When it comes to insurance, there is no one-size-fits-all solution—and this is especially true for long-term care insurance. Your needs, resources, and personal situation are unique, and your long-term care insurance policy should reflect that.

Things to Consider When Planning Your Long-Term Care Policy

1. Protecting Your Assets

Long-term care insurance plays a vital role in overall retirement planning. Without adequate coverage, the cost of care can quickly erode the savings you’ve worked hard to build. Because every situation is different, it’s important to discuss your options with a trusted financial advisor to create a strategy tailored to your needs.

2. Understanding Current Long-Term Care Costs

The cost of care can vary greatly depending on where you live. Whether you plan to retire near family or relocate to a different state, your location plays a significant role in determining how much coverage you’ll need.

National Average Long-Term Care Costs in the U.S. (2021):

• $225/day or $7,756/month for a semi-private room in a nursing home

• $290/day or $8,821/month for a private room in a nursing home

• $141/day or $4,300/month for care in an assisted living facility (one-bedroom unit)

• $24.00/hour for a home health aide

• $23.50/hour for homemaker services

• $74/day for services in an adult day health care center

Keep in mind: The actual cost of care depends on the type of care, duration, location, and provider.

3. How Much Care Will You Need?

The amount and type of long-term care you may require is unpredictable. It can vary from person to person and often evolves over time. However, here are some important statistics to keep in mind:

• Nearly 70% of individuals turning age 65 today will need some form of long-term care in their lifetime.

• Women typically require care for an average of 3.7 years, while men need it for around 2.2 years.

• One-third of today’s 65-year-olds may never need long-term care.

• 20% of people will need care for more than 5 years.

Let’s Talk About Your Future

Planning for long-term care insurance can feel overwhelming—but it doesn’t have to be. If you’re unsure about how much coverage you need or what kind of policy makes sense for you, we’re here to help.

Give us a call today, and let’s sort it out—together.