You probably don't want to think about it, but planning for long-term care is one of the most critical steps you can take to protect your family from the costs and burdens of aging in the future. While the need for long-term care may seem like a distant concern, taking action now can ensure peace of mind for you and your loved ones.
Matt McCann, one of the nation's leading experts on long-term care planning, emphasizes the importance of proactive measures.
"The key is to plan early. Waiting until you're older or health issues arise can severely limit your options and increase costs."
The High Costs of Long-Term Care
Whether provided at home, assisted living facilities, or nursing homes, long-term care services come with significant costs that vary widely depending on location and level of care. The LTC News Cost of Care Calculator offers a detailed breakdown of current and projected costs across the United States. For instance, in 2025, home health aides cost upwards of $65,000 annually, depending on where you live. Assisted living and memory care will cost more, and the average annual cost for a private room in a nursing home is projected to exceed $120,000 in many states.
"People often underestimate how expensive care can be, and these costs are only going up due to inflation and increased demand as the population ages."
For many families, covering these expenses out of pocket would mean depleting retirement savings, selling assets, or going into debt—scenarios that can create financial turmoil and emotional stress.
Health insurance and Medicare are not answers; they only pay for short-term skilled care. Medicaid will only pay for long-term care for those with limited financial resources.
Easing the Family Burden
One of the most compelling reasons to plan for long-term care is to ease the burden on your family. Without a plan in place, the responsibility of caregiving often falls on adult children or other close relatives, who may already be juggling their own careers and families.
According to McCann, caregiving is a full-time job, and most family members are not equipped to handle it emotionally, physically, or financially.
"When a family member is a caregiver, it can lead to caregiver burnout, strained relationships, and even health issues for the caregiver."
By planning now, you can avoid putting your loved ones in this difficult position. Long-Term Care Insurance is one solution that ensures professional caregivers are available when needed, allowing your family to focus on being supportive and present rather than overwhelmed by the demands of care.
How LTC Insurance Protects Your Assets
LTC Insurance is a financial tool designed to cover the costs of long-term care services, helping you preserve your retirement savings, such as 401(k)s and IRAs and other assets. McCann explains that Long-Term Care Insurance is not just about paying for care; it's about protecting your lifestyle and legacy.
"An LTC policy ensures that your savings remain intact for other purposes, whether that's supporting a surviving spouse, leaving an inheritance, or enjoying a comfortable retirement."
For example, a 55-year-old in good health can secure a comprehensive LTC Insurance policy for significantly less than what they might pay if they wait until their 60s or 70s to apply. Many policies also offer inflation protection, ensuring that benefits keep pace with rising care costs over time.
How Much Does Long-Term Care Insurance Cost at My Age?
Ensuring Access to Quality Care
Another major advantage of LTC Insurance is that it provides access to a higher standard of care. McCann says an LTC policy is more than just about money; it gives loved ones the time to be family instead of caregivers. Professional caregivers provide quality care and a better quality of life.
Policies typically cover a range of services, including in-home care, adult daycare, assisted living, and skilled nursing facilities. With LTC Insurance in place, you can choose the care setting that best suits your needs rather than being limited to what's affordable at the time.
McCann emphasizes that having this choice can make a world of difference.
"When you have LTC Insurance, you're not just looking for the cheapest option; you're choosing the best care for your situation. That means better outcomes and a higher quality of life for you and less stress for your family."
Giving Loved Ones the Time to Be Family
Perhaps the most overlooked benefit of planning for long-term care is the emotional relief it provides for your family. Without the burden of caregiving, your loved ones can focus on their roles as family members rather than caregivers. This distinction is critical, as it allows them to spend meaningful time with you, free from the stress and exhaustion that often accompany caregiving duties.
McCann recounts a common sentiment from families who planned ahead.
"They tell me how grateful they are that their mom or dad made these arrangements years ago. It allowed them to simply be there for their parent, creating memories instead of worrying about logistics and care."
Importance of Early Planning
The best time to plan for long-term care is when you're still healthy and have a wide range of options. Starting early, before you retire, not only gives you access to lower premiums but also ensures you can design a plan that aligns with your preferences and financial goals.
"Think of long-term care planning as part of your overall financial strategy. Just as you plan for retirement, you need to plan for the possibility of needing care. It's not a matter of 'if' but 'when.' Statistics show that most people will need some level of care at some point in their lives."
Steps to Take Now
To stave off a family crisis in the future, here are some actionable steps:
- Educate Yourself: Use tools like the LTC News Long-Term Care Education Center to help educate you on the problem and the options.
- Consult an Expert: Work with a specialist like Matt McCann to explore your options for LTC Insurance and develop a plan tailored to your needs.
- Involve Your Family: Discuss your plans with your loved ones so they understand your wishes and the steps you're taking to prepare.
- Start Early: The younger and healthier you are, the more affordable your options will be. Don't wait until it's too late to secure coverage.
Access to Quality Care Without Burdening Loved Ones
Planning for long-term care is not just about securing your future; it's about protecting your family from unnecessary hardship. By taking proactive steps now, you can ensure that you'll receive quality care when you need it while preserving your financial resources and allowing your loved ones to focus on being a family.
"The greatest gift you can give your family is the gift of planning. It's a way to show your love and ensure peace of mind for everyone involved."
Expert guidance from professionals can help you create a plan that provides security, access to quality care, dignity, and freedom for you and your family in the coming decades.
Be sure to speak with a Long-Term Care Insurance specialist who represents all the top-rated insurance companies offering long-term care solutions. An LTC specialist will provide accurate quotes and help guide you through the application process.
Most people obtain coverage between ages 47 and 67. However, premiums and underwriting rules vary dramatically between insurance companies.
Get Professional Planning Help
Matt McCann is licensed in all 50 states and the District of Columbia, representing top-rated insurance companies that provide long-term care solutions. 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 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.