Why Financial Planning Should Include In-Home Care

A Home Care Operator’s Perspective | By Sarah O’Connor, Owner of Heartfelt Care Agency

A Warm Welcome

At Heartfelt Care Agency, we have the privilege of walking alongside families during some of life’s most personal and transitional moments—times that are often emotional, tender, and filled with big decisions.

Over the years, I’ve spoken with families across San Diego County—from the coastal calm of La Jolla to the close-knit communities of La Mesa—who believed they had everything in place for retirement. Budgets were set, portfolios managed, and emergency funds established. But then came a question few had truly planned for:

“What happens if I—or someone I love—needs care at home?”

It’s more common than many realize. In fact, three out of four adults aged 50 and older (75%) say they want to remain in their own homes as they age, according to the 2024 AARP Home and Community Preferences Survey.

This desire—known as aging in place—is rooted in dignity, comfort, and independence. But realizing that vision often depends on something easily overlooked: developing a comprehensive financial plan that includes the cost of care services.

Planning for the Life You Want to Live

Most people think of financial planning as budgeting, investing, and preparing for the future—and it is. But what happens when that future includes support with bathing, dressing, or recovering from a fall? What if a loved one suddenly needs dementia care or around-the-clock home care?

This is where long-term financial planning becomes essential. Comprehensive financial planning isn’t complete without accounting for the potential need for long-term care services—and how to cover the cost of those services.

By the time families call us, they’re often in a moment of crisis—scrambling to find financial resources, explore insurance options, and understand what types of financial assistance or assistance programs might be available.

That’s why I believe financial planning is crucial, and planning for home care should stand alongside retirement planning, tax strategies, estate preparation, and health insurance considerations.

In-Home Care: The Overlooked Line Item

Home care costs aren’t just about the caregiver’s hourly rate. There’s often the need for home modifications, medical supplies, transportation, and coordination with healthcare providers. Some of these expenses may be partially covered by long-term care insurance, veterans’ benefits, or health insurance, but many families still face significant out-of-pocket costs.

Early, thoughtful planning allows for access to a wider range of care services and promotes financial stability as needs evolve.

When families understand this early—and work with professionals on strategies to ensure they’re financially prepared—they’re empowered. They’re not reacting; they’re implementing a well-thought-out plan.

A Note to Financial Planners and Their Clients

If you’re a financial advisor helping people retire with confidence and leave a meaningful legacy, consider this a call to expand your approach.

Raise the topic of in-home care gently but proactively. Your clients will appreciate the guidance.

Here are a few questions to help open the conversation:

• Have you thought about how you want to receive care as you age?
• Would you prefer to stay at home if possible?
• Have you considered the costs, insurance options, and assistance programs that support that decision?
• Do you have an emergency fund or financial assistance strategy in place?
• How often do you review and adjust your financial plan to include evolving care needs?

These kinds of questions can lead to a more comprehensive financial plan—and ultimately, better outcomes for both the individual and their loved ones.

Final Thoughts

Aging in place is about more than staying in the same house. It’s about financial security, independence, and peace of mind—for both the person receiving care and those supporting them.

Understanding the financial implications of long-term care is essential. The decisions made today—about savings, insurance, budgeting, and access to financial resources—will determine the quality of life tomorrow.

As someone who’s witnessed the benefits of early and thoughtful planning, I encourage professionals and families alike to make long-term care planning part of their financial journey. Because the best retirement isn’t just well-funded—it’s well-lived.

About Heartfelt Care Agency

Heartfelt Care Agency provides compassionate, personalized in-home care for older adults across San Diego County. We support families with a full range of care services—from personal care and dementia support to 24/7 home assistance.

Our mission is simple: to help seniors thrive at home.

Call us today: (888) 417-7110

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Source:

AARP Press Room (n.d.). 2024 Home and Community Preferences Survey.Available at: https://www.aarp.org/pri/topics/livable-communities/housing/2024-home-community-preferences/ (Accessed: 03 June 2025).