Long-term care planning is also family-caregiver planning.
When families think about long-term care, the conversation often starts with the cost of professional services. But a significant amount of care is provided quietly by relatives, friends, and neighbors.
Recent research from AARP and the National Alliance for Caregiving highlights the scale of that support:
• 63 million American adults, nearly one in four, provided ongoing care to an adult or child with a medical condition or disability.
• Caregivers of adults spend an average of 27 hours per week providing care, while 24% provide more than 40 hours per week.
• An estimated 59 million caregivers of adults provided 49.5 billion hours of care in 2024, representing an estimated economic value of $1.01 trillion.
The financial effects can also reach well beyond direct care expenses. Nearly half of caregivers reported at least one negative financial impact. Some stopped saving, used personal savings, took on debt, paid bills late, or delayed retirement.
This is why long-term care planning should consider more than where care will take place or how much it may cost. A thoughtful plan should also address:
• Who is expected to provide care
• Whether that person has the time and ability to do so
• How caregiving could affect employment and retirement savings
• What paid or unpaid support may be available
• Who can manage health, legal, and financial decisions
• How the plan affects a spouse, children, or other family members
Care provided by family may not appear in a financial plan, but it still has a real cost in time, health, income, and personal flexibility.
Planning cannot remove every challenge. It can, however, help families discuss expectations, evaluate their resources, and make informed decisions before care is urgently needed.
If a family member needed ongoing care tomorrow, would everyone understand the plan and their role in it?
Long-term care planning is also family-caregiver planning
