Why Plan for Long Term Care
Long Term Care
The Importance of Planning Ahead
It may be difficult to envision a time in the future when you need help caring for yourself or your spouse, but the reality is that nearly 70% of us will need care someday – and 20% of us will need help for five years or more.1 Although many people rely on unpaid care from family members and others, nearly half will need some paid assistance.2
Long Term Care Insurance Provides Options
There are many ways to pay for care when you need it and where you’d like to receive it.
Addressing long term care (LTC) proactively is a crucial step toward securing not just your health but also your family’s future financial stability and well-being. Planning ahead for the possibility of LTC preserves your:
Financial security. LTC costs can be exorbitant, often posing a significant financial burden on families. Planning ahead gives you time to explore care services in your area and various options for financing care. Early planning also gives you more time to build a financial safety net specifically tailored to cover potential LTC expenses.
Independence and quality of life. Planning in advance empowers you to make informed decisions about your future care preferences. It allows you to choose the most suitable setting—whether it’s receiving care at home, in an assisted living facility, or a nursing home—so you can maintain a level of independence and quality of life that aligns with your preferences. A majority of people would prefer to stay in their own home for as long as they can, but “aging in place” requires careful planning.
Loved ones’ well-being. Unforeseen circumstances often force family members into the role of caregivers. Planning ahead for LTC can help prevent the financial, physical, and mental strain that caregiving can place on family members, allowing them to focus on providing companionship rather than managing complex care needs.
Insurability and affordability. Unfortunately, many people delay purchasing a policy until it’s too late and either can’t qualify or find themselves priced out. LTC insurance premiums are driven by your age and health, so ideally you’ll want to secure coverage while you’re young and before you develop any health issues that could render you uninsurable.
It’s tempting to delay LTC planning, however, it’s incredibly important that you plan for care before you actually need it. Failing to plan ahead can have major financial and health-related consequences, and you run the risk of not being able to cover the costs of your future needs.
LTC insurance is one way you can ensure that you’re prepared financially — and it reduces the chances that you’ll need to rely on loved ones for care or financial assistance. We understand that LTC insurance may not be appropriate for everyone, but LTC planning should be. Our Advisors can help you get started.
1 “How Much Care Will You Need?” LongTermCare.gov, accessed April 10, 2023
2 “What Is the Lifetime Risk of Needing and Receiving Long-Term Services and Supports?” US Department of Health and Human Services, accessed December 18, 2023.
3 2023 Alzheimer’s Facts and Figures, Alzheimer’s Association, 2023.
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