Planning for Long-Term Care
Many people assume Medicare will pay for long-term care. Medicare generally does not cover ongoing custodial long-term care, such as help with bathing, dressing, or eating. It may cover qualifying short-term skilled nursing or other skilled care under specific conditions.
The rules are detailed and change over time, so I will not try to summarize them here. The official sources below explain them clearly. What I want to stress is timing.
Why planning early matters
Long-term care insurance is usually medically underwritten. Insurers review your health history, and a new diagnosis can mean higher premiums or a denial. Many people begin looking into coverage in their sixties, when health changes are more common and options may already be narrower. The best time to explore it is while you are healthy.
Questions worth asking
- What would care cost where I live, at home or in a facility?
- How would we pay for it from savings, insurance, or family support?
- Does my current insurance include any long-term care benefit?
- Who in my family would help, and have we discussed it?
Where to learn more
This page is general education, not insurance or legal advice. Please consult a licensed insurance professional or elder-law attorney about your own situation.
To go deeper, see the chapter “Health Is Part of Wealth” in The Wealth You Build: A Lifetime of Financial Wisdom.