Assess Care Risk and Preferences
2-4 hoursReview family health history, preferred care setting (home, assisted living, nursing), and geographic cost differences.
Advanced2-4 weeks
Long Term Care Planning Guide
Free step-by-step long term care planning for pre-retirees. Plan long term care with calculators and checklists covering assess care risk and preferences.
pre-retireesadult children of aging parentsestate planners
Workflow
Estimate Future Costs
4-8 hoursProject LTC costs in your target location with 3-5% annual inflation. Compare self-funding, LTC insurance, and hybrid life/LTC options.
Choose Funding Strategy
1-2 weeksSelect traditional LTC insurance (ages 55-65), hybrid life/LTC, Medicaid planning with attorney, or dedicated LTC savings bucket.
Document and Communicate Plan
1-2 weeksCreate advance directives, healthcare POA, and written care preferences. Share plan with family and financial advisor.
Tools Used
- Budget CalculatorPrimary
Estimate annual LTC costs by care setting.
- Retirement CalculatorPrimaryReference
Model LTC costs impact on retirement portfolio. · Stress-test retirement plan with LTC scenario.
- Life Insurance Needs WorksheetPrimary
Compare LTC insurance vs hybrid policy costs.
- Net Worth CalculatorSupporting
Assess assets available for self-funding LTC.
Checklist
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Assessment
Planning
Decision
Legal
Communication
Maintenance
Reference Materials
Long-Term Care Funding OptionsTable
Comparison of strategies by net worth level.
| Net Worth | Recommended Strategy | Est. Cost | Asset Protection |
|---|---|---|---|
| Under $500K | Medicaid planning | Attorney $3K-$8K | After spend-down |
| $500K-$2M | LTC insurance or hybrid | $2K-$4K/yr premium | High |
| $2M-$5M | Self-fund dedicated bucket | $300K-$500K reserved | Moderate |
| Over $5M | Self-fund from portfolio | Portfolio draw | Low concern |
Advance Directives RequiredStandard
Every adult should have: healthcare power of attorney, living will/advance directive, and HIPAA authorization. Review and update every 5 years or after major health changes.
Plan Before Crisis
LTC decisions made during a health crisis are the worst — discuss preferences while everyone is healthy and thinking clearly.
Buy LTC Insurance Early
Premiums at 55 are half the cost at 65, and health issues can make you uninsurable — the sweet spot is 55-65.
Home Care Is Preferred
Most people prefer aging at home — budget for home modifications (ramps, grab bars) and part-time aide costs.
Safety Notes
- Verify caregiver and facility licensing through state health department before hiring or placement.
- Protect against elder financial abuse — designate trusted POA and monitor accounts for unusual activity.