Aging Alone: Why Long-Term Care Planning Matters More Than Ever

More than 16 million Americans over age 55 are aging alone—without a spouse, partner, or adult children to help navigate health challenges, daily tasks, or financial decisions. This “solo retirement” trend is accelerating, and with it comes a critical question: Who will help if you need care?

What Is Long-Term Care Insurance?

LTC insurance helps pay for services that support daily living when health or age makes it difficult to manage alone. This includes:

• Home care: Help with bathing, dressing, cooking, and mobility
• Assisted living: Residential facilities offering personal care and supervision
• Nursing homes: Skilled care for chronic conditions or recovery
• Adult day care: Supervised daytime programs for social and medical support

Unlike traditional health insurance or Medicare, LTC policies are designed to cover extended care needs that arise from aging, illness, or injury.

Key Features to Understand

When evaluating LTC coverage, here are the core features to consider:

• Benefit amount: The daily or monthly maximum the policy will pay
• Benefit period: How long benefits last (e.g., 2 years, 5 years, lifetime)
• Elimination period: A waiting period before benefits begin (often 30–90 days)
• Inflation protection: Ensures your benefit keeps pace with rising care costs
• Care coordination: Some policies include help finding and managing care providers

Hybrid policies—combining life insurance or annuities with LTC benefits—are also gaining popularity. These offer guaranteed payouts whether or not you use LTC services.

Tips for Smart Purchasing

1. Start early: Premiums are lower and approval is easier when you apply in your 50s or early 60s.
2. Assess your risk: Consider family health history, lifestyle, and whether you’re likely to age solo.
3. Balance cost and coverage: A shorter benefit period with inflation protection may offer better value than lifetime coverage without it.
4. Ask about partnership policies: These may protect more of your assets if you later need Medicaid.
5. Work with a licensed agent: They can help tailor coverage to your budget, goals, and state-specific options.

Why It Matters

Without LTC coverage, the cost of care can quickly erode retirement savings. In 2025, the national average for a private room in a nursing home exceeds $115,000 per year. Home health aides average $30–$35 per hour. For solo retirees, these costs aren’t just financial—they’re emotional and logistical.

Planning ahead means you won’t have to rely on distant relatives, overwhelmed friends, or last-minute decisions. It’s a gift to your future self—and a safeguard for your independence.

In this issue:

This Just In ... Medicare Part D Out-of-Pocket Cap Increases to $2,100 in 2026

Medicare Drug Coverage Is Changing—Here’s What You Need to Know This Enrollment Season

Aging Alone: Why Long-Term Care Planning Matters More Than Ever

Never Outlive Your Savings: How Longevity Annuities Can Help

Traveling Abroad with Medicare: What You Need to Know

The information presented and conclusions within are based upon our best judgment and analysis. It is not guaranteed information and does not necessarily reflect all available data. Web addresses are current at time of publication but subject to change. SmartsPro Marketing and The Insurance 411 do not engage in the solicitation, sale or management of securities or investments, nor does it make any recommendations on securities or investments. This material may not be quoted or reproduced in any form without publisher’s permission. All rights reserved. ©2023 The Insurance 411. www.theinsurance411.com Tel. 877-762-7877.