It is widely reported that on average, women outlive men. The average 30 year old woman today will likely live to be 91 years old while her male counterpart will live to 87. That translates into women spending a whopping $548,098 on healthcare while men spend only $429,466! What explains the over $100,000 difference in costs? Longer life expectancy and increasing healthcare costs as women age.
That brings us to what it means for women planning for retirement. Living longer might be considered a blessing. However, as a result of time away from the workplace during child rearing years and a track record of women being paid less than men, women end up with an average of 23% less in Social Security payments.
According to Genworth, women spend twice as many years in a disabled state then men. They report that the average cost for a private room in a care facility is currently $92,000 per year and $3500 per month for home health care expenses. As women live longer, funds become tighter and so, it is critical that women factor in the high, increasing cost of health care in their final years as they plot an investment strategy while younger.
You can read more in the HealthView Services report that provides several cost projections based on age, race and health conditions.