Questions to Ask a Financial Planner About Long-Term Care

Takeaways

• The need for long-term care is common, but proactive planning is rare. Nearly 70 percent of people turning 65 will need some form of long-term care in their later years. Yet most individuals — even those concerned about costs — fail to discuss it with a financial professional or fully plan for expenses not covered by Medicare.
• Take proactive steps now. Start by assessing your current financial goals, understanding the expected cost of care in your area, and exploring options like long-term care insurance, Medicaid eligibility, and estate planning with a qualified professional.

Recent research findings highlight widespread concerns about long-term care planning. In October 2025, Lincoln Financial’s Consumer Sentiments Tracker found that a staggering 82 percent of people surveyed said they are concerned about paying for long-term care for themselves or a family member. Almost half (42 percent) said they were highly concerned.

While most people said they worried about affording long-term care, few took steps to discuss this with a financial planner. Only 21 percent said they have talked to a financial planner about long-term care planning, while just 14 percent discussed long-term care insurance, and 7 percent discussed elder care planning. For those 55 and older, only 10 percent had an in-depth consultation with a financial professional about handling medical expenses, and nearly half (47 percent) said they had not broached the subject at all.

These findings shine light on the need for those concerned about long-term care planning to take action.

At the same time, the need for long-term care is far more common than many people realize. According to the U.S. Department of Health and Human Services, almost 70 percent of people turning 65 today will need some form of long-term care services in their remaining years. This widespread need highlights a crucial gap: because many individuals underestimate the likelihood of needing long-term care, they often fail to initiate proactive financial planning conversations with a professional.

Whether you choose to work with a professional or simply take steps to think things through on your own, it can be helpful to ask a financial advisor questions about how long-term care might fit into your financial planning.

Choosing the Right Advisor

As you seek out a financial planning expert, it is important to consider the different types of financial planners and their qualifications.

Anyone can call themselves a financial planner, so it is vital to look at their certifications. According to Investopedia, the gold standard of certifications are Certified Financial Planners (CFP) and Chartered Financial Analysts (CFA). Accredited accountants are known as Certified Public Accountants (CPAs).

Licensed elder law attorneys can also offer advice on strategies for long-term care planning that may help you afford care while also protecting your assets.

Questions to Ask

Once you have identified a trusted advisor, the following questions can help you learn more about financial planning for long-term care. These questions can also be starting points for your own research.

• How much is long-term care expected to cost in your state? The Federal Long-Term Care Insurance Program’s Cost of Care Tool reveals the estimated cost of different types of care across the United States. It shows the average daily costs for home care, assisted living, and nursing home care. The tool also includes estimates for future costs, reflecting inflation, for up to the year 2086.
   
• How much should I save for retirement? While a common general rule is to save 10 to 15 percent of your income for retirement, how much you should save may depend on your age, expenses, and personal goals and considerations. The USAA Educational Foundation offers a tool to help people estimate how much they need to save for retirement.
  
  Notably, an individual may expect to spend $165,000 on health care expenses in retirement, according to estimates from Fidelity. However, that estimate does not include long-term care costs. The median cost of a private nursing home in the U.S. today is more than $10,500 per month. At the same time, many people mistakenly assume that Medicare will cover long-term care, when in fact it does not.
  
  This shows why planning for long-term care costs beyond basic retirement planning is so important, particularly as costs for this type of care are rising every year.
   
• Where should I put my savings?
   
• What types of retirement accounts do I already have (e.g., 401(k), individual retirement account (IRA))? Should I consider any additional accounts or investment strategies?
   
• How much will I receive from a pension and/or Social Security?
   
• Do I anticipate trying to qualify for needs-based government assistance like Supplemental Security Income (SSI) or Medicaid?
   
• What are the potential financial and tax implications if I provide financial support to a loved one who receives government benefits such as Medicaid?
   
• What long-term care insurance options are available to me? How much do different types of policies cost and what do they cover? Here, CNBC lists its top long-term care insurance companies.

4 Steps to Take

Most seniors will need long-term care in their later years. If you are concerned about how you will pay for it, you can take steps to prepare, whether you work with a certified financial planner or other professional.

1. First, take stock of your finances. Review how much you have saved for retirement and how much you plan to save. A CFA or CFP can help with this; research and interview several to see who the best fit for you would be.
    
2. Consider the type of care you would ideally like to receive and how much it is expected to cost. Do you want to put aside more money to cover these costs? Do you have long-term care insurance, or do you plan to rely on Medicaid?
    
3. For those with low income and assets, review your public benefits eligibility. Medicaid can help cover the cost of a nursing home, and SSI may also provide support for housing if you have limited savings and income.
    
4. Finally, engaging in estate planning can help you prepare for long-term care decisions as well as costs. An estate planning or elder law attorney can help you create a plan to support your retirement and your legacy while also ensuring that your wishes are honored.

Note that local legal aid organizations may provide estate planning services to low-income older adults at low or no cost.

Related Reading

• Durable Power of Attorney: A Key Estate Planning Document
• Why You Need a Health Care Proxy
• What a Good Long-Term Care Insurance Policy Should Include