Living into your 80s, 90s, or even longer can have a significant impact on your retirement planning and savings.
To make sure your money lasts as long as you do, many financial advisors say it is important to consider how you'll afford to pay for long-term care if you need it.
At least 70 percent of people over 65 will need some form of long-term care services and support during their lives, and the costs can be astounding.
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In 2015, the median cost for a semiprivate room at a nursing home was over $80.000, according to Genworth. The annual cost for an assisted living facility was $43,200. And a home health aid runs about $45,760 a year.
Long-term care insurance can help you cover these expenses and other services you may need when you're unable to do everyday tasks. Medicare only pays for long-term care if you required skilled nursing care, but only for a relatively short period of time (a maximum of 100 days).
If you don't qualify for Medicaid, you will have to pay for long-term care services that are not covered by your insurance.
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What's the cost of long-term care coverage?
A healthy 55-year old man can expect to pay $1,060 per year in premiums for a long-term care insurance policy that's worth $164,000 in potential benefits, according to the American Association for Long-Term Care Insurance. The average cost for a 55-year-old single woman is $1,390 for the same amount of coverage. A 60-year-old married couple would pay $2,170-per-year combined for a total of $328,000 of long-term care insurance coverage.
Compare multiple policies since costs, discounts and benefit options can vary. Also, before buying a long-term care insurance policy, make sure you understand the terms—and consider how this policy will fit into your lifestyle and budget.