Seven out of 10 people over age 65 will need long-term care (LTC)1 at some point in their lives, but only two out of 10 are planning how to pay for it.2
LTC is a topic most people don't want to talk about. As a result, many people resist planning for it as well.
Many people also believe Medicare or retiree health insurance benefits will pay for long-term care expenses. This is generally not true:
The reality is, government and private insurance programs offer very limited coverage for long-term expenses. The burden for paying for these costs rests almost entirely on individuals and their families.
LTC planning preserves choices
Early planning for LTC can help clients stay on track to meet the financial goals they have set for themselves and their families.
For many people, a failure to plan for LTC expenses can lead to financial devastation. LTC expenses can easily approach $200,000 during the average length of LTC treatment, whether care is provided at home, in an assisted living facility or in a nursing home.3
What you can do
Share with clients how planning for LTC costs can help preserve their financial choices later in life. The Nationwide Health Care Cost Assessment includes LTC, so you can give clients personalized estimates of these costs and work closely with them to determine the best approach to covering anticipated LTC expenses.