The Hidden Financial Threat Every Georgia Retiree Must Address: Long-Term Care Costs

The Uncomfortable Truth About Long-Term Care in Georgia

Picture this: You've worked 30+ years, diligently saved for retirement, and finally reached that milestone where you can enjoy your golden years. Then, unexpectedly, you or your spouse needs long-term care. Within just a few years, your entire life savings could be depleted.

This isn't a scare tactic—it's statistical reality. About 70% of Americans over 65 will need some form of long-term care during their lifetime, yet most Georgia families remain completely unprepared for the financial impact.

The Real Cost of Long-Term Care in Georgia

Let's talk numbers that hit close to home. In 2023, the average costs for long-term care services reached staggering levels:

• Private nursing home room: $108,000 annually

• Assisted living facilities: $54,000 per year

• Home health aide services: $6,300 monthly

• Memory care facilities: Often 20-30% higher than standard assisted living

For Central Georgia families, these costs can represent 2-3 times their annual household income. Even more concerning? 15% of people requiring long-term care will face out-of-pocket expenses exceeding $100,000.

The Medicare Myth That's Costing Georgia Families

Here's the biggest misconception I encounter when meeting with Perry and Warner Robins families: "Medicare will cover my long-term care needs."

Reality check: Medicare only covers limited, short-term skilled nursing care—typically 20-100 days maximum under specific conditions. The long-term custodial care that most people actually need? Medicare doesn't cover it at all.

This leaves families facing a harsh truth:

56% of families providing or paying for long-term care have cut back on basic necessities

-- and --

39% have depleted most or all of their savings.

The Domino Effect on Georgia Families

Long-term care costs don't just affect the person receiving care. I've witnessed how these expenses create a devastating ripple effect throughout Central Georgia families:

• Adult children delay their own retirement to help pay for parent's care

• Family savings accounts get wiped out within 18-24 months

• Home equity gets depleted through reverse mortgages or property sales

• Spouses become impoverished trying to pay for their partner's care

• Inheritance and legacy plans crumble under care costs

The average person needs long-term care for about three years, but some require care for much longer. This unpredictability makes planning even more critical.

Why Traditional Planning Falls Short

Most retirement strategies focus on accumulating wealth but ignore protecting it. Here's what I see missing in typical retirement plans:

The Coverage Gap: Only 3%-4% of Americans over 50 have long-term care insurance, leaving the majority financially exposed.

The Timing Trap: Many people wait too long to plan, then find themselves uninsurable due to health changes or age restrictions.

The All-or-Nothing Approach: Families think they either need comprehensive coverage or nothing at all, missing hybrid solutions that provide flexibility.

Smart Solutions for Central Georgia Families

The good news? There are proven strategies to protect your retirement and provide peace of mind:

Linked Benefit Products

These innovative solutions combine life insurance with long-term care benefits. If you never need care, your family receives the death benefit. If you do need care, the policy provides tax-free benefits for qualified expenses. It's protection that doesn't disappear if unused.

Hybrid Annuity Solutions

Certain annuities now offer long-term care riders that can double or triple your account value for qualified care expenses. These products provide growth potential during your healthy years and care funding when needed.

Strategic Medicaid Planning

For families with more modest assets, proper Medicaid planning can protect some resources while ensuring quality care. This requires careful timing and professional guidance to navigate Georgia's specific requirements.

Self-Insurance Strategies

Some families choose to set aside dedicated funds for potential care needs. While this requires discipline and substantial assets, it can work when combined with other risk management tools.

Taking Action: Your Next Steps

Long-term care planning isn't about predicting the future—it's about preparing for multiple possibilities. Here's how Central Georgia families should approach this challenge:

Start Early: The best time to plan was 10 years ago. The second-best time is today. Health changes and age can quickly limit your options.

Consider Your Family: Have honest conversations with adult children about expectations, capabilities, and backup plans.

Explore Multiple Solutions: Don't assume one strategy fits all. Often, a combination of approaches provides the best protection.

Work with Local Expertise: Long-term care planning involves complex insurance products, tax implications, and Georgia-specific Medicaid rules that require professional guidance.

The Cost of Inaction

I've seen too many Central Georgia families learn these lessons the hard way.

• The family that thought they had enough savings to handle anything, only to watch their $400,000 nest egg disappear in 48 months.

• The couple who delayed planning until a stroke made insurance impossible to obtain.

• The adult children who sacrificed their own financial security to pay for parents' care.

These stories don't have to repeat themselves.

Your Peace of Mind Starts with a Conversation

Long-term care planning might feel overwhelming, but you don't have to navigate it alone. Every family's situation is unique, and the right strategy depends on your specific goals, resources, and concerns.

As someone who specializes in helping Perry, Warner Robins, and Central Georgia families protect their retirement dreams, I've seen how proper planning transforms anxiety into confidence. The families who plan ahead sleep better, make better decisions, and preserve more of their legacy.

Ready to protect your family's financial future? I'd love to discuss your specific situation and explore strategies that make sense for your goals. There's no cost for our initial conversation, and you'll leave with clarity about your options.

Schedule a time that works for you or contact me directly to share your information. I'll reach out to set up a time when we can discuss how to build long-term care protection into your retirement strategy.

Don't let long-term care costs become the wildcard that destroys your retirement plans. Let's create a strategy that protects both your independence and your legacy.

Crossroads Financial helps pre-retirees, retirees, and business owners in Perry, Warner Robins, and throughout Central Georgia protect their wealth through comprehensive planning strategies. Contact us today to discuss your long-term care planning options.

Sources:

• Giese, C., Gunnlaugsson, A., & Brown, K. (2025). Actuarial Analysis of Long-Term Services and Supports Reform Proposals. U.S. Department of Health and Human Services, Office of the Assistant Secretary for Planning and Evaluation. Retrieved from https://aspe.hhs.gov/reports/long-term-services-supports-reform​

• Genworth Financial. (2023). Cost of Care Survey. Retrieved from https://www.genworth.com

• American Association for Long-Term Care Insurance. (2024). Paid long-term care insurance claims increased in 2023. Retrieved from https://www.aaltci.org/news/long-term-care-insurance-association-news/paid-long-term-care-insurance-claims-increased-in-2023

• Kaiser Family Foundation Health News. (2024). Dying broke: Why long-term care insurance falls short. Retrieved from https://kffhealthnews.org/news/article/dying-broke-why-long-term-care-insurance-falls-short