Pure’s Financial Advisor, Blaine Thiederman, CFP®, breaks down the true cost of long-term care and why planning early can help protect your independence, your future, and your peace of mind.
Transcript
When people think about long-term care, they often picture something far off in the future or something that only happens to other families. But the reality is, long-term care is more common, expensive, and complex than you may think, often making it a critically overlooked component of many financial plans.
Today, we’re talking about the real cost of long-term care, the common mistakes families make, and why planning earlier, not later, can make a meaningful difference.
Before we dive in, let’s establish what long-term care really is. In general, it’s help with everyday activities — things like bathing, dressing, eating, or managing medications. That care might happen at home, in assisted living, or in a skilled nursing facility.
For assisted living, the current estimated median cost in 2026 is $6,313 per month.1 And for nursing homes, the 2026 national average is a staggering $11,294 per month.2 As a reminder, those are current costs, not future estimates adjusted for inflation, which can be very impactful depending on when you need to start receiving long-term care services.
With a price tag that hefty, it’s important to have a well-rounded strategy for meeting these needs, which is why you want to avoid these common mistakes.
The first common mistake is assuming Medicare will cover the costs of your or a loved one’s long-term care. A recent study found that nearly two-thirds of Americans over 50 believe Medicare would pay for their care if they permanently move into a nursing home – but Medicare generally doesn’t cover this kind of care.3
The second mistake is assuming you won’t need it. One of the biggest things to understand about long-term care is your potential future need for it. National statistics show that about 70% of people who reach age 65 will need some form of long-term care in the future.4 Unfortunately, far fewer families have a plan for how those costs will be handled when the need arises.
Finally, the last mistake to avoid is waiting too long to make a plan. If you wait until a health or medical event forces a decision, your situation becomes reactive instead of thoughtful. At that point, options are limited, insurance premiums are at their highest, and there’s more margin for error, which can cause unnecessary stress and harm to the person requiring care or the loved ones impacted by that need.
Long-term care planning isn’t about predicting the future. It’s about preparing for possibilities.
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 to schedule a free assessment today.
Sources:
-
Senior Living, How Much Does Assisted Living Cost?, January 11, 2026.
-
Senior Living, Nursing Home Costs in 2026, January 11, 2026.
-
University of Michigan Institute for Healthcare Policy and Innovation, Poll reveals short-term thinking about long-term care, May 1, 2025.
-
CBS News, Most aging Americans will need long-term care in their lifetime. Loved ones often take on the labor and costs., March, 17, 2025.
Subscribe to our YouTube channel.
IMPORTANT DISCLOSURES:
• Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, LLC, a Registered Investment Advisor.
• Pure Financial Advisors LLC does not offer tax or legal advice. Consult with your tax advisor or attorney regarding specific situations.
• Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.
• Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.
• All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy.
• 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.
