Whether you plan to retire at 55 or work until 75, one part of retirement planning you can't afford to ignore is long-term care.
A leading expert on long-term care planning says waiting can cost you more than just money.
"People are living longer, which is wonderful," says Matt McCann, a nationally recognized Long-Term Care Insurance specialist.
"But longevity comes with challenges. The risk of needing care increases with age, and too many families are unprepared—emotionally, financially, and logistically."
McCann points out that many Americans dismiss the need to plan, assuming long-term care won't be part of their future—but the reality tells a different story.
According to the U.S. Department of Health and Human Services, more than half of adults age 65 and older will need long-term care services. But McCann says that most don't realize how costly—or how personal—that need for extended care can be until it becomes too late.
"You will either need extended care or you won't. How will living a long life—and becoming physically and mentally frail—impact you and those you love?"
Why Planning Early Pays Off
McCann says the earlier you plan, the more control you'll have. You'll qualify for better coverage, lower premiums, and more policy options if you're still in good health.
"Most people secure Long-Term Care Insurance between ages 47 and 67," McCann explains. "That's when premiums are more affordable and your health is more likely to qualify you for coverage."
Early planning also means you avoid scrambling during a crisis. You won't have to sell assets or rely on your adult children to cover the costs.
Quality Care Comes at a Price
The cost of care continues to climb. According to an ongoing survey of long-term care costs by LTC News, the annual median cost in the U.S. for:
- Home health aide: Nearly $66,000
- Assisted living (base costs before surcharges): Just over $58,000, with surcharges adding $2,000 or more on top of that
- Private nursing home room: More than $125,000
"Without a plan, those costs adversely impact your income and assets and create a family crisis for your adult children or spouse," McCann says. "It becomes more than just a financial problem—it becomes a deeply personal crisis."
More Than Money: The Emotional Impact on Your Spouse and Children
While money matters, the emotional and physical burden on the family can be even greater.
"Without a plan, caregiving often falls to a spouse or adult child who never planned to become a full-time caregiver," McCann says. "That changes relationships. It strains families. It's not fair to them."
Spouses may be physically unable to provide care because of their age or their own health issues. Adult children often live far away, work full time, or are raising families of their own.
McCann says the stress, guilt, and exhaustion can damage family dynamics for years.
Long-Term Care Insurance changes that.
- It pays for quality, professional care at home or in a facility of your choice.
- It allows your loved ones to supervise your care, not provide it.
- It helps preserve your family's emotional well-being and roles.
"It's not just about protecting your money," McCann says. "It's about protecting your relationships. You get care, and your family gets to be just that—your family."
Calculate Your Retirement Savings—Then Factor in Long-Term Care
Before finalizing your retirement strategy, McCann says to consider this: How would long-term care costs impact your lifestyle and legacy?
You might have enough saved for daily living, travel, and hobbies—but even one year in a nursing home or multiple years of home care could wipe out your plan.
Use the LTC News Cost of Care Calculator to project what long-term care could cost in the future where you live based on your zip code. Then ask:
- Would I need to sell investments or assets to pay for care?
- Could I afford care and still protect my spouse's lifestyle?
- What would be left for my children or grandchildren?
- Who would step in if I didn't have professional care?
"You've worked a lifetime to build your future," McCann says. "Long-Term Care Insurance helps you keep it intact. It fills the gap so you don't have to choose between your care and your legacy."
What Long-Term Care Insurance Offers
A solid Long-Term Care Insurance policy provides:
- Tax-free benefits to pay for home care assisted living, or nursing home services
- Access to quality care in the setting you prefer
- Care coordination and support services
- Asset protection that preserves your retirement savings
- Peace of mind for you and your loved ones
"It's not just insurance—LTC Insurance is a plan for a better future," McCann says.
Contrary to common belief, coverage is often very affordable—especially if you buy it in your 40s or 50s. Many plans cost about the same as a monthly cell phone bill.
How Much Does Long-Term Care Insurance Cost at My Age?
Early Retirement? Even More Reason to Prepare
If your goal is for early retirement, planning becomes even more urgent.
McCann notes that you'll need to stretch your retirement assets for a much more extended period—and long-term care is not covered by health insurance or Medicare.
Those future long-term care costs can quickly drain your assets, reducing your retirement income and lifestyle. Long-Term Care Insurance helps fill that gap with guaranteed tax-free benefits to pay for the quality extended care you deserve without creating a family crisis and burden.
Some policies—like hybrid long-term care plans that combine life insurance or annuities—offer flexible funding options, cash value, or death benefits if extended care isn't needed.
"For early retirees, long-term care planning is not optional—it's essential," McCann says. "Long-Term Care Insurance protects your lifestyle now and ensures your care options later."
Don't Wait for a Health Crisis
"Planning for long-term care isn't about fear—it's about freedom," McCann says.
"Freedom to choose your care. Freedom from burdening your family. Freedom to protect what you've built."
Starting now means better coverage, more flexibility, and less stress down the road.
Your Next Steps
Bottom line: Whether you're retiring at 55 or 75, long-term care planning should start today. You can't prevent aging—but you can prepare for it.
Get Professional Planning Help Now
Matt McCann, CLTC, is licensed in all 50 states and the District of Columbia, representing top-rated insurance companies.
Through an innovative, no-pressure process, McCann allows clients to consult by phone while viewing his computer screen — ensuring a simple, convenient, and transparent experience.
You can get free and accurate quotes from all the top companies — plus professional recommendations — by visiting Free and Accurate LTC Insurance Quotes.
Media Availability
Matt McCann is available for radio, TV, and podcast interviews. He also speaks to groups and organizations worldwide about aging, caregiving, health, and long-term care issues.
Contact Matt McCann for interview opportunities or speaking engagements.