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Long-Term Care

Long Term Care Planning

We are not surprised if we live into old age – Most of us would be disappointed if we didn’t live into our 80’s and 90’s.  We are not surprised when people in their 80’s and 90’s need home care, adult day health, assisted living, nursing home or hospice.

This care is very expensive:

 Average cost of care in MA – 2023 

  • Home care - $37/hour ($4400 month for a 4-hour shift of care – 2 shirts $8800/month)

  • Assisted Living - $6000/month.

  • Dementia Assisted Living - $7500/month.

  • Average utilization – 3.7 years for males – 4.8 years for females


  • Families often try to provide long term care, so they don’t have to pay the minimum 4-hr shift.

  • Primary caregiving is highly correlated with depression.

  • Short term caregiving often brings family closer.

  • Long term caregiving often tears family apart.

  • The greater the wealth, the greater the options, the greater the quality of care.

Long Term Care Insurance

  • Provides a plan for the family.

  • Leverages assets to afford more long term care services.

  • Catastrophic protections: 

    • Protects a primary home from Medicaid Lien in MA (min. 2-year benefit, $125/day)

    • Partnership protects dollar for dollar of one’s estate for LTC benefits received. (Most other states) 

  • Benefits are received tax free.

  • May be purchased as a shared benefit between partners.

  • Options for return of premium products.

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