Securing Your Future: Your 2025 Guide to Navigating Long-Term Care Costs and Insurance Solutions

By Andrew Darlington, Founder/President, Veritas Risk Management & Insurance Services (1)

1. Introduction: The Pressing Need for Long-Term Care Planning in 2025

The prospect of needing long-term care (LTC) is a reality for a significant majority of individuals. Current estimates suggest that close to 70% of people turning 65 today will require some form of long-term care services during their lifetime. (2) As society moves further into 2025, the landscape of LTC—encompassing its delivery, complexity, and particularly its cost—continues to evolve. This evolution underscores a growing urgency for proactive and informed planning. Failing to prepare for potential LTC needs can place considerable emotional and financial strain on individuals and their families. The confluence of an aging population, implied by the high percentage of those likely needing care, and the steadily escalating costs of these essential services creates a scenario where LTC planning is no longer a peripheral concern but a fundamental component of comprehensive financial wellness. Many individuals will face what can be a very expensive challenge, making personal financial preparedness paramount.

Navigating the intricacies of long-term care can be daunting. Veritas Risk Management (3) stands as a dedicated partner, committed to assisting individuals and families in East Tennessee, Southwest Virginia, and Eastern Carolina in understanding and preparing for these future needs (1). With 25 years of experience in the insurance industry and as the Founder and President of Veritas Risk Management, Andrew Darlington brings a depth of knowledge and a commitment to client education, aiming to provide clear, actionable advice (1). This approach is rooted in an understanding of the significant concerns families face when contemplating the future and the potential need for extended care.

This article aims to demystify long-term care by providing an up-to-date overview for 2025. It will delve into the various types of LTC services available, project the associated costs based on the latest data, explore viable funding mechanisms with a particular focus on long-term care insurance (LTCi), and illuminate crucial tax considerations. The goal is to empower readers with the knowledge necessary to make informed decisions, fostering security and peace of mind for the years ahead.

2. Understanding the Landscape: What Long-Term Care Encompasses in 2025

Long-term care is a broad term that extends far beyond the traditional image of nursing home facilities. It encompasses a wide array of services and support systems designed for individuals who, due to chronic illness, disability, cognitive impairment like Alzheimer’s disease, or other age-related conditions, require assistance with Activities of Daily Living (ADLs) (4). These ADLs are fundamental self-care tasks, including eating, bathing, dressing, toileting, transferring (moving to and from a bed or chair), and continence. The need for LTC often arises gradually and can persist for an extended period.

As of 2025, the primary types of long-term care services include:

• In-Home Care: This allows individuals to receive care in the comfort and familiarity of their own homes. It is often a preferred option for maintaining independence.
• Homemaker Services: Provide assistance with instrumental ADLs or “hands-off” tasks such as meal preparation, housekeeping, laundry, shopping, and transportation to appointments (6).
• Home Health Aide Services: Offer more direct, “hands-on” personal care, including assistance with ADLs like bathing, dressing, and medication reminders.6 An interesting development in the home care sector is that approximately two-thirds of home care agencies surveyed now charge the same rate for both homemaker and home health aide services.6 While homemaker services have historically been a less expensive entry point to care, their costs have seen a notable 10% increase in the past year, compared to a 3% rise for home health aides.6 This convergence in pricing might reflect rising labor costs across the board, increased demand for all forms of home care, or a re-evaluation of the essential role homemaker services play in enabling individuals to remain at home safely. For consumers, this means that the initial step into paid home care, even for less intensive needs, might be more costly than previously anticipated, emphasizing the need for robust financial preparation.

• Adult Day Health Care: These community-based programs offer a structured environment for individuals who need supervision and some assistance during the day but do not require 24-hour care. Services typically include social and recreational activities, meals, and varying levels of health and therapeutic services (5).
• Assisted Living Communities: These are residential facilities that provide housing, meals, and supportive personal care services for individuals who need help with ADLs but do not require the intensive medical care provided in nursing homes (5). Typical services include 24-hour supervision, medication management or assistance, dining services, housekeeping, and wellness programs (5). It is noteworthy that assisted living is often an intermediate step in the care journey. Data indicates that after a median stay of approximately 22 months, roughly 60% of assisted living residents will transition to a skilled nursing facility, typically due to increasing care needs (5). This reality highlights the importance of financial plans that are comprehensive enough to accommodate potentially multiple, and progressively more expensive, care settings over time.
• Nursing Homes (Skilled Nursing Facilities): These facilities provide 24-hour skilled nursing care and supervision for individuals with complex medical conditions or significant cognitive impairments who require a high level of care. They offer both semi-private and private room options and a comprehensive range of medical and personal care services (5).

Understanding these varied care settings is the first step in appreciating the scope of long-term care and beginning to plan effectively for future possibilities.

3. The Financial Reality: Projecting Long-Term Care Costs in 2025

The financial implications of long-term care are substantial and represent a significant concern for individuals and families planning for the future. Costs vary widely depending on the type and duration of care, geographic location, and level of service required. However, national median figures provide a crucial benchmark for understanding the potential financial burden. For 2025 planning purposes, the most current comprehensive data available is from 2024 surveys, primarily the Genworth Cost of Care Survey, conducted in partnership with CareScout (6).

The national median costs for various LTC services, based on 2024 data, are alarming and demonstrate a consistent upward trend:

• Homemaker Services: The annual median cost for homemaker services (based on 44 hours per week) is approximately $75,504. This category saw a significant 10% increase from the previous year (7).
• Home Health Aide Services: The annual median cost for a home health aide (also based on 44 hours per week) is around $77,792. This represents a 3% increase year-over-year (7).
• Adult Day Health Care: The annual median cost for adult day health care (based on daily rates) is approximately $26,000, reflecting a 5% increase (7).
• Assisted Living Communities: The annual median cost for care in an assisted living facility (for a private, one-bedroom unit) has risen to about $70,800. This is a substantial 10% increase over the prior year (6). This sharp rise may be partly attributable to increased occupancy rates in these facilities, which climbed from 77% to 84% year-over-year, suggesting a potential supply-demand imbalance (6). Such an imbalance could mean that not only will care be more expensive, but access to preferred facilities might also become more challenging, adding another layer of complexity for families who have not planned adequately.

Nursing Home Care:

• Semi-Private Room: The annual median cost for a semi-private room in a nursing home is now approximately $111,325, an increase of 7% (6).
• Private Room: The annual median cost for a private room in a nursing home has reached about $127,750, marking a 9% increase (6).

The following table summarizes these estimated national median annual LTC costs, providing a clear snapshot for 2025 planning:

Table 1: Estimated National Median Annual LTC Costs (Based on 2024 Data for 2025 Planning)

It is crucial to recognize that these figures are not static. The consistent and substantial year-over-year increases across nearly all LTC service types indicate systemic cost pressures within the sector. These pressures may stem from various factors, including rising labor costs, increased regulatory requirements, and general inflation impacting operational expenses (10). This pattern suggests that relying solely on traditional savings, which may not grow at the same aggressive rate as LTC expenses, is an increasingly risky strategy.

Furthermore, the average duration for a long-term care event is approximately three years (2). When these annual costs are compounded over such a period, the total lifetime expense for LTC can easily run into hundreds of thousands of dollars. For instance, based on 2023 prices, a three-year need could range from $226,512 for a home health aide to $350,400 for a private room in a nursing home 2; using the higher 2024 figures would yield even more daunting totals. This financial reality underscores the critical importance of developing a robust funding strategy well in advance of needing care.

4. Funding Your Care: Key Strategies for 2025

Given the significant costs associated with long-term care, understanding the available funding options is paramount. For 2025, individuals and families will typically consider a combination of the following strategies:

Personal Savings and Assets: Relying on personal savings, investments, and other assets is the most direct method of payment. Indeed, the majority of assisted living residents utilize some form of private pay, which includes their personal finances, to cover costs (5). However, given the high annual costs and the potential for care to extend over several years, many find that their savings can be rapidly depleted, potentially jeopardizing financial security for a surviving spouse or legacy plans. This reality challenges the common hope or misconception that government programs will be the primary funding source for most people in settings like assisted living, reinforcing the need for proactive personal financial planning.

Long-Term Care Insurance (LTCi):

• Role and Benefits: Long-term care insurance is a specialized insurance product designed specifically to cover the costs of various LTC services, including those provided at home, in assisted living facilities, or in nursing homes. A well-structured LTCi policy can help protect personal assets from being exhausted by care costs, provide greater choice in care settings and providers, and alleviate the financial burden on family members.
• The Current Market: The market for traditional LTCi has undergone significant consolidation. As of 2025, only about six insurance companies are actively selling new traditional long-term care insurance policies.9 This limited number of providers underscores the financial challenges insurers have faced with these products, such as accurately predicting longevity and claim rates. This scarcity makes it even more vital for consumers to work with knowledgeable and independent advisors, such as the team at Veritas (3), who can help navigate the available options from these select carriers and secure a quality policy.
• Premium Factors: LTCi premiums are influenced by several factors, including the applicant’s age and health at the time of purchase, the daily or monthly benefit amount selected, the benefit period (how long benefits will last), and the elimination period (the waiting period before benefits begin) (2). For example, 2024 data from the American Association for Long-Term Care Insurance (AALTCI) indicated average annual premiums for a 55-year-old man were around $1,750, while for a 55-year-old woman, they were about $2,800, assuming an initial benefit pool of $165,000 that increases by 2% annually. These premiums typically increase if the policy is purchased at an older age (2).
• Hybrid/Linked-Benefit Policies: In response to changes in the traditional LTCi market, hybrid or linked-benefit policies have gained popularity. These products combine life insurance (or sometimes an annuity) with an LTC rider. This means the policy provides a death benefit to beneficiaries if LTC is not significantly needed, or it can accelerate the death benefit or provide additional funds to cover LTC expenses if required. While these policies offer flexibility, it is important to note a critical distinction highlighted by the AALTCI: “most of the linked benefit or hybrid life insurance policies…do not qualify for a possible tax benefit” concerning the deductibility of their premiums (11). This is a vital consideration for individuals whose financial planning includes seeking tax advantages for LTCi premiums, as they would typically need to look towards “tax-qualified” traditional LTCi policies for that specific benefit.

Government Programs (Medicare and Medicaid):

• Medicare: It is a common misconception that Medicare will cover extensive long-term care needs. In reality, Medicare provides very limited coverage for LTC. It primarily covers medically necessary skilled nursing care in a certified skilled nursing facility for a short period (up to 100 days) following a qualifying hospital stay of at least three days. Importantly, Medicare does not cover custodial care (assistance with ADLs when skilled nursing is not required), which constitutes the majority of long-term care needs (5). For those seeking to understand their Medicare options further, resources such as the Veritas blog post “Group Medicare: Everything You Need to Know” (22) can offer additional insights.
• Medicaid: Medicaid is a joint federal and state program that covers long-term care services for eligible individuals. However, it is a means-tested program, meaning applicants must meet strict income and asset limitations to qualify. In many cases, this requires individuals to “spend down” most of their assets before Medicaid will begin to pay for care. While states can use waiver programs to cover services in settings like assisted living communities (5), relying on Medicaid often means a loss of control over care choices and a significant depletion of one’s estate.

• Health Savings Accounts (HSAs): Health Savings Accounts can be a valuable component of an LTC funding strategy. HSAs allow individuals with high-deductible health plans (HDHPs) to save money on a pre-tax or tax-deductible basis to pay for qualified medical expenses. Funds in an HSA grow tax-free and can be withdrawn tax-free for qualified medical expenses. While not their primary design, HSA funds can be used for certain LTC services or to pay premiums for tax-qualified LTC insurance policies, subject to specific IRS rules. For more information on maximizing these accounts, articles like “Unlock Greater Savings in 2025: A Guide to the New HSA Limits and HDHP Changes” or “Supercharge Your Savings: Unlocking the Tax Advantages of an HSA in TN“ (21) on the Veritas education portal can be beneficial.

Each of these funding strategies has its own set of advantages and limitations. A comprehensive LTC plan often involves a careful consideration of how these options can be integrated to meet individual circumstances and goals.

5. Leveraging Tax Advantages for LTC Planning in 2025

The Internal Revenue Code offers certain tax incentives related to long-term care planning, particularly for individuals who purchase tax-qualified long-term care insurance policies. Understanding these provisions for 2025 can make LTCi a more financially attractive option.

Tax Deductibility of Qualified LTCi Premiums:

• Premiums paid for “tax-qualified” LTCi policies can be treated as medical expenses for federal income tax purposes. If an individual itemizes deductions, these eligible premiums, along with other unreimbursed medical expenses, can be deducted to the extent that the total exceeds 7.5% of their Adjusted Gross Income (AGI) (12).
• The amount of the LTCi premium that can be counted as a medical expense is subject to annual, age-based limits set by the IRS. For the 2025 tax year, these limits per individual are as follows:

Table 2: 2025 IRS Tax-Deductible Limits for Qualified LTCi Premiums (Per Individual)

The significantly higher deductible limits for older age brackets (e.g., $4,810 for ages 61-70, and $6,020 for ages 71 and older in 2025) can be particularly beneficial. Coupled with the likelihood of lower AGIs in retirement, it becomes easier for some retirees to meet the 7.5% AGI threshold for medical expense deductions [11]. This creates a potential long-term tax planning synergy: LTCi purchased earlier in life (when premiums are generally lower and insurability higher) could yield more substantial tax benefits when the policyholder is older, potentially has more medical expenses, and is more likely to need care.

• Benefits for Self-Employed Individuals and Business Owners: The tax treatment of LTCi premiums is often more favorable for self-employed individuals and certain business owners. Self-employed individuals (including partners in a partnership, members of an LLC taxed as a partnership, and more-than-2% shareholders in an S corporation) can generally deduct 100% of the eligible (age-indexed) LTCi premiums paid for themselves, their spouses, and their dependents. This deduction is taken “above the line” as an adjustment to income on Schedule 1 of Form 1040 (using Form 7206 to calculate it), meaning it is not subject to the 7.5% AGI floor and does not require itemizing [12, 14]. The deduction is limited to the taxpayer’s net profit from their business. This is a far more advantageous tax treatment than for regular employees and makes LTCi an exceptionally attractive benefit for business owners to implement for themselves and potentially for their employees. Premiums paid by a business for qualified LTCi policies covering non-owner employees are generally fully tax-deductible as a reasonable business expense, similar to other health insurance benefits [12, 15].
  

Tax-Free Status of LTCi Benefits:

• Generally, benefits received from a qualified LTCi policy are excluded from the policyholder’s gross income and are therefore not taxable (12).
• For policies that pay benefits on a per diem (daily rate) basis, regardless of actual expenses incurred, the IRS sets a limit on the amount that can be received tax-free. For the 2025 tax year, this per diem limitation is $420 per day (12). If per diem benefits received exceed this amount, the excess may be taxable unless it can be shown that actual LTC expenses incurred were equal to or greater than the total benefits received. Benefits paid on a reimbursement basis (covering actual expenses up to the policy limit) are generally not taxable.
• Payers of LTC benefits, such as insurance companies, are required to issue IRS Form 1099-LTC to policyholders (and the insured, if different) detailing the amount of benefits paid during the year (4). Box 3 of this form indicates whether the benefits were paid on a per diem basis or as a reimbursement of actual expenses, which is important for determining taxability (17).

These tax provisions can significantly enhance the value proposition of long-term care insurance, but they require careful attention to the rules and qualifications. Consulting with a financial advisor or tax professional is recommended to understand how these benefits apply to individual situations.

6. Expert Guidance from Andrew Darlington: Proactive LTC Planning Steps with Veritas Risk Management

The complexities of long-term care planning, from understanding service types and projecting costs to navigating insurance options and tax implications, underscore the value of expert guidance. At Veritas Risk Management, the philosophy championed by Andrew Darlington is that proactive and personalized planning is paramount. The optimal time to begin considering LTC is well before care is needed—ideally in one’s 50s or early 60s. At this stage, LTCi premiums are generally more affordable, and individuals are more likely to meet the health underwriting requirements for coverage (2).

Veritas Risk Management specializes in developing customized risk management services and insurance protection programs tailored to the unique circumstances of each client (3). This approach is crucial in LTC planning, as it is not a one-size-fits-all endeavor. When considering long-term care insurance, several key policy features must be carefully evaluated:

• Benefit Amount: This is the daily, weekly, or monthly amount the policy will pay for covered LTC services. It should be chosen based on projected care costs in the desired geographic area.
• Benefit Period: This defines how long the policy will pay benefits (e.g., two years, three years, five years, or even a lifetime benefit, though lifetime options are less common and more expensive). Reducing the coverage period can be a strategy to manage premium costs (9).
• Elimination Period (Waiting Period): This is the number of days the policyholder must pay for LTC services out-of-pocket before the policy benefits begin. Common elimination periods are 30, 60, or 90 days. A longer elimination period typically results in a lower premium.
• Inflation Protection: Given the consistent rise in LTC costs (6), inflation protection is a critical feature. This rider increases the benefit amount over time to help keep pace with escalating care expenses. Options often include simple or compound inflation adjustments, with 2-3% annual increases being common (2).
• Type of Policy: As discussed, choices include traditional LTCi policies (which may be tax-qualified) and hybrid/linked-benefit policies that combine life insurance or an annuity with an LTC rider. The best choice depends on individual financial goals, health status, and desire for premium tax deductibility.

Navigating these options and understanding their long-term implications requires experience and a comprehensive view of the market. Andrew Darlington and his team at Veritas possess the expertise to guide clients through these complex decisions. They maintain relationships with a wide range of quality insurance companies (3), which is particularly important in the current LTCi market with its limited number of traditional providers (9). This access allows them to identify suitable Personal Insurance solutions that align with client needs. For business owners considering LTCi for themselves or their employees, Veritas can also explore tailored Business Insurance.

The core of the Veritas approach is a deep commitment to “understanding client-specific needs and risks”. This client-focused philosophy ensures that recommendations are not generic but are instead carefully considered to provide the most appropriate and effective LTC planning solutions. By directly attributing advice to experienced professionals like Andrew Darlington, referencing Veritas Risk Management’s specific service approach, and offering clear next steps, such as a consultation, individuals can feel confident that they are receiving authoritative and trustworthy guidance. This aligns with the principles of Experience, Expertise, Authoritativeness, and Trustworthiness (E-E-A-T) that are crucial in the financial services field (18).

For those looking to Unlock Greater savings in 2025 or Understand Their Medicare Coverage, these resources can provide additional context for overall healthcare financial planning.

The first step towards securing your future is to engage in a conversation with us to begin this important planning process.

7. Conclusion: Take Control of Your Long-Term Care Future

The journey through 2025 and beyond brings with it the undeniable probability that many individuals will require long-term care. The associated costs are significant and continue to climb, posing a substantial financial challenge if unaddressed (6). However, the future, while uncertain in many respects, does not have to be met with unpreparedness regarding LTC needs.

Proactive and informed 2025 long-term care planning is not merely advisable; it is essential for protecting hard-earned assets, ensuring access to quality care choices, and preserving financial independence in later life. Exploring options such as long-term care insurance can provide a dedicated funding source, offering peace of mind to individuals and their families. Furthermore, valuable tax incentives associated with qualified LTCi policies remain available in 2025, potentially making these solutions more affordable, especially for older individuals and business owners who can leverage specific deduction rules (12).

The information presented in this guide aims to illuminate the key aspects of LTC planning. However, each individual’s situation is unique. Therefore, the most effective strategies are those tailored to personal circumstances, financial goals, and health considerations.

Do not delay in taking control of your long-term care future. The team at Veritas Risk Management, led by Andrew Darlington, is ready to provide expert, personalized guidance. We invite you to Contact Us at (423) 292-4142 for a consultation to discuss your specific LTC planning needs and develop a strategy that provides security and confidence for the years to come.

8. Frequently Asked Questions (FAQ)

• Q1: At what age should one start thinking about long-term care insurance in 2025?

• A: While individual circumstances vary, many financial experts suggest exploring long-term care insurance options in one’s 50s or early 60s. Premiums are generally lower when an individual is younger and healthier, and the likelihood of qualifying for coverage is higher (2). Early planning for 2025 and the years that follow is a key strategy.

• Q2: Will Medicare cover long-term care costs in 2025?

• A: Medicare typically offers very limited coverage for long-term care services. Its benefits are primarily for short-term skilled nursing care following a qualifying hospital stay and do not extend to most custodial care (assistance with daily living activities), which is what many individuals require on a long-term basis (5).

• Q3: Are the premiums for long-term care insurance tax-deductible in 2025?

• A: Yes, premiums paid for tax-qualified long-term care insurance policies can be deductible as a medical expense, up to certain age-based limits established by the IRS for 2025. This deduction is applicable if an individual itemizes and their total medical expenses exceed 7.5% of their Adjusted Gross Income (AGI). Self-employed individuals may benefit from more favorable deduction rules, potentially deducting premiums above the line without needing to itemize or meet the AGI threshold (12).

• Q4: What are the average LTC costs one should plan for in 2025?

• A: Based on national median data from 2024, which serves as a benchmark for 2025 planning, annual long-term care costs can be substantial. For example, an assisted living community can cost around $70,800 per year, while a private room in a nursing home can exceed $127,750 annually. It is important to remember that these costs are consistently rising, so factoring in inflation is crucial for effective planning (6).

• Q5: How can Veritas Risk Management assist with LTC planning?

• A: Andrew Darlington and the experienced team at Veritas provide expert advice and personalized solutions for long-term care insurance and overall risk management. They help clients understand their specific needs, navigate complex policy features, and identify coverage options that align with their financial goals for 2025 and beyond. Call us today to begin this important conversation.

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