Sobering Facts Make Long-Term Care Planning Essential. Several Ways to Plan.

Read Time: 3:16
Published: Jun 16th, 2021
Sobering Facts Make LTC Planning Essential

It is hard to avoid the problem of long-term care these days. Longevity means more American families will have to address the costs and burdens of changing health and aging.

Very few people want their children to become their future caregivers. Yet, that is precisely what happens when no planning is done before you get older.

When you need long-term health care, it will be a cash flow problem and a family problem. You can mitigate the consequences that the costs and burdens of aging will have on you and your family by planning now. Without planning you can face economic uncertainty and family stress and anxiety.

Care Costs Can Be Catastrophic 

If you have savings, you should be considering the economic impact of long-term health care. The LTC NEWS Cost of Care Calculator shows you today's costs where you live and the cost in the decades to come. 

If you are 55 years old today and need long-term care services when you are 80, the costs can be devastating to your income and assets. It will change your spouse's lifestyle and legacy. 

For example, let's say you live in the Dallas, Texas area; one year of in-home care today runs over $48,000 a year based on a 44-hour week. However, the LTC NEWS Cost of Care Calculator for Dallas says that cost should run over $102,000 a year in 25 years. That is expensive, but Texas is an affordable state. If you live in Massachusetts or California, for example, those costs will be even more!

Do not forget, assisted living, memory care, and nursing homes will cost even more. How would that affect your budget? How would your need for care impact your family?

These facts are sobering. The consequences are undeniable. Planning is imperative. There are several ways to plan for future long-term health care costs.

Types of LTC Products Available

There is traditional Long-Term Care Insurance. These products, in 45 states, can be partnership certified. Partnership Long-Term Care Insurance offers dollar-for-dollar asset protection. For many families, Partnership LTC Insurance is the best option.

However, with record-low interest rates, some people have money parked earning next to nothing. Asset-based or 'hybrid' Long-Term Care Insurance could be an option to consider. You can leverage an existing asset, safeguard the remaining assets, and ease the stress and burdens otherwise placed on your family. You will either have long-term care benefits giving you access to your choice of quality care, including in-home care - or your heirs will get the death benefit.

Then there is another choice which is especially popular for people with health issues or who are older. Limited duration or short-term care insurance offers one or two years of care. While it has limited benefits, the underwriting is much more open, and you might qualify even with some health problems that make you uninsurable with traditional plans. 

Reverse Mortgages Can Fund Insurance or Care

If you are age 62 and older, a reverse mortgage could be a solution for either funding a Long-Term Care policy or providing money to pay for care. For some people, especially those who have most of their assets in the value of their home or who are already experiencing substantial health problems, a reverse mortgage might be ideal. Today's reverse mortgages can provide tax-free funds for income, care, or even fund the cost of Long-Term Care Insurance. Learn more by clicking here

Planning Early Makes Sense

It is always best to plan when you are younger and still enjoy relatively good health. Experts suggest planning in your 40s or 50s. Premiums can vary over 100%, so be sure to speak with a Long-Term Care Insurance specialist who represents the major companies. 

Find a licensed and qualified specialist by clicking here. Having some plan in place will make getting older easier on those you love.

About the Author

An LTC News author focusing on long-term care and aging.

Editor's Note

No doubt, as you get older, you will see changes in your health, body, and mind. These changes often mean you will have a higher risk of needing help and assistance and long-term care. 

Being a family caregiver is stressful and physically demanding. The level of anxiety increases over time. Don't place this pressure and stress on those you love—plan for the costs and burdens of aging with affordable Long-Term Care Insurance. You will have access to your choice of quality care, including in-home care. Your family will have the time to be family. 

Research Tools on LTC NEWS

LTC NEWS offers many tools and resources so you can learn about the types of care available, the costs of care today and in the future, insurance and other planning options, and more.

Start by reading The Ultimate Long-Term Care Guide. The LTC NEWS Cost of Care Calculator will show you current and future costs for long-term health care, how to find care providers, state rules and tax incentives, and more. 

Find all the resources by clicking here.

Become a Guest Contributor for LTC NEWS

You can write for LTC NEWS. Gain exposure for yourself, drive traffic to your website or blog, and improve your SEO.

LTC NEWS offers many resources to help families address the consequences of long-term care, aging, health, caregiving, and other retirement issues. You can be part of the effort to help educate consumers throughout the U.S. and around the world.

Write a story for publication on LTC NEWS and let America hear what you have to say. Be sure your article fits the LTC NEWS target audience of adults 40-70.

Topics can include stories on:

  • Aging
  • Caregiving
  • Health
  • Long-Term Care
  • Retirement Planning

There are numerous other related topics, as well. You can even promote yourself, your business, and your website or blog. It must have editorial content exclusive for LTC NEWS and cannot be just an advertisement. It can include links to other sites, and you can share the article link once published on your website or social media.

Email your story idea or article: newsroom@ltcnews.com or click here

Share News with LTC NEWS

Include LTC NEWS in your press release distribution. If your group, organization, business, political committee, etc., have news to share, send it to LTC NEWS. Email -  newsroom@ltcnews.com 

Get Free LTC Insurance Claims Assistance 

LTC NEWS can arrange for free Long-Term Care Insurance claims processing and care coordination. No cost or obligation. If you have a loved one who has a policy and needs care - don't delay. Use the benefits. 

Click here now.

Advertising and Marketing Opportunities on LTC NEWS

You can write for LTC NEWS. Gain exposure for yourself, drive traffic to your website or blog, and improve your SEO.

Reach an educated audience. Readers of LTC NEWS are researching retirement issues, including aging, health, caregiving, and long-term care. Other readers seek information for a parent or other loved one who is experiencing declining health or aging issues and require extended care.   

Many marketing opportunities are available, including sponsored content articles. Sponsored content offers you a long-form way to sell yourself, your company, and your ideas.

Learn more about how LTC NEWS can help you market your business, drive traffic, and improve SEO - click here.

LTC News Contributor James Kelly
James Kelly

Contributor Since
August 21st, 2017

LTC News author focusing on long-term care and aging.

About the Author

LTC News author focusing on long-term care and aging.

Work With a Long-Term Care Specialist
Work With a Trusted Long-Term Care Insurance Specialist
  • Has substantial experience in Long-Term Care Insurance
  • A Strong understanding in underwriting, policy design, and claims experience.
  • Represents all or most of all the leading insurance companies.
Find a Trusted Specialist
Table of Contents
Connect With a Long-Term Care Specialist

Find Affordable Insurance and the Right Coverage.

LTC News Trusted & Verified
Learn More
Search Results