Long-term care strategy

A strategy for covering extended care costs helps you get the care you need, where and how you prefer. Talk with a financial advisor to start putting together a strong foundation for your financial plan.

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Every financial plan needs a long-term care strategy

How would you cover expenses if you or your spouse needs care in a nursing home or from a home health aide? When you’re thinking about living in retirement, it can be easy to overlook how your health needs may change as you age. These health changes may result in needing assistance with your daily activities, such as cooking, cleaning, bathing or getting out of bed in the morning.

Your retirement planning isn’t complete until you have a written strategy for how you’ll cover the costs of extended care. Our financial advisors will help you create your strategy, so you and your family can focus on your care and not figuring out how to pay for it.

Will you need extended care?

Someone turning age 65 today has almost a 70% chance of needing some type of long-term care services in their remaining years.¹

How does extended care affect your family?

Sixty percent of family caregivers also work a full- or part-time job. 40% of them say juggling those two parts of life is the biggest cause of emotional stress.²

How expensive is extended care?

In 2024, the national average cost for home health care was $6,292 and for a semi-private room at a nursing home, it was $9,277.³

Why a long-term care strategy matters

An extended care strategy documents your wishes and plans so you and your family can focus on your well-being, rather than the cost.

Ways to fund extended care

Your financial advisor can help you explore funding options and help you put together a strategy that makes sense for you and your family.

Government programs

Medicaid requires that you have a low income and assets, or that you spend down your countable assets, like retirement accounts, to poverty levels of $2,000 or $3,000 in most states.⁴

Medicare only fully covers the first 20 days in a skilled nursing facility, and coinsures days 21-100.⁵

Self-funding

Think about if you have more money or assets to pay for your care while still keeping your goals and wishes for your spouse and family. It's important to identify any income sources beyond Social Security that can help pay for this care.

Insurance

Insurance coverage can provide a foundation for your financial plan. Talking with your financial advisor can help you find insurance solutions to protect your family, income and assets from unexpected events.

Financial advisor at a table holding a pen

Talk with a financial advisor

An extended care strategy is essential to building a strong foundation for your financial plan. Reach out to a financial advisor today to discuss your strategy.

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Meeting with a financial advisor

Use these questions as you start the conversation about creating a long-term care strategy that makes your wishes known.

Questions to ask yourself

Where and how would you like to receive long-term care, if you were to need it?
How might you and your family be affected if you were to need assistance or care to remain independent? Consider the financial, physical and emotional effects.

Questions to ask your financial advisor

At what age should I consider including an extended care strategy in my financial plan?
How might needing long-term care affect my plans for retirement and other financial goals I have?

Discover more about long-term care solutions

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