Sep 30, 2025 | Financial Insight

A famous first lady once said:

“There are only four kinds of people in the world: those who have been caregivers; those who are currently caregivers; those who will be caregivers; and those who will need a caregiver.”

With people living longer, the question isn’t if you’ll need long-term care, but when.

How you’ll pay for that care is another important question.

According to LongTermCare.gov, a person turning 65 today has almost a 70% chance of needing some type of long-term care services and support in their lifetime.

But what does that kind of care cost? The truth is, most have no idea.

Genworth’s Cost of Care 2024 study reports these alarming national annual medians:

Nursing home care (private room)$127,750
Nursing home care (semi-private room)$111,325
Assisted living facility$70,800
In-home care (home health aide)$77,792
In-home care (homemaker services)$75,504

So, how do we plan ahead? Your roadmap to long-term care isn’t a single solution, but rather a strategic approach tailored to you and your family’s needs. Here are some ideas to consider:

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Understand Your Risk

While it’s impossible to predict the future, take time to assess your risk factors. Your health history, family history of chronic conditions, and even gender can influence how much care you may need. Women, for example, tend to live longer and may require care for longer periods.

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Explore Your Options

There are several ways to fund potential long-term care costs. This could involve self-funding using personal assets, a long-term care insurance policy, or a hybrid product that combines life insurance with a long-term care rider. Each option has pros and cons, and we can work together to determine what is best for you and your financial goals.

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Involve Your Family

Will a spouse or adult child be a caregiver? What is their capacity to provide that support, both emotionally and financially? Having these conversations can prevent stress and financial strain down the road.

Next steps

Long-term care planning is not about anticipating a worst-case scenario. It’s about starting these discussions early and making sure everyone in your family is on the same page.

And remember, you don’t have to do this alone. We’ll help you create a roadmap that aims to preserve your assets and keeps your family looped in. Simply reply to this email to schedule time to talk about your long-term care strategy.

 

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