Protect your retirement savings
Long-Term Care Insurance
You've worked hard to build a secure financial future. Now it's time to protect it from one of the biggest risks to retirement savings: the rising cost of long-term care.
The numbers
Why Long-Term Care Planning Matters
One of the biggest risks to retirement savings isn't market downturns or inflation. It's the rising cost of long-term care.
About 70% of people over age 65 will need some form of long-term care.
Care is expensive: over $50,000 a year for assisted living, and $100,000+ for a private room in a nursing home.
Medicare doesn't cover most long-term care services.
Without a plan, these costs can drain savings, affect your spouse's well-being and limit your choices for quality care.
Your options
What Are My Planning Options?
There's no one-size-fits-all answer. These are the main ways to pay for long-term care, and we'll help you compare them.
Traditional Long-Term Care Insurance
Pays for qualifying care expenses
Use-it-or-lose-it model, like home insurance
Typically more affordable when purchased earlier (50s–60s)
Hybrid Life Insurance with LTC Benefits
Combines life insurance with long-term care benefits
If you don't use the care benefit, your heirs still receive a payout
Often allows fixed premiums and greater flexibility
Annuities with LTC Features
Can provide income and access to funds for care expenses
Useful for repositioning assets tax-efficiently
Self-Funding
Use designated investment accounts earmarked for care
Requires disciplined savings and tax-aware withdrawal strategies
Key Points Checklist
Ask yourself these questions as you plan:
Do you know how much long-term care could cost where you live?
Do you have a plan for how to pay for care if needed, without burdening family?
Have you reviewed insurance or hybrid solutions to protect your savings?
Are your spouse or adult children aware of your preferences and wishes?
Have you considered how long-term care fits into your overall retirement plan?
What is long-term care?
Long-term care is help with everyday activities such as bathing, dressing and eating, or supervision because of cognitive decline. It can be provided at home, in assisted living or in a nursing home, and it is one of the largest costs many retirees face.
Does Medicare pay for long-term care?
Generally no. Medicare covers only limited, short-term skilled nursing care after a hospital stay. It does not cover ongoing custodial care, which is why a separate long-term care plan matters.
When should I plan for long-term care?
Many people start planning in their 50s or early 60s. Premiums are lower and it is easier to qualify for coverage while you are younger and healthy.
What are my options for paying for long-term care?
Common options include traditional long-term care insurance, hybrid life insurance or annuity policies with long-term care benefits, and setting aside your own savings. Each has different costs and trade-offs, which we can compare with you.
Areas we serve
Long-Term Care Planning in South Elgin, IL
Plan for long-term care costs with Brian Lee in South Elgin, IL, helping families in Elgin, St. Charles, Geneva and nearby towns protect their retirement savings. Meetings are available online or by phone.
South Elgin, IL
Elgin, IL
St. Charles, IL
Geneva, IL
Batavia, IL
Bartlett, IL
Streamwood, IL
West Chicago, IL
Carol Stream, IL
Carpentersville, IL
Algonquin, IL
Lake in the Hills, IL
Schaumburg, IL
Hoffman Estates, IL
Huntley, IL
Wheaton, IL
North Aurora, IL
Warrenville, IL
Naperville, IL
Crystal Lake, IL
We Can Help You Plan with Confidence
Schedule a long-term care planning session today. We'll review your options and build a plan that protects your savings and your family.
