Long-Term Care Needs
Seven of ten people over 65 years old can expect to need extended-care services at some point in their life.*
LTC is more than just a policy, it can be fundamental to your quality of life.
Long-term care isn’t flashy or fun, but planning for it as a potential reality can save you and your loved ones a lot of anguish. None of us are infallible, so making these determinations before a situation demands it can be empowering, even comforting. It provides a level of assurance and control so what’s important to your care and retirement assets are addressed, while avoiding unecessary burden on your family and friends.
When most of us think about our own extended-care needs, the same themes come up repeatedly. Maintaining our independence and dignity as much as possible, protecting assets, and sharing wishes and values with loved ones are supreme. There are some other things we don’t often consider though. Like how a relationship with a spouse changes if one must become the other’s primary caregiver. Or how that might affect the caregiver’s own health and fulfillment.
Considering long-term care needs is one of the most compassionate ways to honor yourself and loved ones as you plan for retirement.
1 out of 10 people age 65 and older has Alzheimer’s disease today — about 5.5 million in all. By the middle part of this century, a new case of Alzheimer’s will develop every 33 seconds.*
Alzheimer’s and numerous other chronic illnesses can create “the great retirement income gap” where expenses associated with care and aging significantly increase while income remains constant. Long-term care policies effectively work to close this gap.
With age comes wisdom…
Extended-care refers to a variety of medical and non-medical services to assist with daily living needs. This can include everything from driving to the store on your behalf to skilled medical care in a nursing facility.
The national average cost for an assisted living center is $54,000 annually. Nursing home averages are above $108,000 annually.*
Without planning or LTC coverage, your only option might be to self-insure, meaning personal assets, investments, and savings must fund your extended-care needs.
Like other insurance policies, LTC and extended-care policies are complex and have different coverage levels, costs, and benefits. When you factor in moving markets, possible inflation, and the unknown status of your health in the future, it can be overwhelming. If you’re unsure about how to address your retirement and long-term care planning needs, our experienced team is here to help.
There are two ways to plan for long-term care.
Which would you choose?
1. Crisis Planning
Being forced to accept a plan in a crisis situation.
2. Advanced Planning
Deciding between options before a crisis.
Don’t leave long-term care planning to chance. Start advanced planning today.
“The great thing about getting older is that you don’t lose all the other ages you’ve been.”
- MADELEINE L’ENGLE
*Sources: acl.gov/ltc ♦ Genworth, 2022 ♦ 2018 Alzheimer’s Disease Facts and Figures. Alzheimer’s Association. www.alz.org