Long-Term Care Is Expensive. Are You Ready for It?

Why You Can’t Afford to Ignore Long-Term Care Planning

Most people don’t think about long-term care—until it’s too late. Maybe you’ve seen it happen to a friend or family member: a sudden health issue, a need for daily assistance, and before they knew it, their savings started disappearing to cover the costs.

Long-term care isn’t just a possibility—it’s something most retirees will face at some point. The real question is, will you be financially ready for it?

Too many retirees assume that Medicare or their savings will cover everything, only to find out too late that they aren’t fully protected. The result? A financial burden that can quickly drain assets and put stress on loved ones.

The good news? You can take control now. With the right planning, you can protect your savings, ensure you get quality care, and avoid putting financial strain on your family. Let’s talk about what you need to know.

---

The Reality of Long-Term Care Costs

1. It’s More Expensive Than You Think

Long-term care isn’t just a “what-if” scenario—it’s a when for many retirees. Costs range from $5,000+ per month for home care to $9,000+ for nursing home care—and in some areas, even higher.

Since the average person may need care for several years, these expenses can add up quickly, leaving many retirees financially unprepared.

2. Medicare Won’t Cover It All

One of the biggest myths about long-term care? That Medicare will cover it. It won’t—at least, not for the long haul.

While Medicare helps with short-term rehab after a hospital stay, it doesn’t pay for ongoing care like assisted living or nursing homes. That leaves most retirees scrambling for solutions.

⚠ What about Medicaid? Yes, Medicaid can cover long-term care, but only after you’ve spent down most of your assets. That’s not a great strategy if you want to preserve your savings.

---

Are You Financially Prepared for Long-Term Care?

Here are the key questions to ask yourself:

✅ Do I have enough savings to cover years of care if needed?
✅ Will my spouse have enough financial security if I require long-term care?
✅ Do I want to rely on my children to cover these costs?
✅ Would I rather have a structured plan in place to cover expenses?

If you’re unsure about any of these, now is the time to explore your options.

---

Smart Ways to Plan for Long-Term Care

1. Long-Term Care Insurance

Traditional long-term care insurance helps cover costs but can be pricey. The earlier you buy it, the lower the premiums—so ideally, consider it in your 50s or early 60s before rates climb.

🔹 Bonus Tip: Before purchasing new coverage, check your existing policies—some life insurance or employer benefits might already include long-term care provisions.

2. Hybrid Life Insurance Policies

These policies combine life insurance with long-term care coverage. If you don’t use the care benefits, your heirs still receive a payout—a win-win alternative to traditional long-term care insurance.

3. Annuities with Long-Term Care Benefits

Some annuities come with long-term care riders that help cover costs. This option provides both guaranteed income and a way to manage care expenses.

4. Self-Funding with Retirement Assets

If you have substantial savings, you may choose to self-fund your long-term care. However, without a plan, this can deplete assets quickly, potentially leaving your spouse or heirs with less financial security.

---

Protect Your Future Without Stressing Your Finances

Protect Your Future Without Stressing Your Finances

No one wants to spend their retirement worrying about healthcare costs, and no family wants to make tough financial decisions when a loved one needs care. Planning ahead now ensures you get quality care without draining your savings or putting financial stress on your loved ones.

Next Steps to Take Today:

✔ Request a personalized long-term care risk assessment
✔ Review your existing insurance policies for hidden benefits
✔ Calculate how long your savings would last if you needed care

👉 Waiting until care is needed means fewer (and more expensive) options. Don’t wait—call Barb Swiatek at 719.597.2179 today for a personalized long-term care strategy.