Each year, Long-Term Care Planning Month serves as an important reminder for families to consider a topic that is often postponed until it's urgently needed: how to plan for future care.
Whether you're helping an aging parent, supporting a spouse, or preparing for your own future, understanding the financial and practical aspects of long-term care can make a significant difference when care needs arise. Yet many families don't begin these conversations until a health event, hospitalization, or change in independence makes immediate decisions necessary.
The reality is that long-term care planning is about more than preparing for the unexpected. It's about understanding your options, protecting your financial future, and making informed decisions before they become urgent. By starting the conversation early, families can reduce stress, preserve more choices, and approach the future with greater confidence.
What Is Long-Term Care Planning?
Long-term care planning is the process of preparing for the possibility that you or a loved one may need assistance with daily activities as you age.
This may include support with:
- Personal care and hygiene
- Medication management
- Mobility assistance
- Meal preparation
- Memory care
- Social engagement and wellness programs
Long-term care planning goes beyond simply choosing a senior living community. It also includes understanding the potential costs of care, identifying available financial resources, and creating a plan that aligns with your family's goals and circumstances.
Why Families Delay Planning
While many families understand the importance of planning ahead, financial uncertainty often prevents them from taking the first step.
Recent research shows that:
- 46% of older adults say financial confidence is a barrier.
- 77% are concerned about paying for care.
- 81% of older adults who are researching care options are actively looking for financial information.
These statistics highlight an important reality: many families are not avoiding care conversations because they don't understand the need. They're unsure how they will afford it.
Understanding the Cost of Senior Living
One of the most common misconceptions about senior living is that there is only one way to pay for it.
In reality, families often use a combination of resources depending on their unique situation. Understanding what's available can help families make informed decisions and avoid unnecessary stress.
Some common funding sources include:
- Personal savings and retirement income
- Proceeds from the sale of a home
- Long-term care insurance
- Veterans benefits
- Short-term financial solutions while larger assets become available, such as a bridge loan
- Family financial planning strategies
Because every situation is different, exploring these options early can help families create a realistic plan before care is needed.
Additionally, many families are surprised to discover that senior living costs can sometimes be comparable to the combined expenses of remaining at home, particularly when factoring in mortgage or rent payments, utilities, maintenance, property taxes, groceries, transportation, and in-home support services. Understanding the full financial picture can help families make more accurate comparisons when evaluating their options.
Compare costs using our Cost Calculator.
Four Financial Resources Families Often Overlook
1. Veterans Benefits
Many veterans and surviving spouses are unaware that they may qualify for financial assistance through the U.S. Department of Veterans Affairs (VA). Programs such as the VA Aid & Attendance benefit can help eligible individuals offset the cost of senior living and long-term care services.
For 2026, the maximum monthly benefit amounts may be as high as:
- Surviving Spouse: Up to $1,558 per month
- Married Spouse of Veterans: Up to $1,903 per month
- Single Veteran: Up to $2,424 per month
- Married Veteran: Up to $2,874 per month
- Married Veterans: Up to $3,845 per month
Actual benefit amounts are determined by the VA based on factors such as military service history, medical needs, income, and net worth.
At Commonwealth Senior Living, veterans and their families also have access to additional support through our partnership with SilverAssist, helping families understand potential eligibility requirements, navigate the application process, and explore available financial planning resources.
Commonwealth Senior Living's Promise to Veterans
Supporting veterans goes beyond helping families understand available benefits. Through Commonwealth Senior Living's Promise to Veterans, we are committed to honoring those who have served and making their transition to senior living as smooth as possible.
Moving can be one of the most stressful aspects of transitioning to senior living. To help ease that burden, Commonwealth Senior Living arranges and covers moving expenses of up to $2,000 for eligible veterans. This support helps reduce the physical, emotional, and financial stress often associated with a move, allowing veterans and their families to focus on settling into their new home.
Veterans are also recognized and celebrated throughout their journey with Commonwealth through meaningful traditions and ongoing expressions of gratitude, including:
- The Wall of Valor, a permanent tribute displayed in each community that honors residents' military service and personal legacy.
- Veteran stars displayed outside the apartments of honored veteran residents.
- A special one-year anniversary recognition that includes ½ off one month's rent.
- Pinning ceremonies and patriotic celebrations throughout the year.
- Military honors and flag presentations.
- Flags representing all branches of the U.S. Armed Forces proudly displayed at every community.
These traditions help create a culture of respect and appreciation, ensuring veterans feel recognized not only on special occasions, but every day.
2. Long-Term Care Insurance
Long-term care insurance (LTCI) can be one of the most valuable resources available to help cover the cost of senior living and long-term care. However, it is also one of the most misunderstood.
Many older adults purchased policies years or even decades ago and may not remember the details of their coverage. Others assume their policy will automatically pay for care when the time comes, only to discover there are requirements that must be met before benefits begin.
Common questions families have include:
- What types of care does the policy cover?
- Does it cover assisted living, memory care, or both?
- How much will the policy pay each month?
- Is there an elimination or waiting period before benefits begin?
- What documentation is required to file a claim?
- What happens if a claim is denied?
The answers vary from policy to policy, which is why reviewing coverage before care is needed can be so important.
In many cases, families are surprised to learn that their policy may cover a significant portion of senior living costs. Others discover they may need assistance navigating the claims process to access the benefits they've been paying premiums toward for years.
Unfortunately, some families delay activating benefits because the claims process can feel overwhelming. Between gathering medical documentation, completing paperwork, understanding policy language, and communicating with insurance carriers, it's easy to see why many policyholders need additional guidance.
That's why Commonwealth Senior Living partners with SilverAssist to help families better understand their options. Through a complimentary policy review, specialists can help families:
- Understand what their policy covers
- Determine eligibility for benefits
- Navigate the claims process
- Identify benefit amounts and coverage timelines
- Maximize available long-term care insurance benefits
- Coordinate benefits with other financial resources such as veterans benefits or home-sale proceeds
Another important consideration is timing. Many policies include an elimination period, meaning benefits do not begin immediately after a claim is approved. Families who understand this ahead of time can better prepare for temporary out-of-pocket expenses and avoid unexpected financial stress during a transition.
After all, long-term care insurance was purchased to help prepare for moments like these. Understanding how it works before a care need arises can help families make more confident financial decisions and ensure they're making the most of a benefit they've invested in for years.
3. Home Equity
A home is often one of our largest financial assets.
As families begin exploring senior living options, home equity often becomes an important part of the conversation. The proceeds from a home sale can help fund assisted living, memory care, or other long-term care needs while also providing greater financial flexibility for the future.
However, selling a home during a major life transition can be complex. Families are often balancing emotional decisions alongside practical considerations, all while trying to coordinate a move and ensure their loved one receives the care they need.
Questions commonly arise, such as:
- When is the best time to sell the home?
- Should repairs or updates be completed before listing?
- How can we maximize the home's value?
- What if care is needed before the home sells?
- How do we manage the process if family members live out of town?
Beyond the sale itself, many families face a long list of responsibilities, including:
- Downsizing and decluttering
- Coordinating estate sales
- Organizing personal belongings
- Arranging cleaning and junk removal
- Completing repairs or renovations
- Staging the home for potential buyers
- Managing moving logistics
These tasks can feel overwhelming, especially when they are occurring at the same time as healthcare decisions and a move to senior living.
With SilverAssist, you can be connected with senior-focused real estate professionals who understand the unique challenges associated with later-life moves. These specialists can provide resources such as market analyses, home-sale guidance, and support coordinating a transition timeline that aligns with care needs.
For some families, the timing of a home sale may also impact care decisions. Understanding available resources can help ensure a smoother transition while preserving the opportunity to achieve the best possible value from the home sale.
Rather than viewing the sale of a home as simply a transaction, it can be approached as an important step in creating a financial strategy that supports both immediate care needs and long-term goals.
4. Short-Term Funding Options
Another common misconception about paying for senior living is that families need to have all of their financial resources immediately available before making a move.
In reality, many families have a solid long-term plan to pay for care but face a temporary gap between when care is needed and when funds become accessible.
For example, a family may be planning to use:
- Proceeds from the sale of a home
- Veterans benefits
- Long-term care insurance benefits
- Retirement assets that require time to access or reposition
The challenge is that these resources often take weeks or months to become available. Meanwhile, a loved one's care needs may be changing rapidly.
Consider a common scenario: your loved one experiences a fall or is discharged from a hospital or rehabilitation stay. The family recognizes that additional support is needed immediately, but the home hasn't sold yet, a VA application is still being processed, or a long-term care insurance policy is still in its waiting period.
These situations can create significant stress, forcing families to balance safety concerns with financial uncertainty.
Fortunately, there are short-term funding solutions designed to bridge this gap.
Bridge loans, for example, are specifically designed to help families access senior living while waiting for expected financial resources. Rather than delaying a move, families can move forward with needed care while giving themselves time to sell a home, receive veterans benefits, or begin collecting long-term care insurance payments.
In many cases, these solutions offer additional flexibility by allowing families to:
- Avoid rushing the sale of a home
- Maximize the value of real estate assets
- Reduce pressure on adult children to provide immediate financial support
- Secure care during a critical transition period
- Focus on a loved one's well-being instead of navigating financial deadlines
In some situations, bridge loan funding may be available in as little as 24 hours, providing families with the ability to move forward with care while long-term resources are finalized.
Long-Term Care Planning Month is a good reminder that funding a move to senior living is often about timing, not just affordability. Understanding the resources available before a crisis occurs can help families make informed decisions and ensure care isn't delayed while waiting for financial pieces to fall into place.
Questions to Ask During the Planning Process
Long-Term Care Planning Month is an excellent opportunity to start conversations around questions such as:
- What type of care might be needed in the future?
- How will care be funded?
- Have we toured senior living communities and compared available care options?
- Do we have a long-term care insurance policy?
- Could veterans benefits apply to our situation?
- What role might home equity play?
- Who should be involved in care and financial decisions?
- What resources are available within our local community?
The earlier these conversations happen, the more options families typically have.
Planning Is About More Than Finances
While funding is an important part of the conversation, long-term care planning is ultimately about creating peace of mind.
Families who plan ahead often have more time to:
- Research care options
- Compare communities
- Understand costs
- Involve loved ones in decision-making
- Develop a strategy that reflects their preferences and values
Taking the First Step
At Commonwealth Senior Living, we understand that every family's journey is unique. That's why we're committed to providing not only exceptional care and support, but also educational resources that help families navigate the financial side of senior living with confidence.
This Long-Term Care Planning Month, take time to understand your options, evaluate available resources, and begin conversations about future care needs. Whether you're exploring assisted living, memory care, veterans benefits, long-term care insurance, or home equity strategies, having a plan in place can make future decisions easier and less stressful.
Because when the time comes to make important care decisions, preparation provides confidence, clarity, and peace of mind.
Ready to Start Your Long-Term Care Planning Journey?
Whether you're exploring senior living options, reviewing long-term care insurance, or determining if veterans benefits may be available, our team is here to help.