When it comes to where and how you live, and what you do with your money, you want the freedom of choice and confidence that you’re making the right decisions. The same is true with your long-term care strategy, helping you set the stage for the future and legacy you have planned.

What is long-term care?


What is long-term care?

Long-term care is assistance with simple everyday tasks, even as simple as eating or getting dressed. The need for care could arise from an accident, illness, cognitive impairment, or the aging process. You may never need it. But, the best time to start thinking about it is before the need arises and while you’re still able to take control.

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A long-term care plan may help protect you and your loved ones emotionally, physically, and financially for the what-ifs in life.


The benefits of having a plan

An elderly couple and their son are gather around a kitchen island. The son is helping his parents cook.

Help your family

93% of adult children surveyed say that their parents having a long-term care plan would reassure them about the future.1

What’s motivating Americans to discuss caregiving plans with their families?

An older Asian couple is sitting on a couch. They are talking and laughing enjoying the relaxation of retirement.

Live the retirement you plan

When you need long-term care and do not have a dedicated funding solution, financial professionals estimate that the average annual withdrawal rate from a retirement income portfolio jumps from 5% to 11%.1

Find out 10 more reasons why it is important to plan for long-term care.

A map of the United States with a magnifying glass, representing a tool that you can use to see caregiving cost for each state.

Plan for the rising cost of caregiving

Long-term care expenses are often underestimated, and continue to rise.

Learn what various caregiving services cost around the nation.

Being healthy may lead to living a long life; but longevity may also mean you have a greater likelihood to need long-term care.

1VerstaResearch, “2020 LTC Marketing and Thought Leadership Research, Findings from Surveys of Advisors and Consumers,” October 2020. http://visit.lfg.com/MG-VRST-PPT001.

A woman is sitting at a desk. Whe is looking out a window.

Don’t be swayed by
common misconceptions

Don’t be swayed by common misconceptions

“It won’t happen to me.”

People unrealistically downplay their personal risk. 79% of clients put off discussions about long-term care, but 98% of financial professionals say they have clients who have needed it.1

“Medicare or Medicaid have me covered.”

If qualified, Medicare will likely be insufficient for long-term needs and Medicaid does not account for your choices or preferences.

“That’s what my savings are for.”

Many Americans significantly underestimate long-term care costs. The average annual cost of a private room in a nursing home is approximately $102,000—twice the estimated cost.1

“My family will take care of me.”

78% of those surveyed worry that they would not be able to provide adequate care if somebody in their family needed it.1

1VerstaResearch, “2020 LTC Marketing and Thought Leadership Research, Findings from
Surveys of Advisors and Consumers,” October 2020. http://visit.lfg.com/MG-VRST-PPT001.


Women are more likely than men to become family caregivers1

Icon representing a female caregiver

Due to life expectancy rates, women are also more likely to need care. With an aging population, that contradiction means it’s
more important than ever for women to be open and honest about the expectations for the future.

Women are more likely than men to become family caregivers. A younger female caregiver is sitting on a bench holding hands with an older woman. They are engaged in conversation and smiling.

87% of caregivers

surveyed say emotional challenges are among the most difficult aspects of providing long-term care.1

but

73% of women

surveyed do not feel confident they would have the financial resources to pay for long-term care expenses in the future.1

yet

70% of women

surveyed say their parents expect more help with long-term care from daughters than from sons.1

1VerstaResearch, “2020 LTC Marketing and Thought Leadership Research, Findings from Surveys of Advisors and Consumers,” October 2020. http://visit.lfg.com/MG-VRST-PPT001.

How women can plan and prepare financially.


When should you begin planning?

Clients tend to wait until they hit 60 before beginning their long-term care planning, but financial professionals suggest moving that timeline up a decade or more.1

Benefits of planning

Click each box to learn more.

+ LTC planning icon

Consumers acknowledge that an LTC plan is beneficial.

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It’s even more important to those who have experience as a caregiver.

+ conversation icon

Yet the conversations aren’t happening.

1VerstaResearch, “2020 LTC Marketing and Thought Leadership Research, Findings from Surveys of Advisors and Consumers,” October 2020. http://visit.lfg.com/MG-VRST-PPT001.

96% of surveyed financial professionals say clients who have LTC funding solutions feel more confident about their financial futures1.

What to consider for your plan

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Caregiving

  • Let your loved ones know your preferences.
  • Share your expectations with your loved ones and encourage them to discuss their intentions with you.
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Health-related decisions

  • Designate who has authority to discuss your medications and treatment and inform your physicians.
  • Give your designee your doctors’ contact information.
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Finances

  • Find out what the costs of different types of services may be where and when you retire.
  • Let your loved ones know how you will cover care costs and establish who can manage your finances.
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Legal matters

  • Make sure you have a living will, a current will, a durable power of attorney, and a power of attorney for healthcare.

Planning starts with a conversation

Some of the most important conversations about your care are not the easiest. Get ready to talk about your plan. Start talking now. The best time to discuss this topic is when you’re young and healthy. Use this workbook to help you get started.

Take the next step for your future.

Not sure where to start? Answer these questions. Then share them with your financial professional to begin the conversation.
Answer these questions to get started >