Long Term Care Planning
Most families spend decades protecting their income, their home, and their retirement savings — then lose it all in 18 months to a long term care event nobody saw coming. Medicare doesn't cover it. Savings weren't designed for it. And the conversation usually happens too late.
Start the ConversationCommon Misconception
Medicare covers short-term skilled nursing care following a qualifying hospital stay — not ongoing custodial care. Once your condition is considered stable or custodial rather than skilled, Medicare stops paying. Most long term care is custodial — help with daily activities like bathing, dressing, eating, and mobility. That's not a Medicare benefit. It's a personal expense.
Medicaid can cover long term care costs — but only after you've spent down most of your assets. For families who have spent a lifetime building savings and a retirement plan, Medicaid-based planning means giving up what you built before you get help.
The goal of long term care planning is to protect your assets, preserve your dignity, and protect your family from becoming unpaid caregivers by default.
Planning Options
There is no single right answer. The right approach depends on your age, health, assets, retirement timeline, and what you're trying to protect. A conversation is always the right starting point.
Option 1
A dedicated long term care policy provides a defined daily or monthly benefit for qualifying care — nursing home, assisted living, home health care, and adult day care. Benefits are typically triggered by the inability to perform two or more Activities of Daily Living (ADLs) or cognitive impairment.
Traditional LTC insurance offers the most comprehensive coverage and the highest benefit flexibility. It is most cost-effective when purchased between ages 50 and 65, before health conditions make coverage difficult or impossible to obtain.
Option 2
An asset-based hybrid policy combines a life insurance death benefit with a long term care benefit. If you need care, the policy pays. If you never need care, your beneficiaries receive the death benefit. If you change your mind, many policies offer a return of premium feature.
Hybrid policies can be funded with qualified (IRA) or non-qualified money, offer cash indemnity payouts, and eliminate the "use it or lose it" concern of traditional LTC insurance. For many clients in their 50s and early 60s, this is the most efficient planning tool available.
Option 3
Certain Fixed Indexed Annuities include riders that significantly expand income if the policyholder requires qualifying care — sometimes doubling the income stream for home care or nursing facility costs.
This approach works best for clients who are already considering an annuity for retirement income and want built-in care protection without a separate policy. It is not a standalone LTC solution, but it meaningfully reduces exposure for the right client profile.
Important: Living benefits riders available on many life insurance policies provide valuable protection for chronic, critical, and terminal illness — but they are not a substitute for dedicated long term care coverage. Product availability, benefit design, and suitability vary by individual situation and state. All recommendations are made only after a full needs analysis in accordance with applicable state regulations.
Timing Matters
Long term care insurance — in any form — is underwritten based on your health at the time of application. Waiting until a diagnosis or health event makes planning significantly more expensive, more difficult, or impossible.
Most people have their best planning options available between ages 50 and 65. Premiums are lower, underwriting is more favorable, and the benefit-to-cost ratio is strongest. For hybrid and traditional policies, every year of delay typically increases cost and reduces options.
This isn't a conversation to have after something happens. It's a conversation to have now — while every option is still on the table.
A 30-minute conversation can clarify what options are available to you, what they cost, and whether long term care planning belongs in your overall retirement picture. No pressure. No commitment. Just clarity.
Book a 30-Minute Phone Conversation