What Clients Wish They Knew Sooner About Long-Term Care
Key Insights
- Long-term care can be needed at any age, not just in old age, and includes help with daily activities due to illness or injury.
- Medicare and health insurance don’t cover most long-term care costs, leaving families vulnerable to high out-of-pocket expenses.
- The cost of care can easily exceed $100,000 per year, making early planning essential to preserve savings and options.
- Planning early gives you access to more affordable and flexible coverage options tailored to your needs.
- Long-term care planning protects both your finances and your family by reducing stress and ensuring your wishes are honored.
When it comes to planning for the future, few topics are as important or as overlooked as long-term care (LTC). Many families don’t think about it until a sudden illness or injury forces quick decisions. By then, options are limited, costs are higher, and stress levels are through the roof. But it doesn’t have to be that way. Here’s what many clients say they wish they’d known sooner about long-term care planning.
1. Long-term care isn’t just for “old age.”
Many people associate LTC with nursing homes or end-of-life care, but that’s only part of the story. Long-term care includes any ongoing assistance with daily activities like bathing, dressing, or eating due to chronic illness, disability, or cognitive decline.
Accidents or medical conditions can create a need for care at any age, not just after retirement. In fact, our agency had a client on claim for an automobile accident for approximately one year. She was in her mid-50s.
2. Medicare and health insurance don’t cover everything.
A common misconception is that Medicare or private health insurance will pay for long-term care. In reality, Medicare only covers short-term skilled nursing or rehabilitation, not ongoing custodial care. Without a plan in place, families often face out-of-pocket costs that can quickly deplete savings.
3. The cost of care can be staggering.
According to recent studies, the average annual cost for a private room in a nursing home exceeds $100,000, while assisted living averages over $60,000 per year. Even home care can cost thousands per month depending on the level of assistance needed.
Planning early allows you to explore affordable solutions like long-term care insurance, hybrid life insurance policies, or other funding strategies before costs or health changes limit your options.
4. Starting early means more options.
The best time to think about LTC is well before you need it. Premiums for long-term care insurance are generally lower when you’re younger and healthier, and coverage is easier to qualify for. Even if traditional LTC insurance doesn’t fit your situation, early planning gives you time to consider alternative strategies, such as:
- Hybrid life/LTC policies
- Annuities with long-term care riders
- Asset-based planning approaches
Our agency takes a holistic approach to your planning by looking at different funding options and plan designs. By starting your planning early, you are able to take advantage of the various options that are available in your state.
5. It’s about protecting your family, not just your finances.
Long-term care planning isn’t only about money—it’s about peace of mind. Without a plan in place, the burden often falls on loved ones to make emotional, financial, and logistical decisions in the middle of a crisis. By preparing ahead, you can maintain control over your care preferences and relieve your family of that future stress.
6. Professional guidance makes a big difference.
LTC planning can be complex, but you don’t have to do it alone. A knowledgeable financial professional can help you:
- Understand your options
- Compare plan costs
- Create a strategy tailored to your goals and budget
The earlier you start, the more flexibility and security you’ll have down the road.
The Bottom Line
Long-term care is more than just a financial issue—it’s a family issue. Planning early helps ensure you get the care you want, without putting unnecessary strain on those you love most.
If you’d like to discuss strategies for protecting your health, assets, and independence, let’s start the conversation today.
For nearly 20 years, Andrew has helped individuals, families, and business owners gain confidence through personalized financial and retirement planning. As a Wealth Advisor and Long-Term Care Specialist, he primarily focuses on protecting and preserving assets, maximizing income, and building strategies that align with each client’s goals. A fiduciary committed to transparency and integrity, Andrew offers expertise in investment management, tax planning, estate planning, and long-term care planning. He holds advanced credentials including CRPC, CLTC, and has earned a Retirement Planning Specialist Certificate from the Wharton School.
