From Yahoo Finance: 2025-06-17 10:45:00

Long-term care planning is crucial in your 50s or 60s to avoid financial ruin. Suze Orman stresses the importance of considering long-term care insurance now to safeguard retirement savings if unexpected health issues arise.

Long-term care doesn’t only mean nursing homes; most care happens at home or in assisted living, costing between $5,000 to $25,000 monthly. With an average care duration of 3.8 to 4.7 years, expenses can quickly accumulate without proper insurance coverage.

Medicare only covers initial care post-hospitalization, leaving individuals responsible for long-term care costs without insurance or Medicaid eligibility. Orman highlights that long-term care insurance supports individuals needing assistance with daily activities for an extended period or facing cognitive impairments.

Read more: $25,000 Monthly Care Costs? Suze Orman Shows How Long-Term Care Insurance Can Protect Your Savings