Long-Term Care Planning
Protect Your Retirement Plan—and the People You Love
A longer life can bring more opportunities to enjoy retirement, but it may also increase the likelihood of needing additional care. Without a plan, those expenses can place pressure on your retirement income, savings, and family.
Long-term care planning helps you prepare for that possibility before a health event occurs. The goal is not simply to purchase insurance. It is to understand your potential risks, explore your options, and create a strategy that protects your independence and the retirement you have worked hard to build.
Planning Beyond Traditional Healthcare
Medicare and traditional health insurance generally do not cover most ongoing custodial care, such as assistance with bathing, dressing, eating, or other activities of daily living.
Long-term care may be provided in several settings, including:
• Your own home
• An assisted living community
• An adult day-care setting
• A skilled nursing facility
Understanding how care could be provided—and how it would be funded—is an important part of a complete retirement plan.
Finding the Right Strategy for You
There is no single long-term care solution that is right for everyone. We begin by reviewing your health, family circumstances, retirement income, assets, and personal preferences.
Depending on your situation, your strategy may include:
• Using personal savings or retirement income
• Traditional long-term care insurance
• Life insurance or annuity-based solutions with extended-care benefits
• A combination of personal assets and insurance
• Planning for care provided by family members
We help you compare the benefits, costs, limitations, and tradeoffs of the available options so you can make an informed decision.
Protecting More Than Your Assets
A long-term care plan is also a family plan. Without clear preparation, a spouse or adult child may unexpectedly become responsible for coordinating care, providing hands-on assistance, or making difficult financial decisions. Planning ahead allows you to communicate your preferences, identify available resources, and reduce the emotional and financial burden that may otherwise fall on the people closest to you.
Coordinated With Your Retirement Plan
Long-term care should not be considered separately from the rest of your financial life.
We evaluate how a potential care need could affect your retirement income, investment accounts, taxes, insurance coverage, and legacy goals. By coordinating these areas, we can help create a strategy designed to support both your future care and your overall retirement plan.
Start the Conversation Before Care Is Needed
The best time to consider long-term care is while you still have choices.
A thoughtful plan can help you maintain greater control over where and how you receive care while protecting your retirement income and providing greater clarity for your family