Will You Need Long-Term Care? 3 Questions to Help You Prepare
Key Insights
- More than half of Americans turning 65 will need some form of long-term care during their lifetime.
- Long-term care can include home care, assisted living, memory care, and skilled nursing services.
- Understanding potential care costs can help you better prepare for future financial needs.
- Long-term care insurance and other coverage options can help protect your savings and assets.
- Planning ahead provides more choices, reduces family stress, and helps maintain independence.
Most people don’t spend much time thinking about long-term care. It’s one of those topics that’s easy to postpone because we hope we’ll never need it. The truth is, planning ahead isn’t about expecting the worst; it’s about protecting your future choices, your retirement savings, and your loved ones. Fortunately, getting started is easier than you might think. It begins with answering three simple questions.
Question #1: What Are the Chances I’ll Need Long-Term Care?
Many people believe long-term care is something that only happens to a small percentage of older adults. However, it’s much more common. According to the U.S. Department of Health and Human Services, over 50% of Americans turning age 65 today will need some type of long-term care services during their lifetime.
Long-term care isn’t limited to nursing homes. It may include:
- Home care to assist with bathing, dressing, or meal preparation
- Home health aide services
- Adult day care
- Assisted living communities
- Memory care
- Skilled nursing care
Many people receive care in the comfort of their own home, making it possible to maintain independence while getting the support they need.
The question isn’t simply if you’ll need care; it’s whether you’ll have a plan in place if you do.
Question #2: What Could Care Cost?
The cost of long-term care depends on where you live and the type of care you receive. Home care, assisted living, memory care, and skilled nursing all have different costs, and those costs continue to rise over time. Instead of relying on national averages, use our Cost of Care Calculator to estimate what care may cost in your area today and what it could cost in the future. The calculator lets you estimate costs based on:
- Your state
- The type of care you may need
- Future inflation
- The year you anticipate needing care
Knowing the potential cost is an important first step in determining how much of the expense you may want to plan for.
Try the Cost of Care Calculator.
Question #3: What Type of Plan Is Right for Me?
Every family’s situation is different. Some people may benefit from traditional long-term care insurance, while others may find that hybrid life insurance or short-term care coverage better fits their goals and budget. If you’re not sure where to begin, our Long-Term Care Policy Quiz can help.
In just a few minutes, you’ll answer a series of questions that can help identify which planning solution will best fit your circumstances. It’s a simple, educational way to begin exploring your options before speaking with a licensed advisor.
Why Planning Before You Need Care Matters
One of the greatest benefits of planning early is having choices. When you’re healthy, you may qualify for more coverage options and potentially lower premiums. More importantly, you can make thoughtful decisions about how you want to receive care, before a health event forces those decisions upon you. Planning ahead may help you:
- Protect retirement savings from unexpected care expenses
- Preserve assets for your spouse, family, or other financial goals
- Reduce the emotional and financial burden on loved ones
- Maintain greater independence and choice
- Create a predictable strategy for one of retirement’s largest financial risks
Even a modest plan can make a meaningful difference by helping pay for home care or assisted living, allowing family members to focus on supporting you rather than worrying about finances.
Start with Information. Finish with Confidence.
No one can predict the future, but everyone can prepare for it. With over half of adults expected to need some form of long-term care, having a plan is one of the smartest financial and personal decisions you can make.
Take a few minutes today to learn more about your potential costs and the planning solutions available to you.
Start Here
Cost of Care Calculator
Estimate the cost of long-term care where you live and see how those costs may grow over time.
Long-Term Care Policy Quiz
Discover which planning solution may best fit your goals, health, and financial situation.
The best time to plan is before you need care. Your future self and your family will thank you.
