Long-term care refers to a range of services that help you with daily activities (like bathing, dressing, eating) or manage a chronic illness, disability, or cognitive impairment. It's not typically covered by standard health insurance or Medicare.

• High costs: The cost of long-term care (in-home, assisted living, or nursing home) is substantial and can quickly deplete savings.
• Protecting your assets: Without a plan, these costs could exhaust your retirement savings and impact the legacy you wish to leave your loved ones.

Planning helps you maintain control over your care choices and financial well-being.

It's never too early to consider long-term care in your financial plan, but certain ages are often more cost-effective for insurance.

• Early on (40s-50s): Integrate long-term care into your overall retirement planning. The younger and healthier you are, the more affordable long-term care insurance premiums are.
• Mid-50s to mid-60s: This is often considered the "sweet spot" for purchasing long-term care insurance, as premiums are more accessible than at older ages, and you're likely still in good health to qualify.
• As health changes: If your health declines, securing affordable long-term care insurance may become difficult or impossible.

Working with a financial advisor ensures your long-term care plan is integrated into your comprehensive financial strategy.

• Financial assessment: A financial advisor can help you review your current assets, income, and liabilities to determine how much you might realistically self-fund for future care.
• Savings & investment strategies: They can guide you on setting up dedicated savings or investment accounts that align with your long-term care goals.
• Insurance evaluation: Advisors can help you understand how long-term care insurance fits into your overall plan and refer you to trusted insurance partners.
• Estate planning considerations: An advisor can walk you through how long-term care costs might impact your estate plan and legacy, potentially involving trust services for asset protection.

A comprehensive plan considers several key elements:

• Where you want to live: Decide if you prefer in-home care, an assisted living facility, or a retirement community.
• Insurance coverage: Evaluate if long-term care insurance or hybrid life insurance policy is right for your financial situation.
• Legal protections: Establish a medical and financial Power of Attorney to designate who will make decisions for you if you cannot.
• Expense management: Plan how bills will be paid and expenses managed, whether by a family member or a professional trustee.
• Daily support: Determine who will assist with daily tasks, errands, and appointments.
• Charitable giving: If applicable, ensure your plan allows for continued charitable contributions.