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Home > Tools & Resources > Planning for Long-Term Care

Planning for Long-Term Care


Long-term care is an emotional subject that many people tend to avoid discussing or planning for until it becomes an immediate concern. However, the need can arise unexpectedly due to a number of reasons. Financial planning for long-term care is an essential part of securing your future and ensuring that you receive the necessary support when you need it. Continue reading our blog as we explore the importance of financial planning for long-term care.

Understanding Long-Term Care

Long-term care refers to the services and support needed when an individual faces chronic health conditions or disabilities that make it difficult for them to perform daily activities independently. Such care can be provided at home, in an assisted living facility, or in a nursing home, depending on the level of assistance required.

The Cost of Long-Term Care

The cost of long-term care services can be substantial and vary depending on factors such as location, the type of care required, and the duration of care. Unfortunately, most health insurance plans, including Medicare, do not cover long-term care expenses extensively. Therefore, you need to plan ahead to ensure you have the necessary funds to cover these costs without depleting your savings or burdening your family.

Plan Ahead

The sooner you begin planning for long-term care, the better. Ideally, financial planning for long-term care should be initiated in your 40s or 50s, if not earlier. This allows you to accumulate funds gradually and take advantage of compounding interest on investments.

For assistance in financial planning, contact our trusted professional, Joe Zandlo.

Long-Term Care Insurance

Long-term care insurance is designed to cover the costs associated with long-term care services. It can help protect your assets and provide peace of mind. Explore different policy options and consult with a financial advisor to determine the right plan for your needs.


Some individuals choose to self-fund their long-term care expenses by setting aside savings specifically for this purpose. To do this effectively, you'll need to estimate future care costs and develop a saving and investment plan to meet those needs.

Utilize Your Retirement Accounts

If you have a retirement account, such as a 401(k) or an IRA, consider how you can use these funds to cover long-term care expenses. Certain tax-advantaged strategies, such as Qualified Long-Term Care Insurance Partnership Programs, may allow you to protect some assets while accessing Medicaid benefits.

Estate Planning

Including long-term care considerations in your estate plan can be crucial. Establishing a power of attorney, healthcare directives, and living wills can ensure that your wishes are respected and that your finances are managed appropriately should you become incapacitated.

Consult with SharePoint Credit Union

Seeking professional guidance is essential when it comes to financial planning for long-term care. Don't delay; the sooner you start, the better positioned you'll be to meet the challenges of the future. A financial advisor with expertise in eldercare and long-term care financial planning can help you make informed decisions and create a tailored plan. The financial experts at SharePoint Credit Union are happy to help and answer any questions. We are always looking to provide the best value to our members and future members. Contact us today!

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