As the number of family caregivers in the U.S. continues to rise, so does the financial and emotional burden of providing long-term care for aging loved ones. A recent study published in Health Affairs found that the number of unpaid family caregivers surged by 32% over the past decade.
The number of hours spent caring for older adults with dementia also increased by nearly 50% during the same period.
With the population of adults aged 85 and older projected to triple by 2050, long-term care planning is taking center stage as an essential component of retirement security. Experts say that relying solely on family caregivers to shoulder the responsibility of care is neither sustainable nor fair—making Long-Term Care Insurance an increasingly vital solution.
A Growing Caregiving Crisis
The study, which analyzed data from the National Health and Aging Trends Study (NHATS) and the National Study of Caregiving (NSOC), found that caregiving duties continue to impact women disproportionately. Many caregivers struggle with balancing work, childcare, and their own health needs while providing care for aging relatives.
Matt McCann, a nationally recognized expert on long-term care planning, says that while caregiving can be an act of love, it often comes at the cost of careers, personal health, and financial stability.
"This surge in unpaid caregiving highlights a harsh reality: families are being forced into caregiving roles they may not be financially, emotionally, or logistically prepared for."
McCann says that the increased reliance on family caregivers is occurring despite the availability of quality paid care services, but costs remain a significant hurdle.
"Many families are unaware that Medicare only covers short-term skilled care, exposing them to the high costs of long-term assistance at home or in care facilities. Family caregivers must often step in because their loved ones' funds are limited, leaving the healthy spouse struggling financially."
Role of Long-Term Care Insurance
Long-Term Care Insurance provides a critical safety net, ensuring that you or a loved one can access quality care without burdening other family members.
The cost of long-term care services will increase rapidly over the years. LTC Insurance policies help cover the costs of in-home care, assisted living, and skilled nursing facilities—expenses that can quickly impact income and deplete retirement savings.
"Long-Term Care Insurance is not just about covering the cost of care—it's about preserving independence and dignity."
McCann explains that with a well-designed LTC Insurance policy, you can receive care in the setting of your choice, often in the comfort of your own home, without forcing family members to take on the role of full-time caregivers.
As caregiving networks remain under pressure and family structures shift, McCann emphasized the importance of early planning.
"The best time to secure Long-Term Care Insurance is when you're in your 50s or early 60s, while you're still healthy enough to qualify for coverage at affordable rates. Waiting too long could mean higher premiums—or worse, ineligibility."
McCann notes that most people acquire an LTC policy as part of a comprehensive retirement plan - usually between ages 47 and 67.
There are several types of LTC Insurance policies you can consider, including traditional plans, hybrid plans that include death benefits, and short-term cash identity policies with reduced underwriting standards,
Policy Initiatives and Future Planning
Some states are exploring paid family leave policies and Medicaid waivers to support at-home care, but Medicaid is reserved for those with limited financial resources.
"You will have more control and independence when you take personal responsibility for your long-term care plans, just as you do for retirement savings."
McCann says many people discover Long-Term Care Insurance is very affordable, especially when they still enjoy good health. The younger you are, the lower the premium will be. However, McCann notes that your health, family history, and other factors go into the cost of an LTC policy.
Premiums vary dramatically between insurance companies, as do the underwriting rules they use to determine rates. McCann suggests speaking with an experienced Long-Term Care Insurance specialist to help you shop for the best coverage at the lowest cost.
Looking Ahead: The Need for Proactive Planning
As the U.S. faces a future where caregiving demands will only increase, the need for proactive planning has never been clearer. Couples should begin discussing long-term care options early—whether through traditional LTC Insurance or hybrid policies that combine life insurance with long-term care benefits.
"The reality is, most of us will need some form of long-term care at some point. The question isn't if you'll need care, but how you'll pay for it and who will provide it. Planning ahead ensures that care decisions are made on your terms, rather than in crisis mode."
McCann says several top-rated insurance companies are offering long-term care planning solutions.
Get Professional Help Now
With over two decades of experience in policy design and underwriting, Matt McCann is a trusted expert for those navigating the complexities of long-term care planning.
Licensed in all 50 states and the District of Columbia, McCann collaborates with top-rated insurance companies to provide tailored long-term care solutions.
His innovative approach enables his clients to consult with him remotely while viewing his computer screen, offering a convenient and transparent method to explore and select the best coverage options.
You can receive free and accurate quotes from leading companies, accompanied by professional recommendations.
Media Availability
McCann is also available for media engagements, including radio, TV, and podcast interviews, and speaks to groups and organizations worldwide on topics related to aging, caregiving, health, and long-term care planning.
Contact McCann through his website for information.