Why Waiting to Plan for Long-Term Care Could Cost Your Family

We’ve all been guilty of putting things off—whether it’s cleaning out the garage, booking that dentist appointment, or finally organizing the photos on our phones. But when it comes to planning for long-term care (LTC), procrastination isn’t just a bad habit—it can be costly for you and your family.

Most people don’t like to think about needing long-term care. It’s not exactly a fun topic. But here’s the reality: nearly 70% of people over 65 will need some form of long-term care in their lifetime. Whether it’s in-home help, assisted living, or nursing home care, these services come with a hefty price tag. And without a plan in place, those costs can quickly snowball into stress, uncertainty, and tough decisions for your loved ones.

The Hidden Costs of “I’ll Get to It Later”

Waiting to plan can mean:

1.    Fewer Options – The earlier you plan, the more choices you have. Whether it’s securing long-term care insurance at a lower premium, exploring hybrid life and LTC policies, or simply building savings with this goal in mind, time is your friend. Delay too long, and health changes could limit your options or make coverage unaffordable.

2.    Emotional Stress on Family – Without a plan, the responsibility often falls on family members to figure out care. That could mean tough financial sacrifices, rearranging work schedules, or disagreements about what’s best. Planning ahead spares your family from scrambling in a crisis.

3.    Financial Drain – The average cost of a private room in a nursing home is over $100,000 per year. Even in-home care—something many prefer—can run thousands per month. Without a strategy in place, these costs can quickly eat into retirement savings, leaving less for your spouse, children, or other goals you’ve worked so hard for.

Why Planning Early Pays Off

Think of long-term care planning like planting a tree. The best time to do it was 20 years ago, but the second-best time is today. By starting now, you can:

·       Lock in lower costs while you’re healthier.

·       Create flexibility with policies or savings that can adapt to different care needs.

·       Give your family clarity about your wishes and resources, removing guesswork during emotional times.

·       Protect your assets so your legacy goes to the people and causes you care about—not entirely to medical bills.

Keeping the Conversation Light

Here’s the good news: LTC planning doesn’t have to be scary or depressing. It’s simply part of creating a thoughtful financial plan. Just like you’d save for your kids’ education or your dream vacation, you can prepare for the possibility of future care needs. It’s about peace of mind, not doom and gloom.

And the sooner you start, the more confident—and relieved—you’ll feel. Your future self (and your family) will thank you.

So instead of waiting for “someday,” make today the day you take the first step. Planning now could be one of the most loving gifts you ever give your family.