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Long-term care is often essential for older adults. Nearly seven in 10 adults over age 65 will require some form of long-term care, according to the U.S. Department of Health and Human Services (HHS).
But it can come at a cost of roughly $121,000 for just under a year of care, the HHS says. Discussing long-term care options before they become necessary can make for a smoother transition, but many families delay the conversation until it’s too late.
Why families delay the conversation
Conversations around long-term care can touch on aging, independence and a large expense — all topics that can be difficult to discuss with loved ones. But it’s important to take the plunge.
There are also misunderstandings that arise around long-term care. Studies show that many people underestimate how much medical costs in retirement and long-term care will cost. Others are shocked to discover 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 want help at home, while others go to senior living homes. Some seniors need support with basic daily activities, and this change isn’t always gradual. Long-term care insurance can help, but having the conversation is the first step to determining what’s best.
What waiting can cost financially and emotionally
If a family does not have a plan in place, they may need to make quick choices about who provides care, whether someone cuts back at work, how bills get paid and whether assets need to be spent down. With less time to think about the best course of action, you can end up making expensive 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 median cost of non-medical caregiver services is $80,080 annually while the median cost of adult day health care services is $24,700 annually based on five days of use per week. Assisted living communities come with a $74,400 annual median cost, and a semi-private room in a nursing home, $114,975.
Medicare generally does not cover these costs. While Medicaid might offer some coverage, the rules vary for each state.
How to start the conversation before there’s a crisis
The earlier you can start the conversation, the more you can focus on values and family roles rather than finances. You should assess as a family the best long-term care option and the provider you will trust.
Once you establish values, it’s a good time to talk about documents and finances. Assess how you will cover long-term care costs while preparing the powers of attorney, health care proxies, wills and other important documents.
Families should revisit the conversation annually or after major life events. That way, they can ensure their plan is still on track instead of being blindsided by a sudden change to a family member’s finances.
This conversation isn’t just about finances and assigning roles. Long-term care conversations can also protect a parent’s wishes, reduce panic and give family members a clearer path when life gets more complicated.
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