As we age, one of the most important and most uncomfortable questions we face is: Who will take care of me if I need long-term care?
Will it be a spouse? An adult child? Paid caregivers? And if it is a paid caregiver, who in the family will manage them?
In our latest Cardinal lesson, Tom and I walk through a detailed study conducted by researchers at UMass Boston. This study looked at real families going through long-term care situations—half of them had long-term care insurance, and half did not. What stood out the most was that regardless of insurance coverage, the moment someone needs care, everything becomes a crisis. Daily routines stop. Family members rearrange their lives. And caregivers become emotionally and physically exhausted.
What Caregivers Shared in the Study
The researchers asked caregivers about five key areas:
1. The Financial Impact
Care is expensive, and it often lasts much longer than families expect. Those without insurance were forced to make personal sacrifices—cutting back work hours, retiring early, or providing the care themselves to save money. Those with insurance still worried, but they had financial support that reduced pressure and protected their own savings and income.
2. Difficulty Finding Paid Help
Both groups—insured and uninsured—struggled to find reliable caregivers. Many didn’t know where to start or what type of care they needed. Even those with insurance felt limited at times by agency requirements or inconsistent caregiver rotations.
3. Limited Support Resources
Many caregivers were unaware of the additional benefits included in long-term care policies—such as respite care, caregiver training, home-modification benefits, and care coordination. Even when resources existed, families often didn’t know how to access them.
4. Confusion About Insurance and Low Trust
Those who did have insurance described the policies as complex and customer service as inconsistent. Filing a claim during a time of crisis can be overwhelming, which is why we always encourage families to call us first so we can help guide them through the process.
5. How the Experience Changes Future Planning
Caregivers overwhelmingly said the experience changed their own long-term care planning. After seeing the emotional and financial toll firsthand, many wanted to ensure they did not place the same burden on their children.
The Real-World Takeaways
After reviewing the study and reflecting on our own work with families, here’s what truly matters:
Most care starts at home.
People want to stay home as long as possible. Without a plan, this leads to caregiver burnout and financial strain.
Caregivers are exhausted.
Whether care is paid or unpaid, family members take on a heavy emotional load. Even well-prepared families feel stretched thin.
Planners are better off.
Families who talk about this early—whether they choose insurance or self-funding—handle the crisis far better.
No one sees it coming.
Illness or disability often arrives suddenly. At that point, it’s too late to set up a strategy without stress.
Why This Matters for You
If you’re in your 60s or 70s, you may feel far from needing long-term care—but planning early is one of the best gifts you can give your family. A solid plan can protect your savings, reduce chaos during a crisis, and provide clarity for your spouse or adult children when they need it most.
Whether that plan includes long-term care insurance, self-funding, or a hybrid approach, what matters most is that you have a plan—and that the people who will eventually help you know what that plan is.
Long-term care is not just about your future…it’s about your loved ones’ future, too.
If you’d like to review the full study, see example policies, or talk through how long-term care planning fits into your retirement strategy, you can find show notes and resources at cardinalguide.com or in the link below the video.
