What Could Long-Term Care Cost You Without Insurance?

You may have spent decades building your retirement savings. But have you considered what could happen to those savings if you need extended care?

Without long-term care insurance, you may have to pay for care directly from your income, savings, investments, retirement accounts, or family resources.

And those expenses can continue month after month.

The Costs Can Add Up Quickly

Depending on where you live and the level of care you need, expenses may include:

• In-home caregivers

• Assisted living

• Memory care

• Skilled nursing care

• Help with everyday activities such as bathing, dressing, and eating

An extended period of care can potentially consume a significant amount of retirement savings.

For example, even $7,000 per month in care expenses equals $84,000 per year.

If care continued for three years, that's $252,000—before considering inflation or other retirement expenses.

The Cost Isn't Always Just Financial

Without insurance or another funding strategy, family members may also become part of the care plan.

A spouse or adult child may need to provide care, reduce working hours, take time away from a career, or help pay expenses.

That's why planning for long-term care isn't simply about protecting money.

It's about protecting choices, independence, and family.

Long-term care insurance isn't appropriate for everyone, but everyone should have an answer to one important question:

If you needed care for several years, how would you pay for it?

Don't wait for a health crisis to answer that question.

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The $7,000 example is illustrative rather than a statement of current average care costs; actual costs vary significantly by location and type of care.