Navigating the Costs of Senior Care

Turning 65 comes with many milestones—but it also brings important planning considerations. Today’s seniors face a 70% likelihood of needing some form of extended care as they age, and the costs can be significant.¹

Across the U.S., the median annual cost of a nursing home exceeds $110,000 for a shared room, while assisted living averages about $70,000 per year. In-home care is also expensive, with a full-time home health aide costing more than $75,000 annually. Unfortunately, most private health insurance plans do not cover long-term or extended care expenses, often leaving families to pay out of pocket.²³

Because of this, extended care insurance may be worth exploring. These policies can help cover services such as in-home care, rehabilitation, assisted living, and hospice care. Benefits typically begin when an individual can no longer perform a certain number of activities of daily living, such as bathing, dressing, eating, or moving in and out of beds and chairs.⁴

The cost and availability of extended care insurance depend on factors like age, health, and the amount of coverage selected. Policies also include limitations and expenses, and coverage guarantees are tied to the issuing insurance company’s financial strength. Evaluating insurability early can be an important step.

As your financial professionals, we can help you assess whether extended care insurance fits your overall strategy. If you’d like more information, please contact our office to schedule a conversation or request additional resources.

^{1. LongTermCare.gov, 2026}

^{2. Genworth Cost of Care Survey, 2026}

^{3. NIH.gov, 2026}

^{4. DHCS.gov, 2026}