Let’s be honest—nobody likes thinking about age. It’s definitely not cocktail party material. But as much as we’d like to imagine we’ll be hiking mountains and dancing at weddings well into our 90s, the unbiased reality is, most of us will need some help down the line. Whether it’s a helping hand for groceries and grooming, or full-on assisted care in a facility, long-term care becomes part of life for most of us as we get older. 

In fact, about 70% of people who turn 65 today will need some form of long-term care during their lifetime. That could mean a little assistance for a few months, or ongoing help that lasts for years. And unless you’re a fortunate person with wealth or someone that has a family member that can lend a hand, you’re going to want a plan. That’s where long term care insurance comes in, and that’s what we’re going to cover today. 

Real quick, I very much understand this can be a solemn subject, but let’s look at it as any other self-care activity, because that’s just it; planning these things out can help make for smoother transitions as we age and makes it much easier on family. 

At its core, long-term care (LTC) insurance helps cover the cost of care when you’re no longer able to fully care for yourself. That might mean someone coming to your home to help with daily tasks, a stay in an assisted living facility, or time in a nursing home. Without insurance, all of this is paid out-of-pocket—and the numbers can get scary fast. A private room in a nursing home can cost over $100,000 per year. Even in-home care, while more affordable, can still put a big dent in your savings over time.

Many people assume Medicare will cover these expenses, but that’s one of the biggest misconceptions out there. Medicare is designed for short-term medical care, not long-term support. It might help you recover after surgery, but it won’t pay for someone to help you bathe or make meals every day. And regular health insurance? That’s not built for this kind of care either.

It’s a tough reality: our modern lives have changed. Gone are the days of big multi-generational households where caregiving was shared. Today, adult children often live far away or work full-time jobs. They may want to help, but physically, financially, and emotionally, it’s not always possible. And let’s be real—lifting someone out of bed every morning is no small task.

LTC insurance can provide professional support so your loved ones can stay focused on being family, not full-time caregivers.

If you’re in your 50s or early 60s, this is your golden window. That might sound early, but waiting too long could mean much higher premiums—or worse, getting denied because of health issues. The younger and healthier you are when you apply, the more affordable your options are—and the better your odds of approval.

Policies vary, but most LTC insurance plans will help with:

Depending on your policy, you’ll decide how much coverage you want, and how long it should last. Some people want basic coverage, others opt for more comprehensive protection—it all depends on your goals and budget.

Long-term care insurance isn’t just about protecting your money—it’s about protecting your independence. It means you’ll get to make choices about where and how you age, rather than leaving those decisions to someone else when times get tough.

Without a plan, care costs can quickly drain your retirement savings, leaving fewer resources for your spouse, children, or other priorities. With a plan, you get to age gracefully, confidently, and on your own terms.

So if you’re in your 50s or 60s and just starting to think about what aging well looks like, this is your sign to start the conversation. LTC insurance might not be the flashiest part of your financial plan, but it could be one of the most important.

Talk to a financial advisor. Get a quote. Ask questions. And most importantly—don’t wait until it’s urgent. Your future self (and your family) will thank you.