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Long-term care planning and longevity
When many people hear the words “long-term care,” they immediately think about nursing homes. But that’s rarely where such care begins. You can help clients plan for their later years by designing income strategies and plans that will help deliver an optimal experience as they age.
View our resources
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Leverage your familiarity with retirement income planning
- Help clients get ahead of the expenses they may face in the later years of retirement. Certain financial decisions, such as delaying Social Security benefits and using HSAs as investment vehicles, can put clients in a better position later.
- Plan for uncovered expenses. Medicare doesn’t offer coverage for long-term care (LTC). What services might your clients need as they age, and what sources of income will be needed to pay for them?
- Start these planning discussions early, when your clients are still healthy — costs are lower and they can still obtain coverage if they want it.
Boost your preparedness to discuss long-term care with clients. Read our white paper.
Anticipate longevity and plan for its impact
92
A 65-year-old couple has a 50% chance of 1 of them living to this age.1
91%
Chance that 1 or both members of a 65-year-old couple will need LTC.2
67%
of survey respondents said they’d prefer to receive care in their own home.3
Help clients plan for the care they want as they age
Explain that Medicare and Medicaid have limits. Because Medicare does not cover long-term care, you have an opportunity to explain alternative coverage options to your clients. Medicaid is for those with very low assets or income, and generally covers care only in nursing homes. Most of your clients will want to stay in their own home as long as possible.
Encourage clients to imagine their ideal setting if they need extended care. What would be your client’s preferred caregiving scenario? Creative, proactive planning can help that scenario come true if it’s needed. A positive approach can make clients less resistant to talking about long-term care.
Make it a family conversation. These discussions can be difficult within families. You can help clients open the door to conversations with their adult children (or vice versa), creating a reassuring experience for all.
Why turn to Nationwide® as a trusted resource?
The Nationwide Retirement Institute’s long-term care and longevity program provides education and personalized reports to support both you and your clients. We conduct an annual survey that delivers insights on consumer knowledge and attitudes about long-term care.
View the latest survey results
Have a client that is already elderly? You can still serve them with empathy.
Read our case study.
A financial professional consulting with a client.
The Nationwide® Health Care/LTC Cost Assessment
This tool can help you estimate your client’s future health care costs. Our partnership with HealthView Services uses actuarial science to deliver a customized report. By completing our fact finder with client-specific information, you will receive a report that:
- Forecasts their health care expenses
- Estimates their annual Medicare and out-of-pocket expenses
- Provides personalized details they can act on
The Nationwide Retirement Institute Planning Team can assist with strategies, case design and income planning needs.
Real people and their long-term care stories
There are planning opportunities for long-term care at all stages of life. Watch as real people, who are in the middle of it, share their experiences
[1] Actuaries Longevity Illustrator, longevityillustrator.org/, (accessed April, 4, 2023).
[2] The Likelihood and Cost of LTC May Be Higher Than You Think, Robert Pokorski, Insurance Newsnet Magazine (Jan. 1, 2022).
[3] The Nationwide Retirement Institute(R) 2023 Long-term Care Survey, July 2023.
The information collected on the personalized Health Care Cost Assessment will be kept confidential and used to provide an estimate of a client's potential health care costs in retirement. The estimate is based on a client's specific financial situation and goals, as well as their current overall health condition. The client's financial situation and health conditions may change over time, and this may affect their future charges. Please keep in mind that the estimates resulting from this fact finder are for hypothetical purposes only and are not guaranteed. For more information on how Nationwide protects your personal information, visit our online privacy policy at nationwide.com/personal/privacy-security/.
