Long-term care is often important for older people. About seven in 10 adults over age 65 will need some form of long-term care, according to the US Department of Health and Human Services (HHS).
But it can come to an estimated $121,000 in just under a year of care, HHS says. Discussing long-term care options before they are needed can make for a smoother transition, but many families delay the discussion until it is too late.
Why families delay the conversation
Discussions about long-term care can touch on aging, independence and capital costs — all topics that can be difficult to discuss with loved ones. But it is important to take honey.
There are also emerging misunderstandings about long-term care. Research shows that many people underestimate how much medical expenses in retirement and long-term care will cost. Some are shocked to learn that Medicare won’t cover long-term care costs, making it even more important to talk about finances with your parents.
There is a range of options. Some people seek help at home, while others go to nursing homes. Some older people need support with basic daily activities, and this transition is not always gradual. Long-term care insurance can help, but having the conversation is the first step in deciding what’s best.
Waiting can be financially and emotionally expensive
If a family doesn’t have a plan, they may have to make quick decisions about who takes care of them, whether someone cuts back on work, how bills are paid and what assets need to be disposed of. With little time to think about the best course of action, you can end up making costly mistakes and hiring people who charge premiums for their services.
Genworth and CareScout’s 2025 Cost of Care Survey highlights what you can expect to pay for long-term care costs. The average cost of non-medical services is $80,080 per year while the average cost of day care services for seniors is $24,700 per year based on five days of use per week. Assisted living communities come with an average annual cost of $74,400, and a private room in a nursing home, $114,975.
Medicare generally does not cover these costs. Although Medicaid may provide some coverage, the rules vary from state to state.
How to start a conversation before disaster strikes
The earlier you can start the conversation, the more you can focus on family values and roles rather than finances. You should explore as a family the best long-term care option and provider you can trust.
Once you’ve established prices, it’s a good time to talk about documents and finances. Check how you will pay for long-term care costs while preparing powers of attorney, health care proxies, wills and other important documents.
Families should revisit the discussion annually or after major life events. That way, they can make sure their plan is still running smoothly instead of being blindsided by a sudden change in a family member’s finances.
This discussion is not just about finances and assigning roles. Long-term custody negotiations can also protect a parent’s wishes, reduce panic and give family members a clear path when life gets tougher.
