When developing a retirement plan, there’s no shortage of things for you to consider, but first and foremost — what are your retirement goals? Are you planning to relocate? Do you wish to travel? Are you planning to enjoy your golden years simply maintaining your current lifestyle? Is it important to you to leave a legacy?

Whatever your goals may be, it’s critical that you put strategies in place that not only help you accumulate the assets needed to live out your retirement as intended, but also help protect those assets from risks. While people often plan around risks such as taxes, inflation or market volatility, one of the biggest financial risks to a retirement plan is often left unaddressed — potential long-term care expenses.

According to a recent survey conducted on behalf of Lincoln Financial Group, fewer than 1 in 4 people have confidence they will have the financial resources necessary to pay for long-term care services if needed, yet only 1 in 5 consumers have discussed long-term care planning with a financial professional, and only 17 percent say they own an insurance-based long-term care solution.

This lack of preparation can result in people having to make some very expensive decisions if care is ever needed. Today, the national average for a one-bedroom assisted living facility is $51,000 per year, while a one-year stay in a private room at a nursing home costs more than $97,000. For those who receive professional care in their home, the average cost for the services of a home health aide is nearly $22 per hour, while a registered nurse costs almost $80 per hour.

These numbers are even more eye-opening when put in context against retirement savings in the U.S. Today, among households with retirement accounts [a 401(k)-type account or IRA], the median retirement account balance for those nearing retirement is $104,000. Clearly, even a relatively minor long-term care expense could quickly erode these savings. Most advisors Lincoln surveyed estimate that clients who experience an unprotected long-term care event could draw down their retirement savings at rates two or three times faster than expected.

As scary and uncertain as the topic of long-term care may be, we should all have a plan in place. Here are some tips to begin your planning.

Start planning early. People often put off the long-term care planning discussion until their later years, but health conditions can change quickly, potentially forcing individuals and families to make rushed decisions. In addition, obtaining an insurance-based long-term care solution can be more costly for older policyholders, and in some instances can be potentially denied depending on your health status.

Discuss the role of family caregivers. Most long-term care situations start with family members and loved ones providing help in the early stages. However, care needs are likely to increase over time. For the family caregiver, this might mean more time away from their own children, having an aging parent move in with them, or potentially reducing work hours. There is also likely a point where access to certain medical skill sets will be needed. For these reasons, your plan should realistically account for the care a loved one can provide, as well as a potential transition to professional help or a combination of family and professional help.

Research the costs of long-term care services. Most people significantly underestimate the costs associated with long-term care, and often plan to pay for long-term care costs out of pocket or with their investment assets. But without a true understanding of the costs, that plan may not be realistic. That plan can also have implications for a surviving spouse or heirs, as tapping into personal savings or selling assets to pay for care diminishes the wealth and legacy available to pass onto loved ones.

Understand what’s covered by Medicare, Medicaid and health insurance. People often put off the long-term care conversation because they believe they will be covered by sources such as Medicare, Medicaid or health insurance. The reality is that Medicare only covers medically necessary care focusing on post-acute, short-term services. It will not cover personal care costs, such as help with bathing, eating and other daily activities, which are the largest aspect of long term care.

Medicaid will provide long-term care benefits, but an individual must have limited resources and spend down assets to a diminished state that demonstrates the need for governmental support. Qualifying income levels vary state to state.

Health insurance options, including options available under the Affordable Care Act, typically provide only the same kinds of limited services as Medicare for skilled, short-term, medically necessary care.

Evaluate your options. Today, there are more types of long-term care solutions than ever before that are designed to provide financial resources to help mitigate the significant costs of care events. In addition to traditional long-term care insurance, there are options that combine life insurance or annuities with long-term care benefits. Combination products are gaining significant traction in the market because they may offer some form of benefit, whether care is needed or not. The variety of solutions available in the market today allows a consumer to select a solution that fits their specific care and financial needs.

Speak with a financial advisor and include your family. A financial professional can help you lay out a long-term care plan based on your care wishes and your financial situation. They can help you determine the potential costs of a long-term care event and evaluate how you might pay for those costs should they arise, including bringing current financial assets to bear or considering one of the many long-term care funding options. They can also help you understand the rules around Medicare and Medicaid.

As you have these conversations with an advisor, it’s important to include family members so that they have a clear understanding of your care wishes and the expectations of the roles that they may play in carrying out that plan.

Long-term care can be a difficult topic to think about and raise with your spouse or family, but having that conversation and putting a plan in place can have a lasting impact on your family’s financial security, the quality of care you receive and the ability to maintain dignity.

Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. The views expressed are those of the author as of the date specified.

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