A recent post on the New York Times’ New Old Age blog highlights how long-term care insurance is becoming less accessible to those most likely to need it—particularly women who tend to outlive their male counterparts. With longevity comes increased risk that retirees will face poverty in old age, in part due to the large expense of medical care.
According to the blog post, many companies that provide this insurance have stopped selling new policies and will be issuing drastic price hikes to current policyholders, most notably in the form of gender-distinct pricing, which essentially penalizes women for having a life span that is on average five years longer than men.
[NATIVE_AD_300x250]
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
With women making up more than three-quarters of those in assisted-living facilities and a majority of the recipients of home care, it is essential that planning for the uncertainties of long-term care factor heavily into overall retirement planning. It is important for women in or nearing retirement to adjust their financial plan accordingly to account for these costly needs.
One of the most important steps to preparing for a time in your life when you may no longer be able to care for yourself is to ensure that you have a source of guaranteed income for life. For example, a fixed indexed annuity—a tax-deferred product offered by life insurance companies—can provide a guaranteed lifetime income stream, even if the account balance falls to zero. And, because interest credited to a fixed indexed annuity can be determined by a formula linked to a market index, the product offers the opportunity for increased interest over other traditional annuities.
You can also use the proceeds from certain annuities with qualifying riders with long term care benefits to pay for long-term care costs tax-free.
To learn more about fixed indexed annuities, check out this brief educational video.
This content was provided by the Indexed Annuity Leadership Council, and did not involve the Kiplinger editorial staff.
-
Nasdaq Sinks 418 Points as Tech Chills: Stock Market TodayInvestors, traders and speculators are growing cooler to the AI revolution as winter approaches.
-
23 Last-Minute Gifts That Still Arrive Before ChristmasScrambling to cross those last few names off your list? Here are 23 last-minute gifts that you can still get in time for Christmas.
-
The Rule of Compounding: Why Time Is an Investor's Best FriendDescribed as both a "miracle" and a "wonder," compound interest is simply a function of time.
-
457 Plan Contribution Limits for 2026Retirement plans There are higher 457 plan contribution limits in 2026. That's good news for state and local government employees.
-
Medicare Basics: 12 Things You Need to KnowMedicare There's Medicare Part A, Part B, Part D, Medigap plans, Medicare Advantage plans and so on. We sort out the confusion about signing up for Medicare — and much more.
-
The Seven Worst Assets to Leave Your Kids or Grandkidsinheritance Leaving these assets to your loved ones may be more trouble than it’s worth. Here's how to avoid adding to their grief after you're gone.
-
SEP IRA Contribution Limits for 2026SEP IRA A good option for small business owners, SEP IRAs allow individual annual contributions of as much as $70,000 in 2025, and up to $72,000 in 2026.
-
Roth IRA Contribution Limits for 2026Roth IRAs Roth IRAs allow you to save for retirement with after-tax dollars while you're working, and then withdraw those contributions and earnings tax-free when you retire. Here's a look at 2026 limits and income-based phaseouts.
-
SIMPLE IRA Contribution Limits for 2026simple IRA For 2026, the SIMPLE IRA contribution limit rises to $17,000, with a $4,000 catch-up for those 50 and over, totaling $21,000.
-
457 Contribution Limits for 2024retirement plans State and local government workers can contribute more to their 457 plans in 2024 than in 2023.
-
Roth 401(k) Contribution Limits for 2026retirement plans The Roth 401(k) contribution limit for 2026 has increased, and workers who are 50 and older can save even more.
