Plan Now for Long-Term Care

Preserve your savings, assets, and financial independence with long-term care insurance.

It might be hard to imagine now – unless you are caring for older relatives – but chances are, you’ll need some help taking care of yourself later in life.

Nearly seven out of 10 people 65 and older will need long-term care services or support, according to 2020 data from the Administration for Community Living. Purchasing long-term care insurance is one way you can prepare, especially if you are in your mid-50s to mid-60s.

Regular health insurance doesn’t cover long-term care. And Medicare only covers short nursing home stays or limited amounts of home health care when you require skilled nursing or rehab only. It doesn’t pay for custodial care, which includes supervision and help with day-to-day tasks.

The main benefit of buying long-term care insurance is cost savings. Your rates for premiums will be far less than what you’d pay for care without insurance. With insurance, you can preserve your savings, assets, and financial independence.

Fidelity, our administrator of the My Savings Plan, offers long-term care planning solutions from Massachusetts Mutual Life Insurance Company (MassMutual) and New York Life Insurance and Annuity Corporation (New York Life). These plans can help you protect you from the potential life-altering costs of long-term care (LTC) with the peace of mind the comes with knowing you can pass your remaining life insurance on to your beneficiaries. To learn more, click here to visit the Fidelity website.


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