There is a fundamental misconception across the advisory community that Long-Term Care (LTC) planning and funding LTC are the same, and worse, that both are somehow optional in a comprehensive financial plan. They are not.  

Treating LTC as optional isn’t a philosophical difference; it’s a process failure. It leads to procrastination, avoids necessary client engagement, and leaves a predictable, material liability completely undefined.  Most Americans will need care, yet Medicare, a Medicare Supplement, and health insurance do not cover it. Combine that with the reality that soon 1 in 5 Americans will be over 65, and that makes planning for and paying for LTC a consumer priority that the advisory community must address.

Finally, when fewer than 20% of Americans¹ have anything resembling LTC Planning, a simple question must be posed to everyone in the advisory community:  If your process ignores LTC risk, what other risks is it ignoring?

It's time for many across the advisory community to step up, demonstrate the value of their advisory services, and prioritize LTC Planning for the other 80% of Americans (your clients) by taking the following steps…..

Leveraging Expertise and Knowledge:  Specialization within a chosen field of financial planning positions the advisor as a valuable resource, but that expertise must extend to LTC.  Providing informed, tailored recommendations requires staying current on evolving products, regulations, and the realities of care delivery.  When the ability to demystify insurance solutions, government programs, and the financial implications across the care continuum is absent, collaboration becomes a requirement. Clients should not bear the consequences of an advisor’s blind spot.

Providing Customized Planning:  While client scenarios are similar, each client presents a unique set of financial circumstances, health conditions, and personal preferences. LTC Planning must be customized and aligned with those realities, not treated as a generic or secondary consideration within the broader plan.  Assessing risk, identifying gaps, and aligning appropriate funding sources, whether insurance, personal assets, or government programs such as Medicare, Medicaid, or VA benefits, are core planning functions. Without that alignment, Long Term Care remains an undefined liability that most clients are not equipped to manage independently.

Ensuring Financial Protection & Risk Management:   LTC is expensive, and without proper planning, it will deplete a client's savings and assets.  Everyone in the consumer's orbit should set bias aside and consider every potential option to safeguard their financial futures and reduce the various impacts of a care event.  That requires LTC Planning to be integrated into a broader framework that protects assets, identifies potential insurance solutions, establishes a legal structure, leverages the tax code, and aligns financial tools to support a defined funding strategy, including viable self-funding where appropriate.   

Adopting a Holistic & Comprehensive Approach:  A holistic financial plan must account for all aspects of a client’s financial life. Long Term Care cannot sit outside of that framework; it must be integrated into retirement, estate, tax, and risk management planning.  Responsibility for that integration must exist within the client’s advisory network, ensuring that each component of the plan works together to address both expected and unexpected future events. When that coordination is absent, the result is not uncertainty but inevitability, where care decisions are made in crisis rather than through planning.

Serving As An Educational Resource:   Regardless of the advisory relationship, the role of educator is fundamental. Providing relevant resources and translating complex topics into practical understanding is central to informed decision-making.  That responsibility extends to the proactive inclusion of data-driven, reality-based Long Term Care Planning. Without it, clients are left to navigate one of the most significant financial and personal risks with incomplete information.

The Long Term Care crisis is no longer looming; it is here, and it is already having a direct physical, emotional, and financial impact on millions of American families. It is impossible to know who will need care, to what extent, and for how long. That uncertainty creates an imperative for Long Term Care Planning to be embedded within core advisory services and addressed in EVERY client's financial, retirement, estate, or risk management plan. 

If you're treating this topic as optional, your clients may soon feel the same way about you…..

¹  Surveys by OneAmerica/Hanover Research (March 2022) and the Nationwide Retirement Institute/LIMRA (May 2023)

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