In Jamaica today, we are living longer than ever before. Longevity is a gift, but it also brings with it new challenges, particularly when it comes to the rising cost of care in our later years. While licensed insurance brokers are able to sell long-term care (LTC) insurance policies via overseas companies, the major local insurers have yet to develop and offer these products. This leaves a gap in the market, and in our national conversation, that urgently needs attention.

What is Long-Term Care Insurance?

Long-term care insurance is designed to cover the costs associated with extended medical or personal care needs that aren’t typically covered by health insurance or life insurance. This includes services like in-home care, assisted living, or nursing facilities. As people live longer, the likelihood of requiring such care increases significantly.

In countries such as the United States and Canada, LTC coverage has become a crucial safeguard against the financial and emotional strain of aging. Yet in Jamaica, there is still a widespread assumption that family will always provide care. While this has been true in past generations, the reality is shifting. With smaller family sizes, migration, and economic pressures, families may not always be in a position to shoulder the cost or time commitment of long-term care.

The Cost of Care in Jamaica

Even though options for nursing homes and eldercare facilities are limited locally, the demand is expected to grow. Costs for in-home caregivers or private nursing can quickly outpace retirement savings. Without adequate preparation, families may face significant financial strain, forcing them to deplete assets or rely on patchwork solutions. Long-term care insurance offers a way to protect both financial security and dignity in later life.

Prompt Action for Insurers and Policymakers

This is not simply a matter of financial planning, it is a social safeguard. Local insurers and policymakers must begin to address this issue, ideally through innovative products or public-private partnerships that make coverage more accessible. If steps are not taken within the next 10–20 years, Jamaica risks facing an eldercare crisis where needs outpace resources.

What Families Can Do Now

While the local market has not yet responded, families can:
• Explore international LTC options through licensed brokers.
• Create dedicated savings or investment plans earmarked for long-term care.
• Begin open conversations with loved ones about care preferences and financial expectations.

Planning with Purpose

At Plan for Purpose, we believe financial planning must go beyond numbers, it must prepare families for life’s real challenges. That includes aging with dignity, protecting wealth, and creating a lasting legacy. Our services focus on values-based financial planning, purpose-driven retirement design, legacy and mentorship development, and life insurance advisory sessions. Together, we can help you prepare not just for retirement, but for the years beyond, where health, purpose, and security truly matter.

Book a one-on-one consultation with us at https://planforpurpose.com/ Also purchase a copy of our book “More Than Just A Payout: How Life Insurance Builds Security and Opportunity” @ https://a.co/d/eAEQe78

#PlanForPurpose #FinancialPlanning #LongTermCare #RetirementPlanning #LegacyBuilding #WealthWithPurpose #JamaicaFinance #AgingWithDignity #LifeInsurance #SecureFuture