Lincoln Financial Research Finds 80% of Families Haven’t Had In-Depth Conversations About Age-Related Healthcare Costs

Lincoln’s long-term care resources cite a national monthly average cost of $9,480 for a private room in a skilled nursing home.

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New research highlights a significant gap in family preparedness as long-term care needs, costs and caregiving demands continue to grow

RADNOR, Pa.--(BUSINESS WIRE)-- As Americans live longer and face an increasing likelihood of needing long-term care, new research from Lincoln Financial reveals that many families are avoiding an important conversation. According to Lincoln's Consumer Sentiment Tracker, 80% of families have not had in-depth discussions about age-related healthcare costs, making it an often overlooked topic among major retirement and financial considerations.¹

Lincoln's research points to a significant preparedness gap: four in five families have not had in-depth conversations about age-related healthcare costs. At the same time, long-term care can represent a significant expense for families. Lincoln Financial's long-term care resources cite national monthly average costs of $7,440 for home care, $5,463 for a one-bedroom assisted living facility and $9,480 for a private room in a skilled nursing home.²

"Many families recognize that aging can bring new healthcare and caregiving needs, but those conversations often don't happen until they're forced by a health event or family crisis," said Jared Nepa, senior vice president and head of Insurance Solutions Distribution at Lincoln Financial. "The challenge is that important decisions about care preferences, caregiving responsibilities and potential costs become much harder when they're made under pressure. Having these conversations early can help families feel more informed and prepared."

Lincoln's research suggests the conversation gap extends beyond healthcare costs. Many families also report limited discussions around retirement income, life insurance and leaving money or assets behind.

The need for these conversations is expected to grow in the coming decades. According to U.S. Census Bureau projections, the population age 80 and older is expected to nearly double by 2045.³ At the same time, family caregiving networks are evolving, with fewer married households and fewer households with children than in previous generations. ⁴ ⁵ Together, these demographic shifts could increase both the demand for care and the challenges families face in navigating it. ⁶

"Long-term care is often viewed as a healthcare issue, but it can have implications for an entire family's financial wellbeing and caregiving responsibilities," Nepa said. "Starting the conversation before care is needed gives families an opportunity to discuss expectations, preferences and potential challenges while they have the time and flexibility to do so."

To help families begin these discussions, Lincoln encourages conversations around questions such as:

• How would you prefer to receive care if it became necessary?
• Who would help coordinate or provide care if needed?
• What financial resources may be available to help address care-related expenses?
• Have family members discussed their expectations and preferences for future care?

The research was conducted as part of Lincoln Financial's Consumer Sentiment Tracker, a recurring study designed to better understand how Americans approach important financial and life decisions. The April 2026 study surveyed 1,026 U.S. adults, including parents and adult children, and examined family conversations around retirement, healthcare costs, life insurance and legacy planning.

Frequently Asked Questions About Long-Term Care

What is long-term care?
Long-term care refers to a range of services and supports that may be needed when a person is unable to perform everyday activities independently due to aging, illness, injury or a chronic condition. Care may be provided at home, in assisted living communities, adult day care centers or nursing facilities.

Who qualifies for long-term care payments?
Typically, to qualify for long-term care benefit payments, an individual must need assistance with at least two of the six Activities of Daily Living (ADLs) for a period expected to last at least 90 days and be subject to a plan of care prescribed by a licensed health care professional, or require substantial supervision due to severe cognitive impairment or a deficiency in memory, orientation or judgment that affects safety awareness. ADLs are bathing, continence, dressing, eating, toileting and transferring. Requirements vary by policy and applicable rider provisions.

Why should families prepare for potential long-term care needs?
Long-term care needs vary by individual, but the financial and caregiving implications can affect an entire family. Lincoln's Consumer Sentiment Tracker found that 80% of families have not had in-depth conversations about age-related healthcare costs, underscoring the importance of discussing preferences, responsibilities and available resources before care is needed.

What does long-term care cost?
The cost of long-term care varies based on the type of care, location and level of support needed. Lincoln Financial's long-term care resources cite national monthly average costs of $7,440 for home care, $5,463 for a one-bedroom assisted living facility and $9,480 for a private room in a skilled nursing home. Families can explore costs in their area through Lincoln's cost-of-care resource.

Why are family conversations about long-term care important?
Long-term care decisions often affect more than the individual receiving care. Family members may be involved in caregiving responsibilities, healthcare decisions and financial considerations. Discussing preferences, expectations and potential costs before a care need arises can help families make more informed decisions and reduce stress during difficult situations.

What should families talk about when discussing future care needs?
Families may want to discuss care preferences, potential caregiving responsibilities, available support systems, healthcare wishes and the potential financial impact of future care needs. While every family's situation is unique, starting the conversation can help create greater clarity and preparedness.

About Lincoln Financial
Lincoln Financial helps people confidently plan for their vision of a successful financial future. As of December 31, 2025, approximately 17 million customers trust our guidance and solutions across four core businesses – annuities, life insurance, group protection, and retirement plan services. As of September 30, 2026, the company had $359 billion in end-of-period account balances, net of reinsurance. Headquartered in Radnor, PA., Lincoln Financial is the marketing name for Lincoln National Corporation (NYSE: LNC) and its affiliates. Learn more at LincolnFinancial.com.

Sources

1. Lincoln Financial. (2026). Consumer Sentiment Tracker, April 2026.
2. Lincoln Financial. Long-term Care Planning: Learn the Basics. Cost-of-care figures sourced from What Care Costs. https://whatcarecosts.com/lincoln. (Sponsor Code: Lincoln)
3. U.S. Census Bureau. (2023). 2023 National Population Projections Datasets: Projections for the United States, 2023-2100. Main series, Table 3. https://www.census.gov/data/datasets/2023/demo/popproj/2023-popproj.html
4. U.S. Census Bureau. (2025). Historical Households Tables, Table HH-1. https://www.census.gov/data/tables/time-series/demo/families/households.html
5. U.S. Census Bureau. (2025). Historical Families Tables, Table FM-1. https://www.census.gov/data/tables/time-series/demo/families/families.html
6. U.S. Department of Health & Human Services, Office of the Assistant Secretary for Planning and Evaluation. (2023). Future Change in Caregiving Networks: How Family Caregivers and Direct Care Workers Support Older Adults Now and in the Future (Issue Brief). https://aspe.hhs.gov/sites/default/files/documents/a449863a8c93838d37f78ccf29e9231f/future-change-caregiving-networks.pdf

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Source: Lincoln Financial

Key Terms

activities of daily living (adls) medical

Activities of daily living (ADLs) are the basic tasks a person needs to do every day to care for themselves, such as eating, bathing, dressing, using the toilet, moving around, and getting in and out of bed—think of them as a simple checklist of personal independence. Investors care because ADL status drives demand and costs for long‑term care, medical devices, home‑care services and insurance coverage, and is often used to measure treatment impact or eligibility for benefits.

rider provisions financial

Additional clauses or short amendments added onto a primary legal or contractual document that modify, limit, expand, or clarify specific rights, obligations or provisions without replacing the main agreement. A rider provision sits alongside the main text (for example on a contract, insurance policy, legislation, proxy statement or transaction agreement) and applies only to the narrow matters it names; it must be read with the principal document and generally cannot override fundamental terms unless the main document expressly allows it. Riders often require the same approvals or signatures as the underlying document and are used to add targeted exceptions, conditions, or detailed rules that would clutter the core text.

reinsurance financial

Reinsurance is when insurance companies buy insurance for themselves to protect against very big losses. It’s like a car owner getting extra coverage from another company so that if there's a serious accident, the financial hit isn’t all on one company. This helps insurance companies stay stable and able to pay out when disasters happen.