years, according to the Centers for Disease Control and Prevention, planning for the future is increasingly important. For women, whose life expectancy exceeds 80, it becomes even more critical.

A longer life expectancy means women are more likely to need long-term care than men. For women who do need care, the timeline is often longer. Research from the American Association for Long-Term Care Insurance shows that on average, women age 65 and older live with a disability for about 3.2 years, compared to 2.3 years for men.

If not properly planned for, that additional time can significantly impact assets and savings.

What causes the long-term care gap for women?

In many cases, women are navigating these situations alone. Because they tend to live longer, they're more likely to outlive a spouse, entering long-term care on their own. Without a spouse, or children available to provide that built-in support system, many women are forced to rely on paid care.

Whether it's bringing help into the home or transitioning to a facility, the cost and complexity of those decisions can increase significantly.

Financially, navigating long-term care can be especially difficult for women who are single, divorced or widowed. In a married household, there are typically multiple sources of income — two Social Security benefits and shared savings — and the ability to divide expenses.

The additional income can help offset the cost of care. For a single person, those same expenses must all be covered by one pool of assets.

Before requiring care of their own, many women spend years serving as a caregiver for others. Whether that's caring for a spouse, parent or a child, the role often comes with many personal and financial sacrifices.

In some situations, women may even have to reduce their hours or leave the workforce entirely, which can impact income, retirement contributions and future benefits. As time goes by, the decision to step away can leave women with fewer financial resources available should they need care themselves.

The difficult first step

In addition to the financial impacts, caregiving can also take a heavy emotional and physical toll, making long-term care planning even more important. However, despite these realities, it's a conversation that many families put off.

In my experience, people often assume that a spouse, child or another loved one will step in when the time comes. While that may feel like a safe assumption, it can lead to stress, confusion and even conflict among family members — especially without clear communication and a plan in place.

That is why it is so important to start talking about these decisions and making a plan.

Planning starts with having an open and honest conversation with family members and potential caregivers. Identify who may be involved in your long-term care and whether they'll be able to take on that responsibility. Having these conversations will help set expectations early.

Financial and medical plans

The next step involves taking a close look at your financial picture. Take inventory of retirement accounts, savings, insurance policies and Social Security benefits.

I encourage clients to run a financial 'stress test' to see how a long-term care scenario could impact their assets over time.

It's also critical to have the right legal documents in place, including powers of attorney and health care directives, to ensure decisions are being made by someone who understands your wishes and acts accordingly.

Missing these documents will likely complicate matters for loved ones during an already difficult time.

Your 50s are a good time to start

As for determining when to start long-term care planning, a good time to start is during your 50s. For many, this is the decade where retirement planning becomes a top priority. Starting early will give you more time to consider all options.

It can also make solutions like long-term care insurance more accessible and affordable. Waiting too long can limit options and make planning more difficult.

Long-term care planning isn't about expecting the worst. It's preparing for the realities that come with living a longer life.

For women, having a plan in place can make all the difference in maintaining independence and financial stability.

The more proactive you are with planning, the better positioned you'll be for whatever the future holds.

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.