Why Long-Term Care Planning Matters
As people get older, many need help with daily tasks. This is called long-term care. It can include help with bathing, dressing, eating, or moving around. Care can happen at home, in assisted living, or in a nursing home.
Many people think Medicare will pay for long-term care. Most of the time, it does not. Medicaid may help, but only after most savings are used up. This can leave families with few options.
Long-term care can be very expensive. Home care can cost thousands of dollars each month. Nursing homes often cost even more. Without a plan, these costs can quickly drain retirement savings.
Traditional long-term care insurance is one option. It can help pay for care if you need it later. But some people worry about rising costs or paying for something they never use.
Today, there are other choices. Some plans combine life insurance or annuities with long-term care benefits. If you need care, the money can be used to help pay for it. If you never need care, your family may receive a benefit.
These options give more flexibility. You are not paying for something that may go unused. Many people like knowing their money will help them or their family.
Planning early gives you more choices. Waiting too long can make coverage more expensive or harder to get.
Long-term care planning also protects your loved ones. Without a plan, family members often become caregivers. This can cause stress, health problems, and money issues for them.
The goal is not fear. The goal is control. Planning helps protect your savings and your independence.
If you are 55 or older, now is a good time to learn your options. A simple plan today can protect your retirement and your family in the future.
Think about this…
• Roughly 70% of adults turning 65 will need some form of long-term care
during their lifetime.
• Nearly 48% of adults will pay for Long Term Care services at some point
(ASPE, 2019).
• About 20% of adults age 65+ will require long-term care for longer than
five years.
• Adults with chronic conditions like heart disease or dementia are significantly more likely to require Long Term Care.