Long-term care is help with everyday activities like eating, bathing, and moving around, whether at home, in assisted living, or in a nursing home. Lake Mary financial advisor Carlos Dias Jr. projects that people in their 50s today could face roughly $172,000 to $270,000 a year when care is needed. Medicare won't cover it, so families pay from savings, government benefits, insurance, or a mix.
Updated October 20, 2026 · An interview with Carlos Dias Jr., Dias Wealth
FL Homes Magazine's Ray Nadeau talks with Carlos Dias Jr., founder of Lake Mary's Dias Wealth, about what long-term care costs and the options for paying for it.
Full interview · FL Homes Magazine with Carlos Dias Jr., Dias Wealth
What Carlos told us one year of care could cost at the point it's typically needed, which for relatively healthy people he places somewhere in their 80s.
| Your age today | Home health care | Assisted living | Nursing home |
|---|---|---|---|
| 70 and over | About $105,000 | About $95,000 | About $150,000 |
| 60s | About $141,000 | About $128,000 | About $201,000 |
| 50s | About $189,000 | About $172,000 | About $270,000 |
Per year of care. Projections as presented by Carlos Dias in our interview, based on CareScout (formerly Genworth) cost-of-care data from about a year earlier, grown at 3% annual inflation. Carlos considers 3% conservative; care costs in some areas have risen faster. These are estimates, not quotes.
Eight takeaways from our conversation with Carlos Dias.
Long-term care means needing help with what planners call the activities of daily living: eating, bathing, continence, transferring, and mobility, plus services like laundry and medication management. It often starts with a fall or a broken bone. Care can happen at home (home health care), in an assisted living community, or, in the most serious cases, in a skilled nursing home.
"It's about quality of care. It's about being at home."Carlos Dias Jr., Dias Wealth
The table above shows why Carlos puts long-term care at the center of retirement planning. The U.S. Department of Health and Human Services estimates that about 7 in 10 people turning 65 will need some type of long-term care.
"This portion alone can completely decimate, a lot of times I say annihilate, a portfolio."Carlos Dias Jr., Dias Wealth
Medicare covers short-term skilled nursing and rehabilitation after a qualifying hospital stay, up to 100 days per benefit period, with a daily copay after day 20. It does not pay for ongoing custodial care, such as help with bathing and dressing. That is why families need a separate plan.
Carlos's general approach: use some form of insurance to cover the essentials, and lean on government benefits later if costs climb. Insurance buys time to plan instead of making a knee-jerk decision under pressure. He has seen families take bad advice, such as taking on more investment risk late in life to cover care costs.
"It may work in the short term, but long term it will not work."Carlos Dias Jr., on poorly planned approaches
If your 401(k) isn't a Roth, every dollar you withdraw for care can also mean a tax bill, so you have to take out more than the care itself costs. Carlos warns that the effects trickle into the rest of your finances, and recommends talking with someone who understands your full situation before tapping it.
Carlos described a recent client couple with no children and an annuity that had grown substantially over the years. They exchanged it into an annuity with long-term care benefits. If they use the money for care, the growth is not taxed, and the insurer they chose provides three times the deposit in benefits: $200,000 in, about $600,000 of long-term care benefits, received tax-free.
"You need to make sure that you're well prepared to be able to pivot if and when it's necessary."Carlos Dias Jr., Dias Wealth
Carlos sees the 50s and 60s as the ideal window, with some options still open into the early 70s. By the mid-to-late 70s and 80s, he says, the ship has sailed and the opportunities to plan are very minimal. He's also realistic: not everyone can fund a long-term care plan, so put your retirement plan first and know that long-term care is a landmine that can show up down the road.
"There is still time to plan."Carlos Dias Jr., to readers in their 50s and 60s
Carlos calls the durable power of attorney the heart and soul of a financial and estate plan. It lets someone you trust step in and make decisions if you can't. A will and trust documents matter too, but for long-term care the durable power of attorney comes first, prepared by an elder law attorney. Without one, families can be left scrambling, as Carlos said happened with his wife's grandmother, whose children had to step in to care for her because her affairs weren't in order.
Quotes are lightly edited for clarity (filler words removed). Figures are as stated in the interview. Medicare details are from Medicare.gov.
Help with daily activities such as eating, bathing, dressing, using the bathroom, and moving around, usually needed because of aging, illness, or an injury like a fall. It can be provided at home, in assisted living, or in a nursing home.
No. Medicare covers short-term skilled nursing or rehab care, up to 100 days per benefit period after a qualifying hospital stay. It does not cover ongoing custodial care.
The U.S. Department of Health and Human Services estimates that about 7 in 10 people turning 65 will need some type of long-term care.
Carlos Dias considers your 50s and 60s the best time, with some options available into the early 70s. After that, choices narrow quickly.
Have an elder law attorney prepare a durable power of attorney so someone you trust can act for you if you can't.
Not necessarily. Carlos says this is one of the most common misconceptions. Medicaid rules are state-specific, and a Florida elder law attorney who specializes in Medicaid planning can explain the options for your situation.
More on retirement, right-sizing, and senior living in Central Florida.
Sources: on-camera interview with Carlos Dias Jr., Dias Wealth; cost projections as presented by Carlos Dias from CareScout cost-of-care data; Medicare skilled nursing coverage from Medicare.gov; long-term care likelihood from the U.S. Department of Health and Human Services.
Talk with Carlos Dias about where long-term care fits in your retirement plan.
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