How to Plan for Long-Term Medical Costs

Life comes at you fast. While we are managing our daily lives, we also have to think about the future.

It’s natural to want to live independently in your own home for as long as possible, but as you grow older, there may come a time when you’ll need to consider living in a nursing home. Even if you don’t need long-term care right now, it’s important to consider the costs and organize your finances accordingly.

Have you thought about how you will pay for long-term care expenses, should that day come? Have you considered what long-term care really means and just how expensive it can be?

What Long Term Care Costs Look Like

Expenses for long term care services are extremely high. Currently, it costs an average of $7,441 per month for a semi-private room in a nursing home. For a one-bedroom unit in an assisted-living facility, the costs are $4,920 per month.

You may assume that Medicare will cover your long-term care costs, but it won’t provide you with coverage if you need to go into a nursing home indefinitely because you’re disabled or unable to care for yourself. Fortunately, you do have other options for covering your long-term care costs.

How Long Term Care Insurance Can Help

While it may seem crazy to think about your long-term care needs now, planning can save you a lot of money in the long-run.

There is hope though. Something that can give you peace of mind now and into the future: Long-term Care Insurance

Long-term care insurance will pay for care provided at your home, a nursing home, or an assisted living facility. It provides you with a daily benefit amount for the services you need – for example, $100 a day for nursing home care.

Through long-term care insurance, you can assign a set amount of money to pay for the long-term care costs you might accumulate in the future, so that you can be sure that you will not run out of money to pay for the long-term care services you might need.

Things to Know

There are a lot of different options out there for long-term care insurance, and so it can get confusing. The major thing you need to know is that you should buy early.

The younger you are when you buy your policy, the cheaper your premiums will be over the life of the policy. So be sure to shop around and shop around soon! It’ll help remove some of life’s stress.

I have created a FREE special report explaining long-term care insurance in detail. Simply click the download button below to access and read the report.


Wiley Long is founder and president of Medigap Advisors, and is passionate about helping people navigate the confusing waters of Medicare. He is the author of The Medicare Playbook: Designing Your Successful Health Coverage Strategy, a clear and simple explanation so you can make the most of your Medicare coverage.