How can I plan for a future need for nursing home care for myself or aging relatives?

February 8, 2013

Advisor answers

Bonnie Sewell

Bonnie Sewell


As advisors, our software provides location specific information on these costs. Additionally, think about family history, your own health, and what insurance you currently have or might qualify for - Long Term Care Insurance, Life Insurance and of course health insurance.

Health care (especially at the end of life) is often a very big cost. If you are part of a couple, you'll want to protect assets for the person who does not get ill.

We can model these costs and this is an area where we won't know what the cost is u...

John Buerger

John Buerger


There are a variety of products that are available to help cover the costs of nursing home care, assisted living care and Alzheimer's care. These products range from Long Term Care insurance to Life Insurance as well as hybrids of the two.

You can always try to "self-insure" and save the money you might need - but it can be a LOT of money.

Understand that until you are in a Skilled Nursing Facility (more like a hospital than a place most folks want to be), Medicare does NOT cover any of those costs so you or your family will have pay fo...

Future long term care costs present a challenge in many ways. It is hard for individuals and family's to understand what the problem is unless they experience it with a loved one or friend. Part of the solution is money but there are other necessary pieces of the puzzle as well as different decisions to make.

Three ways to pay for future long term care expenses

1. Buy long term care insurance which is structured to provide a daily benefit for a set period of time. This is the most comprehensive solution fo...

I'm going to answer this a little differently, based on lots of experience with clients in this regard. The best way to plan for assisted living or a skilled nursing facility is to first accept the fact that there's a good chance you or your loved one will need it someday. This sounds so simple, but the mistake almost all of our clients make is to wait until they're in a crisis, and then call us for help. This limits their choices and forces them to make decisions under duress, which is a lousy way to optimize the process.

So what...