Long-Term Care Planning
The Risk of Long-Term Care Costs
Understand what’s at stake—financially and emotionally
The cost of long-term care is one of the biggest financial risks many retirees face. In North Carolina and Virginia, nursing home care can exceed $90,000 per year, and assisted living often costs $4,000 to $7,000 per month depending on location and services. Medicare only covers limited short-term care, and most health insurance policies do not cover extended stays in nursing homes or assisted living facilities. Without a plan in place, these costs can quickly drain retirement savings or place a burden on your spouse or children.
Long-Term Care Insurance Options
Explore coverage choices that align with your goals
There are several types of long-term care insurance available today, and we help you evaluate what fits best within your financial plan:
- Traditional LTC Insurance: Pays for qualifying care expenses, but premiums can increase and policies can be difficult to qualify for as you age.
- Hybrid Policies: Combine life insurance with long-term care benefits. These can provide more flexibility—if you don’t need care, your beneficiaries still receive a death benefit.
- Annuities with LTC Riders: Certain annuities offer long-term care riders that provide extra income for care-related expenses. These may appeal to clients looking for a mix of guaranteed income and flexibility.
We walk you through the pros and cons of each approach to help you make an informed decision.
Self-Funding vs. Insurance
Evaluate your resources and risk tolerance
Deciding whether to insure or self-fund long-term care is a personal decision. We help clients:
- Project Potential Costs: Estimate long-term care expenses based on health, family history, and desired type of care.
- Earmark Assets if Self-Funding: If you choose to pay out-of-pocket, we’ll help you structure your financial plan to ensure those costs won’t jeopardize other goals.
- Compare Cost vs. Benefit of Insurance: For many clients, transferring some or all of the risk through insurance adds peace of mind and asset protection.
- Weigh Tax Benefits:
Some LTC premiums may be tax-deductible or paid from HSAs, which we incorporate into the decision-making process.
Our role is to help you weigh all variables and confidently choose the best path forward.
Protecting Your Retirement & Legacy
Long-term care planning helps shield what you’ve worked hard to build
A long-term care event can disrupt even the best retirement plan. Without coverage or an asset protection strategy, your income, savings, or even your home may be at risk. We help ensure:
- Your retirement income stream remains intact, even if one spouse requires extended care.
- Your healthy spouse isn’t left financially vulnerable by the cost of the other’s care.
- Your children or loved ones are not burdened emotionally or financially by sudden caregiving responsibilities.
- Your legacy goals—such as charitable giving or passing assets to heirs—are not derailed by an unexpected care need.
Planning ahead means more control and less stress later.
When to Plan for Long-Term Care
Timing matters—especially for eligibility and cost
The best time to consider long-term care planning is typically in your 50s or early 60s—before health issues arise and while premiums are more affordable. Waiting too long can result in higher costs or limited insurance options. Even if you’ve delayed, it’s never too late to assess your options. Whether you’re still working, newly retired, or already managing health changes, we help you build a plan that fits your life stage.
