As we mark November, long-recognized as National Long-Term Care Awareness Month, I want to extend my thanks to the Tennessee Department of Commerce & Insurance for stepping forward with a public campaign to shine a spotlight on long-term care planning for the future. Their announcement reminds us that as Americans live longer lives, the possibility of needing long-term support services climbs significantly.
According to the TDCI news release, someone turning 65 today has almost a 70% chance of needing some type of long-term care services in the years ahead. The statistics are clear: by mid-century, the number of Americans in need of long-term support could nearly double, from an estimated 14 million today to 27 million by 2050. And the costs are staggering: for example, in 2024 a semi-private room in a skilled nursing facility jumped to a median of about $111,325 annually, while a private room approached $127,750.
As professionals serving clients, NAIFA members’ role is more than helping assemble investment portfolios or retirement income strategies. Financial professionals are in the full fabric of life planning which includes ensuring clients (and their families) are prepared if care needs arise. Long-term care risk is real, and the sooner advisors prompt conversations, the better the outcomes for families and advisors alike.
On November 19, NAIFA’s LECP (Limited & Extended Care Planning) Collective is hosting an Impact Day webinar from 11:00 a.m. to 1:30 p.m. ET. This free event is open to both members and non-members and will bring together national thought-leaders in caregiving, LTC insurance, and multigenerational planning.
I invite members and non-members alike to join us on November 19. Let’s lean in together, elevate the caregiving conversation, and help the millions of translate risk into readiness. Register here.