According to the U.S. Department of Health and Human Services, 70 percent of people turning age 65 can expect to use some form of long-term care during their lives.*
In the U.S., the average life expectancy for men is 76.4 years, and for women it is 81.2 years, per the Centers for Disease Control and Prevention’s National Center for Health Statistics.**
Knowing this, it is relatively safe to assume that both men and women can benefit from long-term care insurance, since the average life expectancies are longer than 65 years.
But with women living nearly five years longer than men on average, are they better candidates for long-term care?
Men Need It, Women Need It for Longer
The U.S. Administration on Aging issued a report in 2012 that states, “Some type of disability (i.e., difficulty in hearing, vision, cognition, ambulation, self-care, or independent living) was reported by 35% of men and 38% of women aged 65+.” ***
While the majority of the population may not need long-term care right as they turn age 65, limitations in activities because of chronic conditions increase with age, per the same AOA report.
By the time individuals approach age 75 and beyond, it is much more likely that they are experiencing limitations in activities and will need long-term care insurance.
So while men may want to consider insurance for long-term care, it is the women who may need to purchase a larger policy to carry them into their 80s and beyond.