When most people think about retirement, they picture enjoying life, traveling, spending time with family, maybe even picking up a new hobby. What many don't think about is how they would handle the cost of long-term care if they ever needed it. Nursing homes, assisted living facilities, and even in-home health care can be very expensive, and those costs aren't covered by Medicare the way many assume.
That's where long-term care insurance comes in. It's designed to protect your savings, give you choices about the type of care you receive, and take a heavy financial burden off your family.
A Personal Decision Worth Making
I've been in this business for many years, and I've seen many clients and their families use the long-term care insurance I've helped them put in place. It has given them options, dignity, and a sense of security during some very difficult times.
As I've gotten older myself, I've decided it's time to get long-term care insurance for my family. I know firsthand how important it is, and I want that same protection for my own loved ones.
No One-Size-Fits-All Solution
As a fiduciary, my responsibility is to act in your best interest. That means we don't just pull one policy off the shelf. We search through multiple program types and companies, and custom-tailor coverage to fit your needs and budget. There truly is no one-size-fits-all when it comes to long-term care.
One important thing to understand is that long-term care insurance is not guaranteed to be issued. Every application goes through underwriting, which means approval depends on your current health. If you're relatively healthy for your age, that's the perfect time to look into it. Waiting until you already have health problems is like saying, "My house is on fire, now I'd like to buy fire insurance." No company is going to issue a policy at that point.
Long-term care insurance isn't just about money; it's about choices, freedom, and preparation. It's about knowing that if the time ever comes, you and your family are ready.
If you haven't had the conversation about long-term care yet, now is the time. Your future self and your loved ones will thank you.
By Marc Frye
Marc Frye provides financial analysis and market commentary for the ARA newsletter, translating complex economic trends into actionable insights for retirees.
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Easy Eddie's Take
Marc brings up something that catches a lot of people off guard. Most people are surprised when they learn that Medicare only covers limited long-term care services – typically just short-term skilled nursing care after a hospital stay, not the ongoing custodial care that most seniors eventually need. The Centers for Medicare & Medicaid Services estimates that someone turning 65 today has nearly a 70% chance of needing some form of long-term care services during their lifetime.
Here's what people often ask me: "How much does long-term care actually cost in 2026?" In Arizona, you're looking at around $5,500 to $6,500 per month for assisted living, and skilled nursing facilities can run $8,000 to $12,000 monthly or more. Home health aide services typically cost $25 to $35 per hour. These aren't covered by your Medicare Supplement or Medicare Advantage plan either – that's a common misconception.
The good news is that long-term care insurance has evolved quite a bit. Today's policies often include hybrid options that combine life insurance with long-term care benefits, or annuities with care riders. Some even offer return-of-premium features if you never need the care. Think of it this way: you're not just buying insurance, you're buying choices about where and how you receive care when the time comes. A little preparation today can make a big difference tomorrow.