Nearly 70% of adults who reach age 65 will need some form of long-term care during their lifetime. Yet most families remain unprepared — financially, emotionally, and logistically — for what that reality can mean. Annual median care costs routinely exceed $60,000 and can quickly climb into six figures.

At the same time, many underestimate the likelihood they may one day need care, overestimate what existing programs will cover, or simply delay conversations about aging until circumstances force them to act. Medicare, for example, is often assumed to cover extended long-term care needs, but in reality, its coverage is limited. Medicaid, meanwhile, typically requires individuals to spend down their assets before qualifying for assistance.