Are You Prepared for Long-Term Care?

Are You Prepared for Long-Term Care? Hilltop Wealth Solutions

The possibility of needing long-term care is a major factor in your retirement. It’s difficult to think about a time when you may need extra assistance with daily tasks, but it’s very common and very costly, especially given that it’s not covered under Medicare! Not every retiree will require it, yet it’s a potential need that could arise in the future. As per data from the United States Department of Health and Human Services, more than 70% of elderly individuals may need long-term care at some stage in their life.[1] Therefore, incorporating such possibilities into your post-retirement plan might be something to consider and monitor closely.

Individuals lacking the resources or a structured plan for their long-term care needs may find themselves dependent on relatives for help.[1] This is not always a bad thing, and it can be fulfilling and bring people closer together. However, it might not align with your vision of retirement, and it could impose a financial strain on your loved ones, as looking after you might limit their work capabilities and opportunities.[1] They also might need to cover some of your medical costs.[1] While everyone’s situation is different, long-term care needs can occur for some individuals; it’s important to remember this possibility even if it doesn’t look likely for you now.

Strategies to Consider When Preparing for Long-Term Care?

A viable strategy is to incorporate the likelihood of needing long-term care into your retirement financial planning. As you formulate your post-work life plan, considering the prospect of future long-term care may leave you better equipped should that need arise later. Make sure you save for it, and any health insurance decisions should be made knowing how long-term care insurance may or may not play into it.

One alternative you might want to contemplate is making contributions to a Health Savings Account (or HSA). The advantage of an HSA is that it enables the accumulation of non-taxable funds, provided they are spent on health-related costs.[2] An HSA comes with its own set of regulations and requirements and, depending on your unique circumstances, may not be accessible. However, if feasible for you, it’s certainly worth exploring the prospect of setting up one of these accounts.

There’s a multitude of potential choices and factors when it comes to devising your retirement strategy. Retirement planning is not a uniform process – it varies from person to person. Should you desire a custom-made retirement blueprint tailored exclusively to your needs, consider contacting one of our financial professionals for a no-cost financial assessment.


Hilltop Wealth Solutions (“Hilltop”) is a registered investment advisor with the Securities and Exchange Commission (“SEC”) and only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. SEC registration does not imply a certain level of skill or training. Please refer to our Form ADV Part 2A disclosure and Client Relationship Summary (Form CRS) for additional information regarding the qualifications and business practices of Hilltop. Hilltop Wealth Solutions, LLC is an SEC Registered Investment Adviser firm. Hilltop Tax Solutions, LLC, is an affiliate of Hilltop. Wealth Solutions that provides tax and bookkeeping services.

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Hilltop Wealth Solutions (“Company”) is an SEC registered investment adviser located in Mishawaka, IN with branch office located in MI and other locations throughout IN.  The Company may only transact business in those states in which it is registered or qualifies for an exemption or exclusion from registration requirements.  The Company’s web site is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links.  Accordingly, the publication of the Company’s web site on the Internet should not be construed by any consumer and/or prospective client as the Company’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.  Any subsequent, direct communication by the Company with a prospective client shall be conducted by a representative that is either registered or qualified for an exemption or exclusion from registration in the state where the prospective client resides.  For information pertaining to the registration status of the Company, please contact the SEC or the state securities regulators for those states in which the Company maintains a notice filing.  A copy of the Company’s current written disclosure statement discussing Company business operations, services, and fees is available by going online via the SEC’s Investment Advisers Public Disclosure (IAPD) database at, using SEC #801-115255.

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