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Investing Specialists

An Action Plan for Long-Term Care

Many people put off creating a long-term-care plan. This step-by-step guide can help you get over inertia, dread, or both.

The figures are bracing: About half of people turning age 65 will require some type of long-term care in their lifetimes. Women will need 2.5 years of care, on average, while males will need an average of 1.5 years. The cost of nursing-home care in a private room has passed the $100,000/year mark, and in major urban areas, the cost of care runs even higher than that.

Yet despite those daunting figures--or possibly because of them--many people delay installing a long-term-care plan. In a 2013 survey from The Associated Press-NORC Center for Public Affairs Research, 65% of respondents age 40 or older said they had done little to no planning for their own long-term-care needs.