As the holiday season approaches, November brings not only gatherings of family and friends but also an important reminder: it’s National Long-Term Care Awareness Month. This newsletter is designed to encourage you and your family to start conversations about long-term care (LTC) — what it means, how much it costs, and how to prepare financially and emotionally for the possibility of needing care in the future.
Why Long-Term Care Awareness Matters
Nearly 70% of people age 65 and older will require some form of long-term care during their lifetime (U.S. Department of Health and Human Services). The cost of care is rising. In 2024, the national median annual cost of a private nursing home room exceeded $108,000 — and it continues to increase each year.
Long-term care isn’t just about nursing homes. It includes assisted living, in-home care, adult day care, and support with everyday activities like bathing, dressing, and eating.
Without a plan, the burden of care often falls on family members or erodes retirement savings more quickly than expected.
Key Long-Term Care Planning Options
1. Traditional Long-Term Care Insurance
-Provides coverage for home health care, assisted living, or nursing facilities.
-Premiums are based on age and health at the time of application.
2. Hybrid Life Insurance with LTC Riders
-Combines permanent life insurance with long-term care benefits.
-Offers flexibility: if care is not needed, the policy still provides a death benefit.
3. Self-Funding or Health Savings Accounts (HSAs)
-Some individuals plan to use personal savings or HSAs to cover LTC costs.
-This requires disciplined saving and realistic cost projections.
4. Medicaid Planning-For those who spend down assets, Medicaid may cover certain LTC services.
-Requires careful planning due to strict eligibility rules.
-Typically, this a poverty-based welfare program.
Our Role in Your Long-Term Care Planning
As your advisor, we help you:
*Estimate potential LTC costs based on your health, family history, and region.
*Evaluate insurance and hybrid policy options that fit your financial plan.
*Coordinate with estate and tax professionals to protect assets and plan for care needs.
*Provide education and resources so you and
your family can make informed decisions.
Final Thoughts
Long-term care planning may not be a comfortable conversation, but it is one of the most important steps in building a resilient retirement strategy. National Long-Term Care Awareness Month is the perfect opportunity to start — or revisit — the discussion.
By being proactive today, you can help ensure that your care needs are met tomorrow without placing an undue burden on loved ones.
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