Long-term care is something we know we may need but find a hundred reasons not to talk about it.  Which is exactly why we are going to tackle it right now.

1. It’s not just about nursing homes.

When people hear “long-term care,” they often think of decrepit old nursing homes — but it’s way more than that. Long-term care refers to help with the activities of daily living (ADLs): that’s eating, bathing, dressing, using the bathroom, or moving around. It can also include support for cognitive impairments like dementia. And that care can be provided at home by professionals or family members, in assisted living communities, adult day care centers, or nursing facilities. 

So think about LTC more as “support for independence.”  It sounds less intimidating and more realistic that way.

2. The costs are rising — fast.

According to recent surveys, the national average cost of a semi-private nursing home room is now over $100,000 per year — and in the tri-state area, it’s often much higher. Home health aides average around $60,000 annually, and assisted living facilities can run $70,000 or more depending on location. On top of that, costs tend to rise at 3–5% annually, often faster than inflation. That means what feels expensive now could double in just 15–20 years. 

So building these costs into your financial plan or family budget early ensures you won’t be blindsided later.

3. Insurance and covering these costs come with trade-offs.

There’s no one-size-fits-all solution for covering LTC costs.  You have some options:

• You can get traditional LTC insurance.  That will provide dedicated coverage for care, but premiums can increase over time and there’s the “use it or lose it” concern if you never need care.

• You can opt for a hybrid life/LTC policy. Lots of people are exploring this option these days.  Basically it combines life insurance with long-term care benefits. The policies may be more expensive upfront, but if you don’t need the care, your family will receive a “death benefit,” aka a return of premium when you die. Think of this as a “use it or return it” option.

• You also can just self-fund.  This could work for wealthier families who earmark a portion of their assets for these expenses.  But then it may reduce what’s left for a spouse or heirs in the end.

For many people, a blended approach — partial coverage with insurance or a hybrid, plus some level of self-funding — provides the best balance of protection and flexibility.

4. The best time to plan is before you need it.

The ideal time to consider LTC coverage usually is in your 50s or early 60s, while premiums are still relatively affordable and before health conditions make you ineligible. 

Even if you decide not to purchase insurance, having intentional conversations with your family and setting aside savings can make a huge difference. Planning early gives you more choices, and choice is exactly what most people want when it comes to their future care.

5. This is about more than money — it’s about family.

Long-term care planning isn’t just financial, it’s deeply personal. So start to ask some questions of yourself and your loved ones:

• Where would you prefer care — at home, in assisted living, or in a facility? 

• Who in the family, if anyone, is able and willing to step into a caregiving role? 

Without a plan and an open dialog, decisions may then be made during a crisis, which can lead to stress, guilt, and family conflict. 

We all want to grow old with independence and dignity, while still preserving our legacy. By addressing these questions now, you remove uncertainty for your loved ones and give yourself the peace of mind that your wishes will be honored.

These are not easy conversations, but avoiding them makes things even harder. 

The right plan — whether it’s insurance, hybrids, self-funding, or a mix — protects not just your savings, but your independence and your family’s well-being.

Please reach out to me at tbyrnes@lebenthal.com if you have any questions or if there are any particular topics you would like me to address at

Tracy Byrnes is a CDFA® and Vice President, Women and Investing, at Lebenthal Global Advisors. She focuses on assisting women through divorce, transition, and entrepreneurship. Her mission is to empower women financially so they can pursue their goals and confidently plan for the future. Tracy aims to be a stabilizing force for her clients, providing well-informed advice to help them plan for their families and businesses. Throughout her career, she has gained valuable insight and experience from the diverse range of people she has met, allowing her to translate complex concepts into straightforward advice. Tracy holds an M.B.A. in Accounting from Rutgers University and a B.A. in Economics from Lehigh University. She is also a financial expert who has been featured in multiple national networks and media outlets.