Long Term Care
Long-term care planning can help protect retirement assets, preserve options, and reduce stress on loved ones. Explore strategies designed to help you plan with confidence.
Long-Term Care Planning
Consider long-term care planning while you’re still healthy and working.
Long-term care costs can quietly disrupt retirement plans. The goal isn’t to predict the future — it’s to build options and protect assets so you and your family can make decisions with clarity.
Consider it while you’re still younger
Many people keep long-term care coverage for years because once you understand what it protects, it becomes hard to unprotect that part of the plan.
Potentially lower premiums earlier
Long-term care insurance pricing is strongly affected by age and health.
More choices while you’re healthier
Waiting can mean fewer plan designs available or tougher underwriting.
Protect retirement assets
Planning ahead can help reduce the chance long-term care expenses derail retirement goals.
What long-term care can cost
Using recent national median cost benchmarks from 2024, long-term care costs can add up quickly, especially over multiple years.
| Type of care | Typical cost | Helpful way to think about it |
|---|---|---|
| Home health aide | Approximately $34 per hour | Costs scale quickly if you need daily or weekly help. |
| Assisted living | Approximately $5,900 per month | Approximately $197 per day or about $70,800 per year. |
| Nursing home, semi-private room | Approximately $9,277 per month | Approximately $305 per day or about $111,325 per year. |
| Nursing home, private room | Approximately $10,646 per month | Approximately $350 per day or about $127,750 per year. |
Sources:
CareScout and Genworth Cost of Care Survey 2024 national median
benchmarks.
CareScout Cost of Care
·
Genworth Cost of Care
How common is long-term care?
A widely cited benchmark is that someone turning 65 has a high likelihood of needing some form of long-term services and support. A meaningful portion of people need care for multiple years.
Many people will need some help
Planning is not worst-case thinking. It is preparing for a common retirement reality.
Care can last longer than expected
Some individuals need care for several years, which is why having a strategy matters.
Source:
U.S. Department of Health and Human Services and Administration for
Community Living long-term care planning resources.
ACL Long-Term Care
How does this actually work?
The simplest way to think about long-term care coverage is that you are buying time, dignity, and control. Dedicated benefits can help reduce the need to liquidate assets quickly if care is needed.
Example 1: No long-term care coverage
You pay out of pocket for in-home help, assisted living, or nursing care. Without a plan, costs can pressure retirement assets and create difficult family tradeoffs.
Example 2: Dedicated long-term care benefits
If you have, for example, $250,000 of dedicated long-term care benefits, you typically use your own money for what the plan does not cover, helping you preserve more assets and options.
Modern combination policy designs
Today’s market is not only use it or lose it. Depending on the product, long-term care benefits can be linked to life insurance or annuities and may provide value even if you never need extended care.
More than one outcome
Some designs include a death benefit if care is never needed.
Integrated with retirement strategy
Coverage can be coordinated with income planning, legacy goals, and risk management.
Compare options clearly
We can show the tradeoffs between traditional LTC and combination designs based on your goals.
Frequently Asked Questions
A few common questions we hear from families planning for long-term care.
What age is too early to look at long-term care planning?
Many people explore options in their 50s or early 60s, while health is stronger and planning choices are wider. The right timing depends on health, assets, family history, and retirement timeline.
Is long-term care only nursing home care?
No. Long-term care can include in-home help, assisted living, and other support services. Coverage options and definitions vary by product and carrier.
If I never need care, did I waste the money?
Traditional coverage is designed for risk transfer, similar to homeowners insurance. Newer combination designs may provide alternate value, such as a death benefit, if care is not needed, depending on the product.
Can we tailor coverage to a budget?
Often, yes. Benefit amounts, benefit periods, elimination periods, inflation options, and product type can be adjusted. The focus is on building a plan that supports your overall retirement strategy.
Want to see what long-term care options look like for you?
We’ll review your age, health considerations, retirement assets, and goals, and then compare approaches including traditional long-term care coverage, combination designs, and self-funding strategies so you can make a confident decision.
Educational disclosure: This page is for general information only and is not intended as investment, insurance, tax, or legal advice. Coverage availability, costs, and benefits vary by carrier and individual underwriting.
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