Long-Term Care Considerations

Pure’s Senior Financial Advisor, Taylor Rios, CFP®, shares five smart steps you can take now to prepare for long-term care and help safeguard your family’s future.

Transcript

Long-term care planning isn’t just about protecting your assets; it’s about protecting those closest to you. According to an AARP report, one in five adults in the U.S. — an estimated 53 million people — is taking care of an aging family member.¹

While the direct cost of long-term care is a key consideration, overlooking the indirect costs can leave families and loved ones paying the price. Today, we’re going to talk about how long-term care can impact your family and the ways you can begin preparing for the future.

When a spouse or adult child steps in as a caregiver, families often underestimate the impact of lost income, career disruption, and emotional strain.

On average, caregivers spend 26 percent of their personal income on caregiving expenses.¹

On top of all of this, the emotional strain of adult children making long-term care decisions about their aging parents can cause generational ripples, with one in three adult children caught between covering the cost of care between an aging parent and their own children.¹

That’s where early planning comes in. Planning early doesn’t mean assuming the worst. It means understanding the potential risks and considering how long-term care costs could affect retirement income, assets, and family relationships.

Here are some planning tips to follow:

1. Determine and designate a durable power of attorney for medical care. Choose a trusted person to make medical decisions if you’re unable to do so. Discuss your healthcare wishes and values with them in advance. Complete the necessary legal documents and keep copies accessible.
2. Identify people in your life who could serve as a caregiver. Consider family members, friends, or others who may be willing to help. Think about the type of support they could realistically provide. Have open conversations early to understand availability and expectations.
3. Consider home modifications to help age in place. Evaluate your home for safety and accessibility needs. Common updates may include grab bars, ramps, or wider doorways. Plan ahead to spread out costs and avoid last-minute changes.
4. Consider long-term care insurance. Review what long-term care insurance covers and what it doesn’t. Compare policies, costs, and benefit periods. Consider purchasing earlier when premiums are typically lower.
5. Research or visit assisted living or nursing home facilities. Explore local facilities that understand care, options, and costs. Visit in person to assess cleanliness, staff, and overall environment. Keep a short list of preferred facilities for future reference.

By proactively anticipating your long-term care needs and creating a plan, you’re not only looking out for yourself, but also for the loved ones who may be impacted by your change in needs. If you’d like to implement long-term care considerations into your holistic financial plan, our team is here to help you and your family achieve that and so much more. All you need to do is reach out and schedule a free assessment today.

Source

1. AARP, The Huge Financial Toll of Family Caregiving, March 11, 2025.

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• Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, LLC, a Registered Investment Advisor.

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• Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors.

CFP® – The CERTIFIED FINANCIAL PLANNER® certification is by the CFP Board of Standards, Inc. To attain the right to use the CFP® mark, an individual must satisfactorily fulfill education, experience and ethics requirements as well as pass a comprehensive exam. 30 hours of continuing education is required every 2 years to maintain the certification.