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.
A long-term care plan may help protect you and your loved ones emotionally, physically, and financially for the what-ifs in life.
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?
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.
Long-term care expenses are often underestimated, and continue to rise.
Learn what various caregiving services cost around the nation.
1VerstaResearch, “2020 LTC Marketing and Thought Leadership Research, Findings from Surveys of Advisors and Consumers,” October 2020. http://visit.lfg.com/MG-VRST-PPT001.
“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.
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.
surveyed say emotional challenges are among the most difficult aspects of providing long-term care.1
butsurveyed do not feel confident they would have the financial resources to pay for long-term care expenses in the future.1
yetsurveyed 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.
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
Click each box to learn more.
1VerstaResearch, “2020 LTC Marketing and Thought Leadership Research, Findings from Surveys of Advisors and Consumers,” October 2020. http://visit.lfg.com/MG-VRST-PPT001.