Long-Term Care Planning for Couples
When we think about planning for retirement as a couple, we often picture shared dreams: travel, family time, or peaceful days at home. But one of the most important—and often overlooked—parts of that picture is planning for long-term care.
Long-term care isn't just about nursing homes. It includes any assistance with daily living activities—like bathing, dressing, or meal preparation—that a person might need as they age. And while no one likes to imagine themselves or their spouse needing that level of support, the odds are high that one or both of you will.
That’s why long-term care planning for couples isn’t just smart—it’s essential. The earlier you address it, the more choices and control you’ll have later.
Why It Matters for Couples
Planning for long-term care as a couple brings a unique set of challenges—and opportunities. Unlike individuals, couples must think about how one person’s care needs could impact the other.
Here are a few key considerations:
1. The Likelihood of Care is High
Statistically, 70% of people over age 65 will need some type of long-term care. In a marriage, that means there’s a very real chance that one partner—or both—will require care at some point.
2. One Partner Often Becomes the Caregiver
In many cases, the healthier spouse ends up becoming the caregiver for the one who needs help. While this may seem loving and natural, it can take a serious toll on the caregiver’s own physical, emotional, and financial well-being.
Having a plan in place helps prevent burnout and preserves quality of life for both partners.
3. Your Finances Are Shared
If you need to tap into retirement savings to cover care for one spouse, you may unintentionally shortchange the other. Without planning, long-term care can drain assets quickly—leaving the surviving or healthier spouse vulnerable down the road.
Options for Long-Term Care Planning
There’s no one-size-fits-all solution, but here are several key tools and strategies couples should consider:
1. Traditional Long-Term Care Insurance
This type of insurance helps cover the cost of care in a facility, at home, or in assisted living. Couples may qualify for joint policies that offer shared benefits between spouses—so if one partner uses more, the other can still access what’s left.
The earlier you apply (ideally in your 50s or early 60s), the more affordable the premiums—and the more likely you’ll be approved based on your health.
2. Asset-Based Long-Term Care Solutions
These options combine life insurance or annuities with long-term care benefits. If care is never needed, the policy still offers a death benefit or income stream. This appeals to many couples who don’t want to "use it or lose it."
Some asset-based solutions allow one policy to cover both spouses, making them a flexible tool for joint planning.
3. Self-Funding
Some couples decide to set aside part of their retirement savings specifically for long-term care needs. While this avoids paying insurance premiums, it requires significant discipline—and you must ensure the funds grow enough to meet rising care costs.
This approach works best when paired with a strong understanding of potential healthcare expenses and a retirement plan designed to absorb those costs without jeopardizing income for the surviving spouse.
4. Care Planning Documents
Planning isn't just about money—it’s also about clear communication and documentation. Couples should have:
Durable power of attorney (financial)
Healthcare proxy
Living wills or advance directives
These legal tools help ensure that, if one spouse becomes incapacitated, the other can act on their behalf with clarity and authority.
Common Mistakes Couples Make
Avoid these pitfalls when thinking about long-term care:
Delaying the conversation: Waiting until a health event occurs limits your options and adds stress.
Assuming family will step in: Your children may not be in a position to provide care—emotionally, physically, or financially.
Focusing only on the sick spouse: It’s easy to overlook how one partner’s care needs will affect the other’s finances and lifestyle.
Failing to coordinate plans: You and your spouse may have different assumptions about what care will look like. Talk through those expectations now, before you're forced to make decisions in crisis mode.
The Emotional Side of Planning
It can be uncomfortable to imagine your partner needing care—or you needing care and becoming a burden. But avoiding the conversation doesn't protect your spouse—it puts them at risk.
Planning ahead is a powerful way to express love. It shows you’re thinking not just about your future, but about protecting and providing for the person you’ve shared your life with.
It also brings peace of mind. Knowing that you have a plan in place for whatever may come removes fear from the equation and replaces it with confidence.
Start the Conversation Early
The best time to make a long-term care plan is before you need it. And the best way to do that is together.
Start by asking:
What kind of care would we prefer—home-based, assisted living, or another option?
What assets do we want to protect?
How much of our retirement income could we realistically allocate toward care?
How would one of us needing care affect the other?
And most importantly:
Who can help us put this plan into action?
Final Thoughts
Long-term care planning isn’t just about worst-case scenarios. It’s about maintaining control, protecting your savings, and preserving the dignity and independence of both you and your spouse.
At Sound Retirement Solutions, we help couples build retirement strategies that consider not just the life you hope to live—but the realities you may face along the way. That includes making smart, compassionate, and forward-thinking choices around long-term care.
Let’s make sure you and your partner are protected, prepared, and positioned for peace of mind—no matter what the future holds.
