Long Term Care
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Long Term Care
Sad but true: Life is not forever
Facing the Reality of Aging
It’s natural to put off thinking about aging and the challenges it can bring. But the truth is, our health changes over time, and many of us will eventually need assistance with daily living.
Surprisingly, a large number of people still do not have Long-Term Care insurance — often because they believe they won’t need it or think they can wait. Unfortunately, the “shock” comes later, in the 60s or 70s, when the need for care is much closer and the cost of coverage has risen sharply.
Planning early helps ensure that when the time comes, you’ll be prepared — financially, emotionally, and with greater peace of mind.
Home to Medicare Needs
Get Coverage While You’re Young
The earlier you purchase Long-Term Care insurance, the more affordable it is. Premiums are significantly lower at younger ages, and the cost can be spread out over more years, making it easier to manage.
Very few people who purchase Long-Term Care insurance ever let their coverage lapse — because they understand its long-term value.
Consider this example:
If you wait until age 75 to buy a policy, premiums and out-of-pocket expenses can be uncomfortably high due to age and health risks.
If you purchase at age 55, 50, or younger, premiums are far lower, coverage is easier to secure, and out-of-pocket costs later in life are minimized.
Planning early not only protects your future care options but also ensures you lock in coverage at the best possible value.
You’ll protect your personal assets
Why Long-Term Care Insurance Matters
The costs of long-term care can rapidly deplete a family’s savings without proper coverage. Too often, people are forced to sell their homes or part with cherished assets they’ve spent a lifetime building in order to pay for care.
Others assume they can rely on their children, but this frequently leads to financial strain, emotional stress, and family conflict — adding another layer of difficulty during an already challenging time.
Long-Term Care insurance helps protect not only your financial security, but also your family relationships and peace of mind.
Planning Ahead for Long-Term Care
As you consider how much long-term care insurance to purchase, it helps to look at today’s real costs:
In-Home Care
Many people prefer to remain in their homes, but the cost of round-the-clock care adds up quickly.
The national average for professional in-home care is about $33 per hour.
In California, the typical range is $32–$40 per hour.
At those rates, 24-hour care can cost $20,000 to $27,000 per month — or more than $240,000 a year.
That means $1 million in benefits may only cover about 3 to 4 years of full-time in-home care.
Assisted Living
For some, assisted living is a more cost-effective option, offering housing, meals, and personal care in a community setting.
The national median cost is around $5,350 per month (about $178 per day).
In California, assisted living averages $5,250–$6,250 per month, or $63,000 to $75,000 annually.
With these figures, $500,000 in benefits could provide 7–8 years of coverage, depending on location and level of care.
Why It Matters
Long-term care is not one-size-fits-all. Needs can change suddenly — from part-time help at home to full-time care or a move into an assisted living community. Having the right coverage ensures flexibility and peace of mind for both you and your family.
Have any Question? Ask us anything, we’d love to answer!
734-331-5566
Medicare Made Easy, Medicare Made Simple.
If you feel like you have been spinning your wheels wondering how to make the best decision when it comes to your Medicare plan, you are in the right place. The good news is, you don’t have to do this alone. We are in the business of helping people understand Medicare, in simple, plain terms that everyone can understand. We believe it’s important that your first understand Medicare itself. You can’t understand your Medicare options until you first understand basic Medicare benefits. Fortunately, we’ve mastered how to make it simple.
Find a Rankin Financial Strategies Location
Plymouth, Michigan Office
705 S Main St Suite# 101k, Plymouth, MI 48170
Office: 734-331-5566
Cell: 248-935-5992
David@RankinFinancialStrategies.com
