Photo of Eric R. Ebbert, CFP®, MBA, CEO Eric R. Ebbert, CFP®, MBA, CEO Feb 02, 2021

You might be feeling great right now, but at some point in your life, you might need some help taking care of yourself. The main challenge with this is that long-term care can be expensive. Fortunately, you can invest in long-term care insurance to prepare to help cover the costs of long-term care.

Long-term care insurance options

Each person is unique and therefore will require different needs with long-term care. It is important to do your due diligence and research the options that are best for you. Our team wants to help you establish a framework of understanding when it comes to your long-term care options. The information below is meant to help you build this understanding but is not personal advice. For that, you will need to talk to a financial professional who can get to know your personal needs and goals and make a personalized recommendation.

Common long-term care insurance options include:

  • In-home care — In-home care services make it possible for you to live in your own home with some assistance with daily tasks, such as cleaning, cooking and other errands. Monthly median costs for this run from $4,481 to $4,576.
  • Adult daily care — Adult daily care covers services offered at community-based centers for those who need assistance and supervision during the day but do not need round-the-clock care. The monthly median cost for this service is $1,603.
  • Assisted living facility — An assisted living facility provides personal care and services for people who may need assistance on a more regular or immediate basis. The monthly median cost for this service is $4,300.
  • Nursing home — Nursing home care is for people who may need more constant supervision or treatment than those in an assisted living facility. Medical care and daily assistance are available 24 hours a day. The median cost for these services ranges from $7,756 to $8,821 depending on whether you elect for a semiprivate room or a private room.

Note: All monthly median cost estimates are based on a 2020 national study by Genworth.

Talk to a ProVise CFP® professional about investing in long-term care insurance

It may be hard to imagine needing long-term care right now, but if you invest in it now you might thank yourself later. However, picking a long-term care insurance option that is right for you, and then saving for it, are some challenges you will need to navigate. Thankfully, financial professionals can help you pick a plan that is in line with your goals and fits in your overall financial strategy. 

At ProVise Management Group, our CERTIFIED FINANCIAL PLANNER™ professionals can get to know you and your current financial circumstances, goals, risk tolerance and personal values to help you develop a plan that works for you. We can also create a written plan for you at a fiduciary standard of care. All our written plans come with an unconditional money-back guarantee. If you are unhappy with your written plan, you can return it to us, and we will refund 100% of the fee paid.

Are you ready to talk to a professional about long-term care insurance? Contact ProVise today to schedule a complimentary consultation.