Planning for Long Term Healthcare Costs Beyond Medicare in Delaware

Don’t Let Healthcare Surprises Derail Your Retirement Plan

Imagine this: You’ve retired comfortably, your home is paid off, and you’re finally enjoying more time with family, travel, and hobbies. Everything seems on track—until unexpected healthcare needs arise. Suddenly, you’re facing nursing home bills or in-home care costs that Medicare doesn’t fully cover.

That’s the kind of surprise that can quickly turn a peaceful retirement into a financial scramble.

At B.I.G. Investment Services, we help individuals and families across Delaware and Maryland prepare for life’s “what-ifs”—especially when it comes to long term healthcare costs. Too often, people assume Medicare will handle it all. But when it comes to planning for long term care, the truth is more complex.

This blog will walk you through the realities of healthcare costs beyond Medicare, explain why retirement healthcare planning should start sooner rather than later, and show how working with a financial advisor can bring clarity, confidence, and long-term security.

Medicare Isn’t Designed to Cover Long Term Healthcare Costs

Here’s a common misconception: “I’ve got Medicare, so I’m covered.” But in reality, Medicare and long term care don’t go hand in hand the way many people think.

What Medicare Covers:

• Doctor visits

• Hospital stays

• Outpatient care

• Prescription drugs (with Part D)

• Short-term skilled nursing care (under specific conditions and time limits)

What Medicare Doesn’t Cover:

• Assisted living facilities

• Long-term stays in nursing homes

• Ongoing in-home personal care

• Custodial care (help with daily activities like bathing or dressing)

That means if you develop a chronic illness, cognitive impairment, or just need help with daily living as you age, you may be footing the bill on your own—unless you plan ahead.

Understanding the True Long Term Healthcare Costs in Delaware

Let’s talk numbers. Long term healthcare costs can be substantial—especially in the Mid-Atlantic region, where Delaware’s elder care services are on the rise in both demand and price.

Average Annual Costs in Delaware (based on recent data):

• Nursing Home Care (private room): $130,000+

• Assisted Living Facility: $60,000–$75,000

• In-Home Health Aide (40 hours/week): $65,000+

And here’s the reality: The average stay in a nursing home lasts nearly 2.5 years. Do the math, and you’re looking at well over $300,000 just for nursing home care. That’s a huge hit to your retirement savings—unless you’ve planned ahead for these expenses.

Have you considered how these costs fit into your financial future? Whether it’s for yourself or a loved one, understanding these numbers now can help you avoid tough surprises later. A little planning today can save you a lot of stress tomorrow.

Long Term Healthcare Costs Don’t Have to Be a Shock: Funding Options for Long-Term Healthcare Expenses

We get it—these numbers can feel overwhelming. But here’s the good news: With smart planning and guidance, you can prepare for these potential expenses and protect the lifestyle you’ve worked hard to build. Let’s explore your options.

1. Long-Term Care Insurance

Think of long-term care insurance as a safety net. These policies are specifically designed to cover expenses like nursing home care, in-home help, or even adult day care services. They’re flexible, allowing you to receive care in a way that works for you.

Why consider long-term care insurance?

• It helps protect your retirement savings and other assets.

• It gives you and your family peace of mind, knowing you’re covered.

• Policies can be customized based on your budget and needs.

The trade-offs:

• Premiums can be expensive, especially if you wait too long to purchase a policy.

• Not everyone qualifies—your health history can impact eligibility.

If this option resonates with you, don’t wait to explore long-term care insurance. The earlier you start, the more affordable and accessible it can be.

2. Personal Savings or Retirement Accounts

Some people choose to self-fund their long-term care costs, using savings from 401(k)s, IRAs, or other taxable accounts. While this approach provides control, it also requires careful planning to avoid financial strain later in life.

Questions to ask yourself:

• How much should you set aside now to cover $100,000 or more per year in care later?

• Will using your savings for care impact your spouse’s financial wellbeing or your family’s future inheritance?

This is where working with a financial planner can make all the difference. We’ll help you incorporate healthcare expenses into your retirement plan and ensure you’re prepared for the unexpected.

3. Government Programs Like Medicaid

Yes, Medicaid can cover long-term care costs—but it’s not a simple solution. Medicaid eligibility comes with strict income and asset requirements, and in many cases, you must spend down most of your assets to qualify.

What to keep in mind:

• Medicaid should be viewed as a last-resort option rather than a proactive solution.

• Eligibility varies by state, so it’s important to understand Delaware’s specific rules and requirements.

If Medicaid is part of your plan, significant financial planning ahead of time is essential to ensure you’re prepared.

Planning for long-term healthcare costs may feel overwhelming, but the earlier you start, the more control you’ll have over your future. Sure, there’s no one-size-fits-all solution, but a combination of strategies can make long term care planning in Delaware manageable and tailored to your unique situation.

Why You Should Start Planning Now

You may be healthy and active today—but aging is unpredictable. Planning early means more options, more affordability, and less stress down the road.

Here’s why early planning matters:

✔️Lock in long-term care insurance at lower rates

✔️Create a tax-efficient savings strategy for healthcare costs

✔️Avoid forced asset liquidation in a care emergency

✔️Coordinate care preferences with your spouse or family

✔️Make informed decisions, not rushed ones

Remember: It’s easier to plan with clarity than to react in crisis.

How a Financial Planner Can Help You Prepare

Here at B.I.G. Investment Services, we take the stress and guesswork out of elder care financial planning. We integrate potential long term healthcare costs into your overall retirement picture—so you can move forward with confidence, not worry.

Here’s how we help:

✔️Personalized Forecasting

We model different care scenarios (in-home, assisted living, nursing home) and estimate potential costs based on your lifestyle, location, and longevity.

✔️Protection Strategies

We walk you through long-term care insurance options, analyze pros/cons, and help you determine if a policy makes sense for your situation.

✔️Tax-Efficient Withdrawals

We build strategies to draw from your assets (like IRAs, Roths, HSAs) in the most tax-advantageous ways when care is needed.

✔️Ongoing Conversations

Your health, goals, and finances evolve—and your plan should too. We check in regularly to make sure you’re on track and prepared for what’s ahead.

It’s About More Than Money—It’s About Peace of Mind

At the end of the day, retirement healthcare planning isn’t just about numbers—it’s about protecting your independence, your legacy, and the people you care about. When you prepare for healthcare costs beyond Medicare, you’re creating a plan that supports your future self—and eases the burden on your loved ones.

Let's Build a Long-Term Plan That Covers It All

Your retirement should be a time of security and peace—not fear of the unknown. And when it comes to long term healthcare costs, knowledge is power, and planning is key.

Whether you're still years away from retirement or already enjoying it, B.I.G.

Investment Services can help you craft a plan that includes every piece of the puzzle—including healthcare.

Let’s talk about your future. Schedule a consultation today and take the first step toward a smarter, safer, and more secure retirement.

Call us or Book your free consultation online today.

Disclaimer:Investing in securities involves risks, including the potential for loss of principal. There is no guarantee that any investment plan or strategy will be successful. Boothe Investment Group, Inc. does not provide tax or legal advice. All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation.