Long-term care costs can derail your retirement if you're not prepared. Learn how to protect your income, assets, and family with smart planning, real numbers, and expert advice.

You've worked hard to save for retirement, but one major expense could throw everything off course: long-term care. This hidden cost could eat into your income and assets, limit your lifestyle, and put pressure on the people you love.

What is Long-Term Care?

Matt McCann, CLTC, one of the nation's top experts in long-term care planning, says long-term care is expensive and getting more so in the years ahead, and most people are unprepared.

"If you or your spouse need help with daily living activities or develop dementia, you and your family can face both emotional and financial strain."

Knowing the cost of extended care and planning now could be one of your most important financial decisions, not to mention how it can give your loved ones the time to remain, family, instead of becoming caregivers or managers of professional services.

Why to Think About Long-Term Care Now

Most people associate retirement planning with savings, investments, and Social Security. But McCann says many overlook another piece: how to pay for care if your health declines.

• Nearly 56% of people over age 65 will need long-term care at some point.
• The longer you live, the more likely you are to need help.
• Dementia, strokes, and mobility issues are common reasons people need extended care.

Matt McCann says too many people wait until it's too late.

"Planning isn't just about protecting assets. It's about protecting your family from the stress of being forced into caregiving roles they aren't trained for."

McCann recalls one couple he worked with back in 2000. They had just experienced the emotional and financial toll of long-term care firsthand. The wife's father needed care after a stroke, and she and her sister tried to split time off work to provide care for themselves.

"It was overwhelming," McCann said.

"Eventually, they had to hire professional home care and later move him into assisted living."

That decision drained much of their savings. Her mother was left with far fewer resources — and when she developed dementia years later, she too needed care. Eventually, she spent down her assets and qualified for Medicaid.

"That couple understood the real-life consequences," McCann said.

"They purchased long-term care policies because they didn't want to repeat that cycle."

Last year, their adult children bought policies of their own. Now their mom is receiving care due to dementia — and the policy they bought 20 years ago is paying for most of it.

What Does Long-Term Care Cost?

Using the LTC News Cost of Care Calculator, you can see just how much care costs in your area.

National median costs (2025):

• Home Health Care (44 hours/week): $5,524/month ($65,757/year)
• Assisted Living: $4,874/month ($58,025/year) before surcharges that can add around $2000 more a month. Memory care will cost even more.
• Nursing Home (Private Room): $10,540/month ($125,447/year)

In many areas of the country, the costs can be significantly higher.

"The cost of care increases every year," McCann said.

"If you're not planning with inflation in mind, you're going to have much less than you probably will need when you need long-term care services."

McCann notes you can need long-term care at any time in life, but the risks do increase with age.

And those increases in long-term care costs won't slow down. Over the next two decades, as more Americans age into their 70s and 80s, the demand for care will grow.

McCann notes that costs are expected to rise sharply due to inflation, staffing shortages, and increased demand for services.

These costs don't just impact the person receiving care. An independent spouse may have to drastically alter their lifestyle, spend down savings, or sell assets just to cover one partner's care. This can mean less money for housing, travel, and even basic needs.

What Insurance Covers — and What It Doesn't

You might assume Medicare or your health insurance will pick up the tab. That assumption is wrong.

• Health insurance only covers short-term rehab, not personal care.
• Medicare pays for up to 100 days in skilled nursing and rehab — not custodial care, which most people will need at some point.
• Medicaid requires you to have limited financial resources to qualify.

That means you're either paying out of pocket, relying on family, or a combination of both, or turning to Long-Term Care Insurance, assuming you wish to have purchased a policy when you were healthy.

Can Your Family Really Be Your Care Plan?

McCann says it might be natural to assume loved ones will help. But caregiving takes a toll:

• Most family caregivers are untrained.
• Caregiving often leads to burnout, especially for spouses or adult children.
• Many caregivers reduce work hours or leave their jobs, affecting their income.

"No one wants to be a burden," McCann said.

"People buy Long-Term Care Insurance not just for themselves, but to make sure their family doesn't suffer."

Finding quality long-term care services can be channeling as well. McCann recommends the LTC News Caregiver Directory, which has the largest database of caregivers and long-term care facilities in the country, which you can search based on where you or a loved one lives.

"When you have a Long-Term Care Insurance policy, you're first in line for top-quality care—because providers know they'll be paid reliably and on time."

How Long-Term Care Insurance Helps

A well-designed LTC Insurance policy helps you:

• Stay in control of where you receive care
• Protects savings and retirement income
• Give your family the freedom to support you without sacrificing their lives

"Policies today are customizable and more affordable than most people think," McCann said.

Most people purchase an LTC policy between ages 47 and 67, but your health will determine eligibility. Even if you have looked at LTC Insurance in the past, do it again, but seek an actual specialist in long-term care planning.

Revisiting Long-Term Care Planning: Why It's Time to Take Another Look Even If You Looked Before

You can choose benefits that fit your budget. A specialist in long-term care planning can help you:

• Select daily or monthly benefits based on local care costs
• Choose a benefit account, the initial amount of money in your policy before inflation, or even unlimited lifetime benefits.
• Add inflation protection to keep up with rising expenses
• Even consider shared spousal benefits

Is Long-Term Care Insurance Expensive?

Many people believe Long-Term Care Insurance is too expensive — until they get an accurate quote from a qualified LTC Insurance specialist like McCann.

"LTC Insurance is personally designed and very affordable, especially if you're in your 50s and in good health."

How Much Does Long-Term Care Insurance Cost at My Age?

There are multiple types of LTC Insurance coverage available today:

• Traditional LTC Insurance: Offers flexible benefit options and, in many states, includes Partnership-certified plans that protect more of your assets if you ever exhaust your policy benefits and need to qualify for Medicaid.
• Hybrid Policies: Combine life insurance or annuities with qualified long-term care benefits. If you don't use the LTC benefit, a death benefit goes to your heirs.
• Short-Term Care or Indemnity Plans: Typically offer one year or less of coverage. They pay a set daily cash amount and often have easier underwriting qualifications.

All policies are custom-designed. Premiums and underwriting rules vary widely depending on your age, health, and the insurer.

That's why working with a qualified Long-Term Care Insurance Specialist is essential. Look for one who represents multiple top-rated insurance companies with substantial experience and, ideally, holds the CLTC (certified in long-term care planning.)

A specialist will help you shop from all the top-rated insurance companies offering long-term care solutions, compare options, and design a plan that fits your needs and your budget.

Use the LTC News Cost of Care Calculator to Plan

Costs vary widely by state and city. The LTC News calculator shows real-time local data, plus projections for the next 25 years:

• Compare current costs by zip code
• Estimate future costs with inflation factored in
• Use the data to build an insurance plan with a specialist

How Much Does Long-Term Care Services Cost Near Me?

The LTC News Cost of Care Calculator is the most comprehensive review of current and future long-term care costs in the country. It shows the cost of all types and levels of care — from in-home support and adult day care to assisted living, memory care, and full nursing facilities — based on your location anywhere in the United States.

It's an essential tool for building a plan that fits your needs, goals, and budget.

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When Should You Start Planning?

The best time to look into Long-Term Care Insurance is before you retire:

• Premiums are lower
• You're more likely to qualify for good health discounts
• Waiting until your 60s or 70s can mean higher costs or ineligibility

If you've had a health scare, already retired, or just haven't thought about it yet, it's not too late. But the sooner you plan, the more options you'll have.

The Bottom Line

You can't predict the future, but you can prepare for it. Long-term care costs are rising. Most of us will need help eventually. Planning now gives you more control, more peace of mind, and protects the people you love.

"This isn't just a financial decision," McCann said.

"LTC planning is one of the most loving things you can do for your family."

Start by getting the facts. Use the LTC News Cost of Care Calculator and the LTC News Long-Term Care Insurance Education Center. Talk to a specialist like McCann and get accurate quotes. Design a plan that works for you and your family.

"The earlier you start planning for future long-term care, the easier it gets."

Get Professional Planning Help Now

Matt McCann, CLTC is licensed in all 50 states and the District of Columbia, representing top-rated insurance companies that provide long-term care solutions. He is also a regular panelist on the "62 Who Knew" Podcast.

His innovative approach allows clients to consult with him over the phone while viewing his computer screen, ensuring a convenient and transparent process for learning about, exploring, and selecting the best options.

You can get free and accurate quotes from all the top companies, along with professional recommendations -  Free and Accurate LTC Insurance Quotes.

Media Availability

McCann is available for radio, TV, and podcast interviews. He also speaks to groups and organizations worldwide on the issues of aging, caregiving, health, and long-term care. 

Contact McCann through his website for information.