Donohue, O’Connell & Riley
May 8th, 2025
As we age, the cost of long-term care becomes an increasing concern. Whether it’s assisted living, in-home care, or nursing home expenses, these costs can quickly deplete savings if not planned for in advance.
Many individuals assume Medicare will cover their long-term care needs, but unfortunately, that’s not the case for most services. Without proper planning, families may find themselves facing difficult financial decisions. The good news is that there are strategies to help protect assets while ensuring access to quality care.
Long-term care costs have risen significantly over the past few decades, and they are expected to continue increasing. Consider these average annual costs:
- Assisted living facility: $50,000–$60,000
- Nursing home (semi-private room): $90,000–$100,000
- Nursing home (private room): $110,000+
- In-home care services: $25–$30 per hour
For many families, these expenses can be overwhelming, especially if care is needed for several years.
Without a plan in place, assets like retirement savings, real estate, or other investments may need to be liquidated to cover the costs. This is why incorporating long-term care strategies into estate planning is essential.
The costs of long-term care can be staggering, but with proper planning, you can protect your estate while ensuring access to the care you or your loved ones may need. Whether through Medicaid planning, long-term care insurance, trusts, or family caregiving strategies, there are multiple ways to preserve assets while securing quality care.
Donohue, O’Connell & Riley | Estate, Tax & Elder Law Attorneys
