When Queen Elizabeth II turned 90, she became Britain’s oldest and longest reigning monarch—a symbol of longevity and grace under pressure. While most of us hope to live long, healthy lives into our 80s and 90s, the reality is that none of us knows exactly what the future holds. What we can do is plan—so that we’re cared for in the ways we want, and so our families aren’t left scrambling to make decisions under stress.
One of the most significant financial risks in retirement isn’t market volatility or inflation—it’s the potential cost of long-term care.
What Is Long-Term Care—and Who Needs It?
Long-term care (LTC) refers to a range of services designed to meet a person's health or personal care needs over a prolonged period. This could mean assistance with basic daily tasks like bathing, dressing, or eating—either at home, in an assisted living facility, or in a nursing home.
It’s a common misconception that long-term care is only needed in extreme old age. In fact, more than half of people turning 65 today will require some form of long-term care during their lifetime.² The challenge? Medicare typically doesn’t cover long-term care costs, and paying out-of-pocket can quickly become a drain on even the most carefully planned retirement savings.
The Soaring Cost of Care
According to a recent Fidelity study¹, a 65-year-old couple retiring in 2019 can expect to spend $285,000 on healthcare and medical expenses in retirement—not including long-term care. And with inflation and increased longevity, that number is only climbing.
Depending on where you live, the average cost of a private room in a nursing home can easily exceed $100,000 per year. Assisted living and in-home care options may be slightly less expensive, but they can still add up over time—especially if care is needed for several years.
Why You Should Plan Now
These numbers might sound like a king’s ransom to most of us, but there’s good news: the earlier you start planning, the more options you have—and the less you may ultimately need to spend. Here’s why:
Time is your greatest asset. Starting early gives your investments time to grow, helping your savings keep pace with rising costs.
Premiums are lower when you’re younger. If you’re considering long-term care insurance, age and health are key pricing factors. Waiting too long could make coverage unaffordable—or make you ineligible entirely.
You gain peace of mind. With a plan in place, you and your loved ones can feel confident knowing that you’re prepared—financially and emotionally—for whatever the future may bring.
What Are Your Options?
Long-term care planning isn’t one-size-fits-all. You might consider:
Traditional long-term care insurance
Hybrid life insurance policies with LTC riders
Health Savings Accounts (HSAs)
Designated investment or savings strategies
The right strategy depends on your age, health, goals, and financial picture—and we can help you sort through it all.
Let’s Talk About Your Plan
You’ve worked hard to build your wealth and protect your loved ones. Don’t let an unexpected health event unravel everything you’ve prepared for. Whether you’re in your 40s, 50s, or beyond, long-term care planning is a smart step in securing your future.
If you’d like to explore your options or understand how long-term care fits into your overall retirement strategy, let’s talk. We’re here to help you plan with confidence—so you can live with peace of mind.
1 Fidelity Retiree Health Care Cost Estimate (https://www.plansponsor.com/estimates-health-care-costs-retirement-continue-rise/)