When most people approach retirement, they’re thinking about Medicare, Social Security, taxes, and how to make sure their money lasts. What they’re not thinking about is long-term care. But if a health event strikes, this one issue touches every other part of your financial plan—and your family.

In this post, we want to walk you through why long-term care planning isn’t just insurance—it’s a necessary part of securing your future and protecting your loved ones.

The Truth About Long-Term Care

Long-term care refers to help you may need if you’re unable to perform basic daily activities—like bathing, dressing, or eating—or if you experience a cognitive decline, like dementia. It’s not covered by Medicare beyond very limited skilled nursing services. And without a plan, the full burden of care—physically, emotionally, and financially—falls on your family.

We’re not talking about a short hospital stay. We’re talking about care that can go on for years. Expenses can easily run $6,000 to $10,000 per month. Even if you’ve carefully budgeted for retirement, those costs can quickly unravel everything.

When There’s No Plan, Family Becomes the Plan

Most people don’t call us asking about long-term care insurance. They want to talk about Medicare or taxes or income. But when we build a comprehensive plan, we include long-term care—because when it strikes, everything else takes a back seat.

We’ve seen this play out countless times. One child steps up to become the caregiver. The others don’t. Resentment builds. Careers are put on hold. Retirement accounts get tapped. Siblings argue over money and responsibility. Families break down—not because they don’t care, but because there was no clear plan in place.

And here’s the most painful truth: it doesn’t have to be that way.

Real Families, Real Consequences

Tom shares a powerful example in this week’s video. When he became seriously ill in his 20s, it wasn’t just hard on him—it put his wife under enormous strain, caring for him while raising their baby. She got sick too. And this wasn’t a long-term care event—just a short-term one. Still, it revealed the cost that caregiving can have on a healthy spouse or loved one.

Or consider the heartbreaking story of Gene Hackman’s wife. She cared for him through his cognitive decline, alone. Despite their wealth, they didn’t bring in help. She passed away—likely from the strain—leaving him to die just days later.

When caregiving falls solely on one person, especially a spouse or child, it takes a toll. As we often say, caregiving makes healthy people sick.

The Insurance Most People Only Want After It’s Too Late

Why don’t people buy long-term care insurance? Simple: they don’t believe it will happen to them.

But the moment a diagnosis hits, everything changes. Suddenly, adult children are calling us: “Can we buy a policy for Mom?” But if someone’s already sick or in need of care, it’s often too late. Insurance is designed to be purchased before the need arises—just like homeowners insurance.

And if you’re healthy enough now, even a small policy can make a major difference.

Planning Options That Fit

We’re not here to scare you into buying something. But we are here to show you that you have options, and those options get fewer the longer you wait. Maybe a full long-term care policy isn’t realistic. But you could consider:

Short-term care insurance: Coverage for up to a year of care—enough to create breathing room and avoid immediate financial crisis.

Hybrid policies: Life insurance with a long-term care rider. If you need care, the benefits are there. If you don’t, your family receives the death benefit.

IRA-funded solutions: Using a portion of your IRA to fund a policy that meets long-term care needs—often done through tax-efficient transfers under Pension Protection Act provisions.

You’re Not Just Protecting Yourself—You’re Protecting Your Family

Ultimately, the heart of this discussion isn’t about statistics or policy features—it’s about your family. If you needed care 10, 15, or 20 years from now, who would step in? Would your children be prepared—financially or emotionally—to take on that role?

We often hear from clients who’ve been caregivers. They watched their parents decline, they had to coordinate care, and they do not want their kids to go through what they did. For them, long-term care insurance isn’t about protecting themselves—it’s about protecting their children.

Start the Conversation Now

Even if you’re in good health and hope to stay independent for years to come, now is the time to plan. Talk to your spouse. Talk to your children. Put something in writing. Think about what kind of care you’d want—and how it would be paid for.

Because when there’s no plan, your loved ones become the plan.