Long-term care planning


Create a plan today to help cover your potential long-term care costs—while still protecting your family's legacy.


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Be prepared with extra support when you need it most

Long-term care may be one of your largest expenses when planning for retirement.

What is long-term care?


Long-term care includes a wide variety of services that help with personal care over short or long periods of time. Specifically, it provides help with activities of daily living (ADLs): bathing, dressing, eating, walking or moving, toileting, continence management, and cognitive impairment.


And it's not just nursing home care. Long-term care is also provided at home, in community settings such as adult day care centers, and in assisted living facilities.

Chances are good that you'll need it


  • Nearly 70% of Americans aged 65 and older will require some form of long-term care during their lifetime.1
  • The average person may need care for approximately 3 years and 1 in 5 people will need long-term care for more than 5 years.1
  • The cost of care is upwards of $127,000 annually for a private room in a nursing home2 and costs continue to rise.

Watch and learn: FAQs


What are some options to pay for long-term care?


The options you choose depend largely on your financial circumstances, both now and during retirement.


Considerations of hybrid life insurance with long-term care

One policy, multiple potential benefits

Pay for long-term care benefits, if needed

Leave a death benefit to your beneficiaries

Surrender the policy and receive its cash value3

How are premium payments determined?


Insurance providers consider a number of factors, including:


  • The amount of coverage you want
  • How long you'd like coverage to last
  • Your age and health status when you purchase the policy

What can affect eligibility for long-term care insurance?4


Factors can include, but are not limited to:


  • Your medical history, including preexisting medical conditions
  • If you've previously been declined for life or long-term care insurance
  • Current or recent needs for long-term care services

The importance of starting soon


It's easy to procrastinate, especially about a topic that's difficult to discuss. Yet, waiting to apply for insurance can have its own challenges:


  • Higher premiums
  • No guarantees of coverage
  • Potential increased health risk
The cost of waiting to apply for long term care insurance increases as we age. A 55 year old today would have a 16% increase in the average cost of coverage if they wait until age 60 to apply and a 50% increase if they wait until age 65. Details in footnote 5. Data source is the American Association for Long Term Care, 2021.

Source: American Association for Long-Term Care Insurance, 2021, www.aaltci.org


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How Fidelity can help you plan for long-term care


  1. Start a conversation

    Reach out to your Fidelity advisor or contact us to connect with one of our financial professionals. Together, we'll discuss your financial plan, current or past health considerations, and ways to manage the costs of long-term care.

  2. Connect with the experts

    After your initial appointment, you'll meet with one of our licensed long-term care consultants to further review your care options, coverage choices, health considerations, and potential costs.

  3. Evaluate your options (if applicable)

    If you determine that long-term care insurance is an appropriate option for you, our long-term care consultants will support and assist you throughout the full application process.

  4. Revisit your plan

    Once you've finalized your plan for long-term care costs in retirement, we suggest you reconnect with your advisor or financial professional to discuss how it fits with your full financial plan.

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