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Older adults in the US are raising concerns about the health care system. The John A. Hartford Foundation reports that 56% of older adults say it is difficult and stressful to navigate the health care system, and 62% believe that health insurance plans come with too many confusing choices (1). In addition, misinformation about health care provision is increasing.
Consider this scenario: You have witnessed a significant decline in your mother’s mental health and ability to care for her needs, but neither you nor your family are able to care for her around the clock. That leaves one option: a nursing home.
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Your first inclination may be that Medicare will help cover the costs, and you won’t be alone. The Kaiser Family Foundation found that 55% of US adults believe that Medicare will pay for long-term nursing home stays, but not (2).
Despite this lack of coverage, many older adults will need this type of care. A 2019 study from the federal Office of the Assistant Secretary for Planning and Evaluation found that 70% of adults who live to age 65 will need Long-Term Services and Supports (LTSS) before they die (3). Older adults with limited financial resources are more likely to need this type of care.
You decide it’s time to move mom into an assisted living facility, but she has no retirement savings that you know of, and is currently getting by on a small Social Security check.
How can you keep your mother comfortable for the last years of her life?
Access to lost savings
While his finances may ultimately dictate what type of institution he attends, it’s a good idea to make an effort to respect his wishes by seeing if he can afford a better place.
Consider a thorough search for long-forgotten goods. Even if you’re sure your mom doesn’t have a lot of savings, it’s worth trying to find out if she has any inactive financial accounts. According to a 2023 report by financial firm Capitalize, approximately 30 million 401(k) accounts worth $1.65 trillion were left behind by American workers who may have been forgotten during a move (4).
Read More: Here is the average income of Americans by age in 2026. Are you lagging behind?
You can search for these types of accounts using the US Department of Labor’s Lost and Found Database (5). If he has a mental disorder, accessing these funds can be tricky and requires you to obtain legal authority, such as supervision.
Paying for living expenses without saving
If luxury is off the table after looking for lost money, the focus should be on your mother’s safety and making sure her daily needs are met.
Medicaid generally does not cover the cost of room and board in an assisted living facility. However, many assisted living and independent living facilities accept Medicaid Home and Community-based Service Waivers that can cover some costs (6). Non-profit or church-affiliated agencies may also provide support.
You may also decide to bite the bullet and go in to pay for a private property. The average cost of an assisted living facility is about $6,100 per month, according to SeniorLiving.org. Prices may vary depending on location, level of care, and length of stay (7).
This is where long-term care insurance can really come in handy. This type of insurance usually covers the cost of home care, nursing homes or assisted living facilities.
GoldenCare offers a variety of long-term insurance policies based on your loved one’s needs, including mixed life, annuity with long-term care benefits, respite care, extended care, home health care, assisted living and traditional long-term care insurance.
Talking to your elderly parent
Moving parents out of the home and into a new place will always be a challenge, but these are conversations families can have early to make the transition easier.
If your parents are late in their career or retirement years, and have some retirement assets, it’s worth asking if they’ve considered future care costs.
You may find one day that you need access to your parents’ retirement accounts. Discuss getting a power of attorney (POA) while your parent is still able to give it to you. They cannot sign a POA if they are incapacitated or a judge determines they are mentally unfit, which may force you to pursue guardianship or conservatorship through the courts to gain jurisdiction over their financial affairs, including retirement accounts.
Building a retirement cushion
But you, the caregiver, can do everything you can to prepare for your retirement and health care expenses down the line. Another option is to start investing as soon as possible to build long-term wealth and secure your financial future.
With platforms like Acorns, every purchase on your debit or credit card is automatically rounded up to the nearest dollar, and the extra money is put into a smart investment portfolio. This way, even the most significant spending translates into savings for the future by investing in low-cost ETFs.
The best part? You can get a $20 investment bonus when you sign up with a monthly recurring offer.
A gold IRA is one way to build your retirement fund with an inflation-hedging asset.
Priority Gold leads the precious metals industry, providing physical delivery of gold and silver. Plus, they have an A+ rating from the Better Business Bureau and a 5-star rating from Trust Link.
If you’d like to convert an existing IRA to a gold IRA, Priority Gold offers a 100% free rollover, plus free shipping, and free storage for up to five years. Qualifying purchases can earn up to $10,000 in free silver.
To learn more about how Priority Gold can help you reduce the impact of inflation on your nest egg, download their free 2026 gold investor bundle.
As for real estate, real estate can offer much higher returns than residential properties due to its longer lease terms, higher rental rates, and greater appreciation potential. But direct access to the $22.5 trillion real estate sector has been limited to a select group of elite investors — until now.
If diversification into multifamily and industrial rental properties appeals to you, consider investing with Lightstone DIRECT, a new investment platform from Lightstone Group, one of the largest private real estate companies in the country with more than 25,000 multifamily units in its portfolio.
By eliminating intermediaries – brokers and wholesalers – accredited investors with a minimum investment of $100,000 can gain direct access to institutional-quality multifamily opportunities. This simplified model can help reduce fees while improving visibility and control.
And with Lightstone DIRECT, you invest in multiple deals of the same estate alongside Lightstone – a real partner – as Lightstone puts at least 20% of its capital on all donations. All Lightstone investment opportunities undergo a rigorous, multi-stage review before being approved by Lightstone Principals, including founder David Lichtenstein.
The way it works is simple: Just register with your email, and you can schedule a call with an investment expert to explore your investment opportunities. From here, all you have to do is verify your information to start investing.
Founded in 1986, Lightstone has a proven track record of delivering strong risk-adjusted returns across market cycles with a historical IRR of 27.6% and 2.54x historical net equity multiple on investments made since 2004. All told, Lightstone has $12 billion in assets under management — including industrial and commercial real estate.
So, even if multi-family rentals don’t appeal to you, Lightstone can still serve you as an investment vehicle in other specific areas.
Get started today with Lightstone DIRECT and invest alongside experienced professionals with skin in the game.
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Sources of the article
We rely only on vetted sources and reliable third-party reporting. For details, see editorial ethics and guidelines.
John A. Hartford Foundation (1); Kaiser Family Foundation (2); Office of the Assistant Secretary for Planning and Evaluation (3); Capitalize (4); Ministry of Labor (5); Medicaid (6); SeniorLiving.org (7)
This article provides information only and should not be construed as advice. Offered without warranty of any kind.
