Prepare today for possible long-term care expenses

No one wants to think about being incapacitated by a health problem later in life. But 2015 estimates from the Centers for Medicare & Medicaid Services offer some statistics you may want to consider:

  • 70% of Americans who reach age 65 will need some form of long-term care;
  • 40% will need nursing home care at some point; and 
  • the average duration for long-term care is three years.

And the cost for care can add up quickly. Long-term care insurance may be practical to consider in order to help protect your wealth, given the alternatives. For example, Medicaid may require you liquidate most of your property and investable assets to qualify, and means you give up control over where and how you receive care.

While you can always self-insure, you need to set aside a considerable amount to avoid becoming a burden on others, which may cause you to divert assets from other equally important goals—such as creating retirement income or providing a financial legacy for loved ones and the worthy causes you support.

One solution that provides funds for long-term care expenses while providing a tool to help protect and transfer wealth to the people you care about is a life insurance policy, with a long-term care rider, which offers flexibility, convenience and value—but other innovative insurance strategies may also be available to you.

Contact us today to learn more about long-term care strategies and solutions and to discuss how we can help you feel more confident about your financial security in retirement.

Annual cost of a private room in a nursing home

Current Median

$91,250

Estimated 2025 Cost

$135,000

Estimated 2035 Cost

$200,000

Additional resources

If any of these pieces inspires a question or investment idea, please contact us any time. We’d love to hear from you.