The holidays bring everyone back to the same table. Grandkids, siblings, the good dishes — and, if you’re honest, a few conversations nobody wants to start. This year, consider adding one. Long-term care planning isn’t a cheerful topic. But it’s one of the kindest things you can do for the people sitting around you.
Here’s why. When a care need shows up without a plan, families end up making big money decisions in a hospital hallway. When there is a plan, everyone knows what to do — and you stay in charge of your own story.
Why Long-Term Care Planning Belongs on Your Holiday To-Do List
Long-term care is help with everyday living — bathing, dressing, eating, getting around, or supervision because of memory loss. It can happen at home, in assisted living, or in a nursing home.
And it’s more common than most people think. According to the U.S. Administration for Community Living, someone turning 65 today has almost a 70% chance of needing some type of long-term care in their remaining years. Women tend to need it longer (3.7 years on average) than men (2.2 years). About 20% of people will need care for more than five years.
November is also National Family Caregivers Month. It’s a natural reminder that behind almost every care need is a spouse, a son or a daughter who quietly takes on the work. A little planning now can make their load a lot lighter later.
What Long-Term Care Really Costs
Care is expensive — and the bill usually comes out of savings. CareScout’s 2025 Cost of Care Survey put the national median costs at:
- Nursing home, private room: about $129,575 a year
- Assisted living: about $6,200 a month, or $74,400 a year
- In-home, non-medical caregiver: about $35 an hour — roughly $80,080 a year at 44 hours a week
Costs vary a lot by city, and many Colorado communities run higher than the national median. The point isn’t to scare you. It’s to show why a plan matters — even a couple of years of care can reshape a retirement.
Who Pays? The Medicare Myth
This is the surprise that catches most families off guard. Medicare generally does not pay for ongoing custodial care. As Medicare.gov explains, Medicare and most health insurance — including Medicare Supplement (Medigap) plans — don’t pay for long-term care services when that’s the only care you need.
So where does the money come from? Usually some mix of these:
1. Your Own Savings and Income
This is the default. Without a plan, care costs come straight out of retirement accounts, pensions and Social Security — sometimes leaving a healthy spouse short.
2. Long-Term Care Insurance or Hybrid Policies
Traditional long-term care insurance, or life insurance and annuities with long-term care riders, can shift part of the risk to an insurance company. We break down the pros and cons in Understanding Long-Term Care Insurance: Is It Right for You?
3. Guaranteed Income
Steady, predictable income can help cover care costs without draining your investments in a down market. Our guaranteed retirement income strategies are built with this kind of “what if” in mind.
4. Medicaid
Medicaid (called Health First Colorado here) can pay for long-term care, but only after you meet strict income and asset limits. Gifts made in the years before applying can also be reviewed. It’s a safety net — not usually the plan you want to lean on first.
How to Start the Long-Term Care Planning Conversation With Family
You don’t need a formal meeting or a slideshow. You just need a calm moment and a few good questions. Try these steps:
1. Pick the Right Moment
Not during the turkey carving. Try a quiet walk, a coffee the morning after, or a phone call with siblings before everyone arrives.
2. Lead With Your Wishes, Not the Numbers
Start with something simple: “If I ever need help, I’d really like to stay at home as long as I can.” Values first. Dollars second.
3. Ask Who Would Step In
Who lives closest? Who’s comfortable with money, and who’s better with medical decisions? Those may not be the same person — and that’s okay.
4. Make Sure the Paperwork Matches the Plan
Wishes only work if someone has legal authority to act on them. That means an up-to-date financial power of attorney, a medical power of attorney, and an advance directive — all part of solid estate planning.
Your Long-Term Care Planning Checklist
Use this list to get the ball rolling before the year wraps up:
- Write down where you’d prefer to receive care — home, assisted living or a facility.
- Review any existing long-term care, life insurance or annuity policies and their riders.
- Estimate how care costs would affect your income plan and a surviving spouse.
- Confirm your financial and medical powers of attorney are current and signed.
- Make sure your advance directive reflects your wishes today.
- Tell at least one trusted person where your documents are kept.
- Schedule a review with a financial professional to stress-test the plan.
Common Mistakes to Avoid
- Assuming Medicare will cover it. For ongoing custodial care, it generally won’t.
- Waiting until a health scare. Insurance options narrow — and get pricier — as health changes.
- Leaving one child to figure it out alone. Clear roles prevent burnout and family friction.
- Forgetting the healthy spouse. A plan should protect the person who stays at home, too.
- Having the talk but skipping the documents. Good intentions don’t carry legal authority.
Long-Term Care Planning FAQs
When should I start long-term care planning?
Many people start in their 50s or early 60s, while they’re healthy and have the most options. But it’s never too late to put a plan in place.
Does Medicare pay for a nursing home?
Medicare may cover a limited, short-term stay in a skilled nursing facility after a qualifying hospital stay. It generally doesn’t pay for long-term custodial care.
What if my parents don’t want to talk about it?
Keep it short and low-pressure. Share why it matters to you, offer to help gather documents, and suggest meeting with a professional together. One small step is still progress.
The Bottom Line
Long-term care planning is really about protecting the people you love — and your own choices — before a crisis makes those choices for you. The holidays give you a rare moment with everyone in one place. Use a little of it well. Our long-term care planning team can help you turn that conversation into a real plan.
Foundational Wealth Partners helps pre-retirees, retirees and families across Colorado plan for care costs, protect income and keep their legacy on track. Schedule a conversation with our team today.
This content is for educational purposes only and does not constitute personalized financial, tax, legal, or insurance advice. Foundational Wealth Partners does not provide tax or legal advice; please consult a qualified attorney or tax professional about your situation. Cost figures are national medians from the CareScout 2025 Cost of Care Survey and may differ from costs in your area. Medicare and Medicaid rules are subject to change. Foundational Wealth Partners is not connected with or endorsed by the U.S. government or the federal Medicare program. Insurance and annuity guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company, and coverage is subject to underwriting, policy terms, limitations and exclusions.
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