The Long-Term Care Bill Many Families Don’t See Coming — and Why Most Lack Insurance

Older couple reviewing long-term care costs and insurance planning with financial documents at a clean kitchen table
Long-term care planning helps families prepare for future care costs before a crisis.

Many people will need long-term care after age 65, but most older adults don’t have insurance built to pay for it. Medicare does not cover most long-term care, and only 15% of people age 65 and older have long-term care insurance, according to the Center for Retirement Research at Boston College.

That gap leaves families trying to solve a care problem after it has already become a money problem. You need to know what long-term care means, what regular health coverage leaves out, what care costs now, and how to build a funding plan before a parent, spouse, or future version of you needs daily help. As a retirement planner, I’d rather see you make one informed decision in your 50s or 60s than five rushed decisions during a hospital discharge.

What Is Long-Term Care, and Why Is It Different From Medical Care?

Long-term care is help with daily living when you can’t safely manage personal tasks on your own. It may involve care at home, adult day services, assisted living, memory care, or a nursing home. Discover More... 

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