When you imagined the future, you pictured growing older together — taking care of each other, making choices side by side.
But now that picture looks different. The decisions, the responsibilities, and the planning all fall to you. And most pressing of all may be the question: Who will take care of me if I need it?
Long-term care (LTC) planning helps you address that situation now — so future decisions are made by you, not for you.
š Learn more about Financial Planning for Widowed Women
Why Think About Long-Term Care Planning Now?
After losing a spouse, you may no longer have someone to share care decisions with — making long-term care planning even more important.
Even if you’re healthy today, it’s worth thinking ahead. Having a plan in place now — before care is needed — can help preserve your savings, your options, and your say in how and where you’d want support down the road.
š” Tip: Start by imagining what “help” would look like for you — staying in your home with some assistance or moving somewhere with a built-in community. Your answers can guide what kind of plan makes sense.
š Read our blog post – Balancing Health and Wealth in Financial Planning
What Does Long-Term Care Insurance Cover?
Long-term care insurance (LTCI) helps pay for everyday assistance when you can no longer manage certain tasks on your own. It’s different from health insurance, which focuses on medical treatment.
ā What Does “Long-Term Care” Mean?
Long-term care (LTC) means help with personal activities such as bathing, dressing, or eating — either at home, in assisted living, or in a nursing facility.
How LTCI Eligibility Typically Works
Most tax-qualified LTC policies begin paying benefits when a licensed health care practitioner certifies that you are unable to perform at least two of six Activities of Daily Living (ADLs) — bathing, dressing, eating, toileting, transferring, or continence — for a period specified in the policy, or you have a severe cognitive impairment, such as Alzheimer’s, that requires substantial supervision. Policies also have an elimination period (like a deductible measured in days) before benefits start.
Hospice vs. LTCI
Hospice care is typically covered under Medicare Part A if you meet eligibility requirements. Your LTC policy may help with room and board in a facility or certain supportive services, but hospice is primarily a Medicare benefit.
What LTC Policies May Help Pay For
- In-home caregivers or home health aides
- Assisted living, memory care, or adult day services (policy-dependent)
- Nursing home care
- Room and board associated with care (policy-dependent)
- Respite care (often limited; check your policy)
š Learn more about our Long-Term Care Insurance services in Connecticut
Which Long-Term Care Options Make Sense for Widows?
It’s important to understand the kinds of long-term care coverage that are available, and how your age, health, and income can influence which approach may be appropriate for you.
Common Types of Long-Term Care Coverage
- Traditional Long-Term Care Insurance: This type of LTCI pays a set daily or monthly benefit when you need help with activities like bathing, dressing, or eating.
- Hybrid or Asset-Based Policies: These policies combine life insurance or an annuity with long-term care benefits. If care isn’t needed, the remaining value typically goes to your beneficiaries. It’s important to know that some policies are designed with true long-term care benefits, while others include chronic-illness riders that may work differently. Understanding which type you’re considering can help you compare features and coverage.
āWhen is the best time to buy long-term care insurance?
The right time depends on your individual situation, but earlier is generally better — before age or health changes make qualifying more difficult. New health diagnoses, especially cognitive conditions, can make approval harder or even impossible.
š Read our blog post – Women and Wealth: After the Loss—What Widows Need to Do Next
What to Review Before Choosing an LTC Policy
Before committing to coverage, take time to evaluate:
- Your age and health: Earlier applications may offer more affordable premiums.
- Your budget: Choose premiums that fit comfortably within your income and lifestyle.
- Policy details: Look for inflation protection, flexible benefit periods, elimination period length, and return-of-premium or nonforfeiture options.
- Riders: Consider shared care or survivorship features if you’re part of a couple.
- Existing coverage: If you and your spouse once shared a policy, confirm how survivor benefits work.
What Widows in Connecticut Should Know About Long-Term Care Planning
If you live in Connecticut, there are additional rules and requirements that may affect your long-term care decisions. Learning how these Connecticut rules apply may help you think through which coverage options could be appropriate for your situation.
- Connecticut Partnership Policies: These policies are designed with certain state requirements and can provide Medicaid Asset Protection on a dollar-for-dollar basis. In practice, that means benefits paid from a policy may allow you to keep more of your own assets if you later need to apply for Medicaid.
- Inflation Adjustments: Partnership policies must include age-appropriate compounded inflation features. Younger buyers often choose stronger inflation protection so that coverage has a better chance of keeping pace with rising care costs.
- Elimination Periods: In Connecticut, elimination periods are capped, so you may not have to wait as long for benefits to begin after you qualify for care.
What Happens If You Can’t Get Long-Term Care Insurance?
Even if you can’t qualify for or afford long-term care insurance, you still have options:
- Self-funding: Earmark or reposition savings for potential care needs.
- Hybrid coverage: Use a life insurance or annuity policy that includes long-term care benefits.
- Medicaid: May help with care costs if you meet income and asset limits, though eligibility includes a multi-year look-back period and may involve estate recovery. Connecticut also offers home- and community-based waivers in addition to nursing-facility coverage.
- Community programs: Adult day services, home-care agencies, and local support networks can fill some gaps.
How Can a Financial Advisor Help You Plan for Long-Term Care?
Long-term care is just one part of longevity planning — preparing not only for a longer life, but for the financial and personal choices that come with it. A financial advisor can help you compare long-term care coverage options, factor potential care costs into your retirement and estate plans, and review existing policies.
If you’re in Glastonbury, Wilton, or anywhere in Connecticut, our team can help you explore options that align with your goals and financial situation. Schedule a complimentary introductory meeting today to start the conversation.
Kelsey Conklin is a CERTIFIED FINANCIAL PLANNER® professional who helps individuals and families plan for their financial future. Based in Glastonbury and Wilton, CT, she also specializes in financial planning for women, guiding her clients through divorce, widowhood, career transitions, caregiving responsibilities, retirement planning, investing, and managing longevity risks. As a female financial advisor, Kelsey is passionate about financial empowerment for women and provides personalized financial strategies designed to help women take control of their wealth with confidence and clarity. Whether you’re navigating major life changes or planning for retirement, she is committed to providing guidance tailored to your unique goals. Schedule a complimentary Women and Wealth introductory meeting with Kelsey and start building a financial plan designed for you.
This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete.
These policies have exclusions and/or limitations. Guarantees are based on the claims paying ability of the issuing company. Long Term Care Insurance or Asset Based Long Term Care Insurance Products may not be suitable for all investors. Surrender charges may apply for early withdrawals and, if made prior to age 59 ½, may be subject to a 10% federal tax penalty in addition to any gains being taxed as ordinary income. The cost and availability of Long Term Care insurance depend on factors such as age, health, and the type and amount of insurance purchased. Please consult with your financial professional when considering insurance options.
Any opinions are those of the author, and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice. Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.