When most people think about long-term care, their minds immediately go to nursing homes or assisted living facilities. But long-term care planning is about much more than anticipating where you might live someday — it’s about protecting your independence, your assets, and the people you love.

Why Long-Term Care Belongs in Every Financial Plan

Long-term care is one of the most overlooked areas of financial planning. Many assume Medicare or health insurance will cover these expenses, but in most cases, they don’t. According to the U.S. Department of Health and Human Services, nearly 70% of adults over age 65 will need some type of long-term care in their lifetime¹ — whether that’s in-home assistance, adult day services, or a full-time care facility.

Without preparation, those costs can quickly deplete savings and impact your retirement goals. That’s why it’s important to think of long-term care as an essential part of your overall financial picture, not an afterthought.

Building Care Into the Bigger Picture

Integrating long-term care into your plan begins with understanding how it aligns with your other priorities. You might ask:

  • How would long-term care needs affect my retirement income strategy?
  • Are there assets I want to preserve or pass down to loved ones?
  • What type of care aligns best with my personal preferences and family dynamics?

Answering these questions helps you and your advisor design a plan that aligns care goals with financial realities — balancing protection, flexibility, and peace of mind.

Exploring Your Options

There’s no one-size-fits-all approach to long-term care funding. Depending on your age, health, and financial situation, you might explore:

  • Long-term care insurance: Designed to help pay for care costs, whether at home or in a facility.
  • Hybrid life insurance policies: Combine life insurance with long-term care benefits, offering flexibility if care isn’t needed.
  • Annuities with care riders: Provide income while offering additional protection for care-related expenses.
  • Self-funding strategies: Setting aside a portion of savings or investments specifically for potential care needs.

A Wealth Advisor can help you evaluate which approach best fits your goals and identify potential tax advantages or savings opportunities.

Planning Sooner, Not Later

Starting early can make a meaningful difference. Premiums for coverage are typically lower at younger ages and when you’re in good health. But even if you’re approaching retirement or already there, it’s never too late to explore your options and adjust your financial plan accordingly.

Bringing It All Together

Long-term care planning isn’t just about preparing for what could go wrong — it’s about ensuring your hard work, savings, and legacy continue to serve you and your family for years to come. It’s about confidence, not uncertainty.

If you’d like help incorporating long-term care into your overall financial strategy, our Investment Services team can help you create a plan that fits your life and goals.

Schedule a complimentary consultation today.

¹ U.S. Department of Health and Human Services, Administration for Community Living – “How Much Care Will You Need?” https://acl.gov/ltc/basic-needs/how-much-care-will-you-need

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