Long-term care planning addresses a risk that most people don't have a plan for until it's too late. It's an uncomfortable conversation, parents with children, children with parents, and more often than not, people find themselves in a situation before they have the plan in place to address it.
The most important thing with long-term care planning isn't necessarily insurance. It's having a plan. It's knowing what you want, what your preferences are, and how you can address a need when it arises. Insurance might be part of that process. Sometimes it is. Sometimes it isn't. We evaluate it at that time based on your specific situation.
Common Questions
What is long-term care planning?
At its core, having a plan means knowing your preferences. A lot of people think it means "buying insurance," and while that can be part of the strategy, it's much more important to know what you want to happen, how you would pay for care, and who would help coordinate it. The plan itself comes first, and then we talk about what tools we use to put that plan into place.
Does Medicare cover long-term care?
Generally no, not the way most people assume. Medicare covers some short-term skilled care, but it doesn't cover extended custodial care, which is the kind most people end up needing. That gap is exactly why planning ahead matters.
How much does long-term care cost?
It varies based on location and who's providing that care, but it's almost always expensive enough to derail a retirement plan or put your assets at risk. A single extended care event can drain savings quickly. Knowing the real numbers for your area ahead of time is part of why we plan for it instead of hoping it never happens.
Do I need long-term care insurance?
Maybe. The only thing you really need is a plan. Insurance could be one way to address the risk, but it isn't the only way, and it isn't right for everyone. For some, long-term care insurance is essentially a no-brainer. For others, we don't even consider it.
When should I start planning for long-term care?
Now. I know that sounds hyperbolic, but there's never a bad time to have an idea of how you'd want your long-term care needs to be addressed. There are two benefits to doing this: One is that all your options can still be on the table. The other is that a plan could be the difference in saving tens (or even hundreds!) of thousands of dollars.
Insurance products are not FDIC insured, are not bank guaranteed, and may lose value. Insurance products are not deposits or obligations of any bank and are not guaranteed by any bank or bank affiliate.
The information provided is for educational purposes only and should not be construed as legal, tax, or investment advice. Please consult with qualified professionals regarding your specific situation.
Turn the what-if into a plan.
It's free to have that first conversation, and you'll walk away knowing more about your situation than you did when you came in.