Long Term Care
Long-term care planning can help protect retirement assets, preserve options, and reduce stress on loved ones. Explore strategies designed to help you plan with confidence.
Long-Term Care Planning
Consider long-term care planning while you’re still healthy and working.
Long-term care costs can quietly disrupt retirement plans. The goal isn’t to predict the future—it’s to build options and protect assets so you and your family can make decisions with clarity.
Consider it while you’re still younger
Many people keep long-term care coverage for years because once you understand what it protects, it becomes hard to “un-protect” that part of the plan.
Potentially lower premiums earlier
Long-term care insurance pricing is strongly affected by age and health.
More choices while you’re healthier
Waiting can mean fewer plan designs available—or tougher underwriting.
Protect retirement assets
Planning ahead can help reduce the chance long-term care expenses derail retirement goals.
What long-term care can cost
Using recent national median cost benchmarks from 2024, long-term care expenses can add up quickly—especially over multiple years.
| Type of care | Typical cost | Helpful way to think about it |
|---|---|---|
| Home health aide | Approximately $34 per hour | Costs can increase quickly if daily or weekly assistance is needed. |
| Assisted living | Approximately $5,900 per month | Approximately $197 per day or $70,800 per year. |
| Nursing home — semi-private | Approximately $9,277 per month | Approximately $305 per day or $111,325 per year. |
| Nursing home — private | Approximately $10,646 per month | Approximately $350 per day or $127,750 per year. |
Sources: CareScout and Genworth Cost of Care Survey 2024
national median benchmarks.
CareScout Cost of Care
·
Genworth Cost of Care
How common is long-term care?
A widely cited benchmark is that someone turning 65 has a high likelihood of needing some form of long-term services and support—and a meaningful portion of people need care for multiple years.
Many people will need some help
Planning is not worst-case thinking. It is preparing for a common retirement reality.
Care can last longer than expected
Some individuals need care for several years, which is why having a strategy matters.
Source: U.S. Department of Health and Human Services and
Administration for Community Living long-term care resources.
ACL Long-Term Care
How does long-term care coverage work?
One way to think about long-term care coverage is that you are buying time, dignity, and control. Dedicated benefits may help reduce the need to liquidate assets quickly when care is needed.
Example 1: No long-term care coverage
You pay out of pocket for in-home help, assisted living, or nursing care. Without a plan, these costs can pressure retirement assets and create difficult family tradeoffs.
Example 2: Dedicated long-term care benefits
If you have dedicated long-term care benefits, you generally use personal assets for expenses the plan does not cover. This may help preserve more assets and planning options.
Modern combination policy designs
Today’s market is not limited to traditional use-it-or-lose-it coverage. Depending on the product, long-term care benefits may be linked to life insurance or annuities and may provide value even if extended care is never needed.
More than one possible outcome
Some policy designs include a death benefit if long-term care is never needed.
Integrated with a retirement strategy
Coverage may be coordinated with retirement income, legacy goals, and risk-management strategies.
Compare options clearly
Traditional long-term care and combination designs can be compared based on your goals, health, budget, and preferences.
Frequently Asked Questions
Common questions families ask when planning for potential long-term care needs.
What age is too early to explore long-term care planning?
Many people explore their options in their 50s or early 60s while health is stronger and planning choices may be wider. The right timing depends on health, assets, family history, and retirement timeline.
Is long-term care limited to nursing home care?
No. Long-term care may include assistance at home, assisted living, adult day care, memory care, and nursing care. Coverage definitions and benefits vary by policy and insurance carrier.
What happens if I never need care?
Traditional coverage is designed to transfer risk, much like other types of insurance. Some combination policies may offer an alternative benefit, such as a death benefit, when long-term care is not needed.
Can coverage be tailored to a budget?
Often, yes. Benefit amounts, benefit periods, elimination periods, inflation options, and the type of policy may be adjusted. The goal is to evaluate coverage in the context of your overall retirement strategy.
Want to see what long-term care options may look like for you?
We’ll review your age, health considerations, retirement assets, and goals—and then compare traditional long-term care, combination designs, and self-funding approaches so you can make a more informed decision.
Educational disclosure: This page is for general information only and is not intended as investment, insurance, tax, or legal advice. Coverage availability, costs, and benefits vary by carrier and individual underwriting.
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