Long-Term Care Planning That Helps You Keep What You've Worked For
One in two people over 65 will need some form of long-term care — and the cost can reach $100,000 or more per year. We help families in Metro Detroit and beyond understand their options before a health event forces a decision.
What Does Long-Term Care Actually Cost?
Long-term care is one of the largest unplanned expenses in retirement. In Michigan, the median annual cost of a private nursing home room exceeds $100,000. Assisted living and in-home care carry significant price tags as well, and Medicare covers very little of it. Without a plan in place, those costs fall directly on your savings — and on your family.
The good news is that planning ahead gives you choices. The right strategy can help you pay for quality care without draining the assets you intend to leave behind.
Your Long-Term Care Options, Explained
There is no single right answer for long-term care planning. The right approach depends on your age, health, assets, and what kind of care you want access to. We take the time to walk you through each option so you can make an informed decision — without pressure.
Social Security Planning
Support in understanding benefit options and timing decisions to help maximize long-term value.
Asset-Based Long-Term Care
A hybrid approach that links long-term care benefits to a life insurance or annuity product. If you never need care, your premium is not lost — it passes to your beneficiaries.
Life Insurance with Long-Term Care Riders
Combines a death benefit with an accelerated benefit you can use for qualifying care expenses, offering flexibility without a separate standalone policy.
In-Home Care Planning
Many families prefer to receive care at home rather than in a facility. We help you plan for that preference specifically, including the financial structures that support it.
Traditional Long-Term Care Insurance
A dedicated policy that pays a daily or monthly benefit when qualifying care is needed. Premiums are lower when purchased earlier, and benefits can be substantial.
Protecting Your Assets from Long-Term Care Costs
Protecting assets from nursing home costs is one of the most common concerns we hear from families approaching retirement. The strategies that work depend on timing — the earlier you plan, the more options you have available to you.
We are an independent agency, which means we are not tied to any single carrier or product. When we recommend a solution, it is because it fits your situation — not because it meets a sales quota. With 16 years in the industry and credentials including Registered Social Security Advisor and Financial Security Navigator, we bring the knowledge to evaluate your full financial picture before recommending anything.
How We Approach Long-Term Care Planning
Social Security Planning
Support in understanding benefit options and timing decisions to help maximize long-term value.
Stage 1:
Understand Your Current Position
We start by reviewing your existing assets, income sources, health situation, and family priorities. This gives us a complete picture before any product is discussed.
Stage 2:
Model the Real Cost of Care
We walk you through realistic care cost projections for your area and your likely care preferences — whether that means in-home support, assisted living, or a skilled nursing facility.
Stage 3:
Present Your Options Side by Side
We show you how each long-term care strategy would perform in your specific situation, including what you pay, what you receive, and what happens to your assets if you never need care.
Stage 4:
Implement and Coordinate
Once you choose a direction, we handle the application process and make sure your long-term care plan is coordinated with your broader retirement, income, and estate plans.
Frequently Asked Questions About Long-Term Care Planning
Q1: How do I pay for long-term care without losing everything?
The most effective strategies involve planning before you need care. Asset-based long-term care products, life insurance with care riders, and traditional LTC insurance policies can all help cover costs without forcing you to spend down your savings. The right option depends on your age, health, and assets — which is exactly what a planning conversation helps clarify.
Q2: What are my options for long-term care planning?
The four primary options are asset-based long-term care, life insurance with a long-term care rider, traditional long-term care insurance, and self-funding. Most people benefit from a combination approach. We help you evaluate all of them in the context of your retirement income and estate goals.
Q3: Does Medicare cover long-term care?
Medicare covers skilled nursing facility care only under specific conditions and for a limited time — typically up to 100 days following a qualifying hospital stay. It does not cover custodial care, which is the type of assistance most people require when they can no longer manage daily activities on their own. Long-term care planning exists precisely to fill that gap.
Q4: When is the right time to start planning for long-term care?
Most financial planning professionals recommend addressing long-term care in your mid-50s to mid-60s, when premiums are lower and more coverage options are available. Waiting until a health event occurs can limit your choices significantly. That said, planning at any age is better than not planning at all.
Q5: What is asset-based long-term care and how does it work?
Asset-based long-term care links a long-term care benefit to a life insurance or annuity product. You fund the policy — typically with a lump sum or a series of payments — and in return you receive a pool of money available for qualifying care. If you never use the benefit, the value passes to your beneficiaries. It is one of the most popular options for people who want long-term care coverage without the risk of paying premiums for a benefit they may never collect.
Q6: Can I plan for in-home care specifically?
Yes. Many people prefer to receive care at home rather than in a facility, and there are planning strategies designed specifically to support that preference. In-home care planning accounts for the cost of aides, home modifications, and support services so that your plan reflects how you actually want to live.
Ready to Talk Through Your Long-Term Care Options?
Long-term care planning is not a conversation most people want to have — but it is one of the most important ones you can. The families who plan ahead have more choices, more control, and far less financial exposure when care is eventually needed. We serve clients throughout Metro Detroit and across Michigan, with additional licensing in Florida, Nevada, and Alabama.