Northwestern Mutual

Planning for Long-Term Care

Chronic illness or a disabling injury can have a significant impact on your financial security. Let a Northwestern Mutual financial professional show you how to plan for what matters most.

Planning For Long Term Care

Having a plan in place in the event of a long-term care event may be one of the most important steps you can take to help ensure your future financial security. And yet it's the one area of financial planning that often goes unaddressed.


There are many reasons why people don't make planning for long-term care a priority.

  • It's difficult to think about.
    No one wants to consider the possibility that they or a loved one may someday experience the need for long-term care as a result of a debilitating illness from a disease like Multiple Sclerosis, a cognitive impairment such as dementia, or the results of an accident like paralysis. 
  • It's difficult to talk about.
    In a recent Northwestern Mutual study, 35 percent of people said talking to their parents about long-term care would be one of the most difficult conversations they could possibly have...right up there with asking them to borrow money or asking their boss for a raise.1
  • Young people believe they're invincible.
    Many people think long-term care is something that only the elderly need worry about, yet an accident or debilitating illness can strike at any time.
  • It happens only to someone else.
    The fact is, if you live to the age of 65, there's a 70 percent chance you'll eventually need some kind of long-term care.And even if you aren't the one in need of care, there's a good chance you'll be providing care to a loved one. A recent AARP study shows 42 percent of all workers in the U.S. have provided care for an aging relative.3
  • They think Medicare covers it.
    Many people mistakenly believe that if something happens, the cost of long-term care will be covered by Medicare or Medicaid or private health insurance. Most often it won't, which is why people need to have a plan in place for how they would manage such expenses.

For all of these reasons, a long-term care event can have a significant impact on you and your family—financially, physically and emotionally. That's why it's important to plan for long-term care.

Learn more about long-term care, and what you should consider when putting together a plan, on the following pages:

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