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Long-Term Care Planning

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Why It Can't Wait

Most seniors will need long-term care, yet many have not planned for how the cost could affect their savings, assets, and family.

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70% of people turning 65 will need some form of LTC in their lifetime.1
15% of Americans 65+ have LTC coverage.2
1 in 5 will need care for more than five years.3

The Planning Gap

Though the odds may not be in your favor based on statistics alone, intentional planning can improve your options. The right kind of planning is about reclaiming independence, protecting your family, and preserving your choices before a health event narrows your options.
 
  1. Protect Your Savings
    Care costs can directly impact your income, cash, retirement accounts, and investments.
  2. Protect Your Family
    The need for long-term care can change the daily lives, finances, and retirement outlook of loved ones.
  3. Protect Your Choices
    Planning ahead of any possible health changes can preserve more care and funding options.
  4. Protect Your Dignity
    A written strategy can reduce uncertainty when personal care decisions matter.

What Does Long-Term Care Actually Cost?4

Nursing home private room – $129,575/yr
Home care 44 hrs./week – $80,080/yr
Assisted living – $74,400/yr
Adult day care – $24,700/yr

A multi-year care event can become a six-figure retirement expense.

The Medicare Myth

Medicare was not designed to cover long-term custodial care. There are certain things it may not cover for you, including custodial care, assisted living room and board, memory care, and long-term home health aide support.

Additionally, Medicaid may not be the answer, either, as it can require significant spend-down of countable assets.

Days 1-20
May be fully covered.

Days 21-100
A daily copay can apply.

Day 100+
Medicare coverage ends.

The Hidden Costs of LTC

While a health event that requires long-term care has an obvious effect on your life and expenses, it can also potentially reshape your family’s future. It is not uncommon for adult children to juggle work and raising their own children while also serving as a care provider for a parent. Caregiving for a family member can also reduce contributions and earning potential, and out-of-pocket care is often insufficient for multi-year care.

Find Modern Strategies for Your LTC Needs

Asset-based LTC strategies can create value whether care is needed, never needed, or plans change.

Need care
LTC benefits can help cover home health care, assisted living, and memory care.

Never need it
A death benefit may pass to heirs if LTC benefits are not used.

Change your mind
Some products may offer full return of premium.

Planning is most accessible before health changes.

  1. Most aging Americans will need long-term care in their lifetime. Loved ones often take on the labor and costs. – CBS News
  2. https://crr.bc.edu/do-older-adults-understand-healthcare-risks/
  3. Long-Term Care Average Length & Cost | Northwestern Mutual
  4. CareScout | Cost of Care

One conversation today can help protect tomorrow.

Schedule your no-obligation LTC planning review now.

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