By Bryan Trugman, CFP®
The true cost of aging is often underestimated. This affects not just your financial plan, but your physical and emotional well-being as well. Long-term care isn’t some distant issue reserved for “later.” It’s a future expense category that can drain savings, strain families, and derail retirement plans over time if ignored. Addressing long-term care planning for younger adults now—while you’re still healthy and in control—can help prevent those outcomes.
This article lays out five practical tips you can use today to prepare for future care costs, safeguard your assets, and avoid putting your family in a difficult position down the road.
1. Understand What Long-Term Care Actually Costs
You can’t plan for something you don’t understand. And most people underestimate this.
Medicare doesn’t cover most long-term care. That means extended help with daily activities like bathing, dressing, or mobility comes out of your pocket.
Current averages:
- Nursing home (semi-private room): $112,420 annually
- Assisted living: ~$66,000 annually
- Home health aide: ~$35.00 per hour
Now multiply that over several years. These aren’t short-term expenses; they’re ongoing.
If your financial plan doesn’t account for these numbers, it’s incomplete. That’s the starting point.
2. Start Early, Timing Changes Everything
Younger adults have a major advantage here because time is on their side:
- Lower insurance premiums
- Better health qualification
- More years to build dedicated assets
A healthy 45-year-old can often lock in coverage at significantly lower cost than someone applying at 60. That gap compounds over time.
Health matters just as much as age. Once certain conditions show up, your options shrink or disappear entirely.
Waiting is a decision—and usually an expensive one.
3. Decide How You Want Care Delivered
Family support is often assumed when care becomes necessary, but that assumption frequently creates challenges.
Think through the reality:
- Your kids may live in different states.
- Your spouse may not be physically able to provide care.
- Everyone has their own responsibilities.
Caregiving is demanding and often leads to lost income, burnout, and long-term stress.
Planning gives you control:
- In-home care vs. facility care
- Professional support vs. family reliance
- Quality and consistency of care
4. Choose the Right Strategy, Not Just Any Strategy
There are three main ways to handle long-term care, and each comes with trade-offs.
Traditional Long-Term Care Insurance
- Lower up-front cost
- High coverage leverage
But:
- Premiums may increase
- No payout if unused
Hybrid Policies (Life Insurance + LTC)
- Death benefit if care isn’t needed
- More predictable premiums
But:
- Higher up-front investment
- Less flexibility
Self-Funding
- Full control over assets
- No insurance restrictions
But:
- Requires significant capital
- Market downturns can impact your ability to pay
There’s no universal “better” option. The right choice depends on your financial position, risk tolerance, and long-term goals.
5. Stress-Test Your Plan Before It’s Too Late
Here’s where most plans fall apart because they’re never tested.
Run the numbers:
- What happens if one spouse needs care for four years?
- What if it costs $120,000 annually?
- How does that impact retirement income?
Example:
A couple with $1.5 million saved faces $480,000 in care costs over four years. That’s nearly one-third of their portfolio gone.
Without planning, that scenario forces:
- Selling investments at the wrong time
- Reducing lifestyle for the healthy spouse
- Reworking estate plans
Instead of strategizing, you’re reacting.
The Attitude Shift That Changes Outcomes
Most financial planning focuses on growth by building wealth, hitting retirement numbers, and increasing assets.
Long-term care introduces a different priority:
- Safeguard what you’ve built.
- Control how it’s used.
- Reduce future disruption.
This is where Attitude Financial Advisors takes a different approach. Instead of a side conversation, long-term care is integrated into the core plan.
Because ignoring it doesn’t eliminate the risk, it just pushes the cost higher.
Start Long-Term Care Planning for Younger Adults Today
Planning ahead in this area is one of the rare financial decisions where timing directly improves your options, lowers your potential costs, and expands long-term flexibility. Delaying action reduces available choices and increases the chance that future care decisions are made under pressure rather than on your own terms.
The team at Attitude Financial Advisors works with business owners, professionals, and pre-retirees to build strategies that account for real-world risks like long-term care. That includes evaluating insurance options, modeling potential care scenarios, and identifying where your current plan may fall short.
If you want your financial plan to reflect the full reality of aging, this is the time to address it.
Reach out to us via email at btrugman@attitudefinancial.com or give us a call at (516) 762-7600 to set up a free consultation.
Frequently Asked Questions: Long-Term Care Planning for Younger Adults
When should you start long-term care planning as a younger adult?
The best time to start long-term care planning is while you’re still healthy, typically in your 40s or 50s. Starting early gives you more options, including lower insurance premiums and a higher likelihood of qualifying for coverage. It also allows more time to build assets or structure a plan that won’t disrupt your retirement later. Long-term care planning for younger adults is most effective when it’s proactive instead of reactive.
What are the best options for long-term care planning for younger adults?
Common options include traditional long-term care insurance, hybrid policies that combine life insurance with care benefits, and self-funding through savings and investments. Each approach comes with trade-offs around cost, flexibility, and risk. Many individuals work with Attitude Financial Advisors to evaluate these options in the context of their broader financial plan, helping to align their long-term care strategy with their goals, assets, and risk tolerance.
How much should you plan for long-term care costs in the future?
Long-term care costs can be significant, often exceeding $100,000 per year depending on the level of care and location. Since care may be needed for multiple years, the total impact on your financial plan can be substantial. Planning ahead helps you model different scenarios and avoid putting pressure on your retirement savings or family. Firms like Attitude Financial Advisors help individuals stress-test their plans and prepare for these costs in a way that preserves long-term financial stability.
About Bryan
Bryan Trugman is managing partner, co-founder, and a CERTIFIED FINANCIAL PLANNER® practitioner at Attitude Financial Advisors. With more than 17 years of experience, Bryan specializes in addressing the financial needs of new parents as they seek to realign their finances, assisting divorced individuals as they navigate an unforeseen fork in the road, and strategizing with those seeking to accrue a dependable retirement nest egg. Bryan is known for being a good listener and building strong relationships with his clients so he can help them develop a customized financial plan based on what’s important to them. He is passionate about helping his clients experience financial confidence so they can worry less and play more. Bryan has a bachelor’s degree in industrial and systems engineering with a minor in mathematics from State University of New York at Binghamton. He has served on the board of the Financial Planning Association and continues to be actively involved in the national organization. He is also a member of the Plainview-Old Bethpage Chamber of Commerce and has served as its vice president and as a board member. When he’s not working, you can find Bryan on the ballroom dance floor or engaged in a fast-paced game of doubles on the tennis court. To learn more about Bryan, connect with him on LinkedIn. Or, watch his latest webinar on: How Much Is Enough? A Surprisingly Simple Way to Calculate Your Retirement Savings Needs.
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