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Let’s talk long-term care… 

This is a topic that is near and dear to my heart, as we lost my mom three years ago to Alzheimer’s. It was the hardest thing to go through but was punctuated by the fact that she did not have long-term care insurance. We became her round-the-clock care givers which was the biggest gift and blessing but was also overwhelming and expensive.

The thing is, her situation is far too common and one that many people have, unfortunately, had to walk through. A survey by Sun Life Financial revealed there is a BIG gap between people who have this type of insurance and people who end up needing it. Only about 36% have it when closer to 65% end up needing it. 

So, why the disconnect? There are at least a couple of factors that come to mind:

  1. We don’t like to think about becoming dependent on others or our own mortality.
  2. There is a lack of good info on what is covered by whom and how much things cost.

As awkward or uncomfortable as it may be, you must have a plan for end-of-life care/costs/etc. It is the responsible thing to do and will protect the people you love from being further traumatized by having to deal with overwhelming logistics amid caring for or saying goodbye to you.

Additionally, life expectancy and the costs of this type of care are going up. We are living longer, and things are getting more expensive, which means we are likely to need this type of care for more time and will pay for it at a much higher rate.

Which brings us to point number two… most people assume their needs will be covered by Medicare or their private health insurance, but this is incorrect. Those types of coverage often don’t pay for most of the long-term care that people need. Something like 84% ends up being the patient’s responsibility. And, when you haven’t planned for that ahead of time, it can be a huge blow to retirement or family finances. Assisted living costs, for instance, vary from place to place but are typically around $3k-$6k per month.

Let’s back up for a second and talk about what Long-Term Care Insurance (LTCI) is and what it covers.

LTCI can provide for personal and custodial care for an extended period. The trigger for this is the help with or loss of at least two activities of daily living (ADLs). These include six categories: bathing, dressing, eating, transferring, toileting, and continence.

The “loss of ADLs” could be the need for substantial assistance, whether it’s hands-on, standby, or supervisory. Any cognitive impairment, such as Alzheimer’s and dementia, are automatically covered whether or not the two-ADL trigger is met.

A common misperception of long-term care is that it’s the same thing as nursing home care. While care may be received at a nursing home, it can also be used at an assisted living facility, adult day care, with respite services or for home-based care.”
Source CBS News

So, you can see how this type of coverage would be beneficial. And, the best part is: if you secure it early, it can be very affordable and pay off huge in the long-run. 

Like most financial products, you have some options when it comes to choosing long-term care insurance so make sure to do some research. Additionally, I would be more than happy to go over the options with you and help you find a great fit! You can book a free consultation call at or send me a quick message online.

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Lots of light, love, and financial wisdom,