nurse assisting senior woman at nursing home 2021 08 26 19 58 15 utc

When Is It the Right Time to Think About Long-Term Care Options

If you’re nearing retirement, and haven’t thought about those end-of-life years, it’s important to start considering it now. The reality is that almost three fourths of Americans will need long-term care services before they pass away and 20% of people will need that care for at least five years.1 If you’re getting close to retirement, it’s time to start thinking about your long-term care options. 

Thankfully, there are plenty of great long-term healthcare options out there. But they may come at steep prices . . . that’s why financial planning for long-term care is vital. Here are a few questions you may be asking yourself (and some helpful answers to get you started on your planning process):

Why should I care about long-term care?

The average life expectancy in the United States in 2023 is 76.4 years.2 The World Health Organization found that “by 2030, one out of every six people will be 60 years or older.” And “in 2020, the number of people over 60 years old outnumbered children younger than five years old.”3,4 

The world’s population as a whole is aging. The Baby Boomer generation will likely feel the brunt of that in a long-term care crisis. There will likely be more people in need of long-term care than room available in retirement communities and nursing homes. That’s why having a long-term care plan is so important. Planning before you need care will help to position you from experiencing the hardship of searching for care when you need it the most.  

When is the right time to plan for long-term care? 

It’s never too early to plan for the future, but when it comes to long-term care planning, you typically want to start around the age of 60. Long-term care insurance premiums can be pretty pricey, so signing up for it too soon would mean that you’re paying a lot of money for something you don’t need yet. But it’s important that you plan early. In this case, long-term care insurance is the difference in offsetting expensive care costs and paying for them out of pocket. In fact, the annual cost for a room in a nursing home is over $108,408.5 And if you’re part of the 20% of the population that needs care for more than five years, that means you’re going to be spending over $542,000 on the room alone.

What if I don’t have a plan in place?

If you don’t have a long-term care plan in place and you’re retired (or over the age of 60), that’s okay. But now is the time to start thinking about your end-of-life desires and plans so you can be prepared. Do you have someone in your life that is able and willing to care for you later on if you need it? Maybe you have a family member who has offered to do that. If so, that’s great. And if you don’t, that’s okay too.

That’s why retirement communities and homes exist—to make sure you are taken care of when you need it! But, it’s not cheap. If you don’t have a long-term care insurance plan in place, it could easily eat up your nest egg and more. You don’t want that burden on you (or your family). By setting up a long-term care insurance plan, you can start building up the funds you need to cover whatever costs might come your way. 

Who can help me develop a plan?

Wondering how to plan for long-term care? SageSpring Wealth Partners can help. We have resources available to help you create your plan for your future long-term care needs. And if you decide you want to set it (and forget it), we can check in with you when the time comes to get it in motion. 

Our financial advisors are well versed in retirement, long-term care, and generational planning. You don’t have to guess your way through the golden years of your life. Let us help you build your plan. Contact an advisor today and feel confident about your tomorrow.  

The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of SageSpring Wealth Partners and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. 

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. Please consult with a licensed financial professional when considering your insurance options.

Jeffrey Dobyns
Jeffrey T. Dobyns


President, SageSpring | Financial Advisor, RJFS 

Jeffrey T. Dobyns

President, SageSpring | Financial Advisor, RJFS

Jeff Dobyns is President and Founder of SageSpring Wealth Partners. Passionate about serving his clients, he strives to truly get to know them, understand their goals, and provide them with financial confidence before developing and executing ongoing, strategic financial plans. 

In order to meet the highest standards of professionalism and ethics in the industry, Jeff is a CERTIFIED FINANCIAL PLANNER™ professional, a Chartered Life Underwriter, a Chartered Financial Consultant, and a participant of the Dave Ramsey SmartVestor referral service program.

Jeff has held executive positions with financial planning firms for more than two decades. He served as VP of Investments of Lykins Financial Group CPAs before founding SageSpring in 2002. Jeff has been recognized for his unwavering commitment to his clients, and as a leader among Raymond James financial advisors, earning membership in Raymond James Chairman’s Council every year since 2008.

Jeff devotes considerable time and resources to a number of causes. He serves as Chairman of the Board of Men of Valor, a prison ministry and mentoring program. He is on the advisory board of The Signatry of Middle Tennessee, which works with families to increase their charitable giving to their favorite causes, as well as the advisory board for Halftime Institute of Nashville, an organization that coaches marketplace leaders to discern and engage in their life purpose. Jeff also serves on the board of Send Musicians to Prison, which shares hope, healing and restoration with the imprisoned through musicians & artists. He is a past board member of Porter’s Call, a Nashville charity that provides free counseling for musicians and their families, and the Martha O’Bryan Center, which empowers those in poverty to transform their lives through work, education, employment, and fellowship.

Jeff and his wife, Amy, are grateful to be raising their four children, Gracyn, Hunter, and twins Tanner and Logan at Christ Presbyterian Academy. Jeff enjoys being outdoors with his family- boating, hiking, skiing, hunting and fishing.

Ramsey Solution’s relationship and agreement is between SageSpring Wealth Partners only. Raymond James Financial Services, Inc. is not affiliated with the solicitor arrangement between Ramsey Solutions and SageSpring Wealth Partners.

Membership is based on prior fiscal year production. Re-qualification is required annually.  The ranking may not be representative of any one client’s experience, is not an endorsement, and is not indicative of an advisor’s future performance. No fee is paid in exchange for this award/rating.

Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, and CFP® (with plaque design) in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.