Juan Cabezas
Licensed Insurance AgentJuan works in long-term care insurance, life insurance and annuities, so he can lay out several ways to plan for care side by side.
Read full bio →Long-term care planning
A plan for care, so your savings are there for you
We help you look at how a care event could be paid for, so one health change doesn't have to undo the retirement you've built.
Is this you?
If any of these sound familiar, this page is for you.
- You worry a care event could drain the savings you've worked for.
- You looked at long-term care insurance and the cost put you off.
- You were turned down for long-term care coverage before.
- You're an adult child wondering who would care for Mom or Dad, and who would pay.
- You assumed Medicare would cover it, and now you're not so sure.
What we look at
What a long-term care review covers
What care could cost you
We look at current published cost surveys for South Florida and the kind of care you'd likely want.
What Medicare won't cover
Medicare generally doesn't pay for custodial long-term care. We look at where that leaves your plan.
Your health and insurability
Coverage depends on underwriting. We look at which options may be open to you today.
Your income and assets
We look at which savings would pay for care if nothing else did, and what that would do to your income.
Your spouse and family
We look at how a care event could affect a surviving spouse's income and what you leave behind.
The gap
What care costs, and what Medicare doesn't cover
Long-term care means help with everyday activities, like bathing, dressing or eating, over a long period. It can happen at home, in assisted living or in a nursing home.
Medicare generally doesn't pay for this kind of custodial care. It may cover limited skilled care after a qualifying hospital stay. Care costs in Florida change every year, so we use current published cost-of-care surveys rather than a rule-of-thumb number.
Options compared
Four ways people plan to pay for care
There's no single right answer. Each option has benefits and trade-offs, and what's available to you depends on your health, age and budget. Policy features, riders and costs vary by carrier and state.
Traditional LTC insurance: designed to pay benefits for qualifying care, subject to policy terms and the claims-paying ability of the issuing insurance company. Premiums may rise over time, and if you never need care, there may be no payout.
Hybrid life/LTC insurance: a life insurance policy with long-term care benefits. If care is needed, benefits may be paid for qualifying care; if not, a death benefit may go to your beneficiaries. Usually requires a larger premium and underwriting.
Annuity with an LTC or income rider: some annuities offer riders that may increase income if you need care. Riders have fees, annuities have surrender charges and liquidity limits, and benefits are subject to the claims-paying ability of the issuing insurance company.
Self-funding: paying for care from your own savings. You keep control and pay no premiums, but a long care event could use up assets meant for income or for your family.
What each option may offer
- Traditional LTC: a pool of benefits for qualifying care, per policy terms
- Hybrid life/LTC: care benefits if needed, a death benefit if not
- Annuity rider: may increase income during a qualifying care need
- Self-funding: full control, no premiums or underwriting
Trade-offs to weigh
- Traditional LTC: premiums may rise; may pay nothing if care isn't needed
- Hybrid life/LTC: larger premium; underwriting required
- Annuity rider: rider fees, surrender charges, limited liquidity
- Self-funding: a long care event could drain savings meant for income or heirs
The bigger picture
How long-term care fits your income and legacy plan
A care plan isn't separate from the rest of your retirement. If care is needed, it affects your income, your spouse's income and what you leave behind.
We look at long-term care alongside your income plan and your legacy goals. That way, the savings you've set aside for living and for family are more likely to be there for those purposes.
The tool
Talk through your long-term care options
Book a call to compare the options that may fit your health, age and budget. A long-term care options guide is in the works; ask us for it when it's ready.
Book a long-term care call
15 minutes to start, at Trafalgar Plaza or by video. We’ll cover:
- What care could cost you
- What Medicare won't cover
- Your health and insurability
- Your income and assets
Who you’ll talk to
The licensed insurance agents for long-term care
Henrique Thormann
Licensed Insurance AgentHenrique focuses on long-term care preparation and income protection, keeping a care event from derailing your income plan.
Read full bio →Claudine Mesnil
Director of OperationsClaudine works on insurance solutions and helps Spanish-speaking clients plan in their own language.
Read full bio →John Petrucco
Licensed Insurance AgentJohn focuses on protecting what clients have built and the people they love, which is what a long-term care plan is for.
Read full bio →
As heard on Let’s Talk Safe Money®
Hear Len and Art explain it on the show.
Len and Art host the show on 610 WIOD. Watch more episodes in LSF University.
Watch full episodesQuestions
Common questions about long-term care
How much does long-term care cost in Florida?
It depends on the type of care and where you receive it. Home care, assisted living and nursing home care all cost different amounts, and prices change every year. Industry cost-of-care surveys publish current figures by state and region. We use the most recent published survey for your area when we plan with you, rather than a rule-of-thumb number.
Does Medicare pay for long-term care?
Generally not. Medicare may cover limited skilled nursing or home health care after a qualifying hospital stay. It generally doesn't pay for custodial care, like ongoing help with bathing, dressing or eating, which is what most long-term care is.
What is hybrid (life + long-term care) insurance?
It's a life insurance policy that also offers long-term care benefits, often through a rider. If you need qualifying care, benefits may be paid toward it. If you don't, a death benefit may go to your beneficiaries. Benefits are subject to underwriting, policy terms and the claims-paying ability of the issuing insurance company.
What if I've been declined for long-term care insurance before?
A past decline doesn't always mean you're out of options. Underwriting rules vary by carrier and product, and some options, such as certain annuity riders, may have different requirements. We can look at what may be available given your health today, and at self-funding strategies if insurance isn't a fit.
At what age should I start planning for long-term care?
Many people start looking in their 50s or early 60s. Coverage depends on health, and health can change, so waiting may narrow your options or raise the cost. The right time is before you need it.
Can an annuity help pay for long-term care?
Some annuities offer riders that may increase income if you need qualifying care. Riders carry fees, annuities have surrender charges and limited liquidity, and benefits are subject to the claims-paying ability of the issuing insurance company. Annuities are insurance products, not deposits, and are not FDIC insured.
Related services
These usually go together.
Serving Broward, Palm Beach, Miami-Dade & North Carolina
Call 954.999.0355Trafalgar Plaza, 5310 NW 33rd Ave., Suite 114, Fort Lauderdale, FL 33309 · In person, or by video from anywhere in the country
Connect with a licensed insurance agent
Book a long-term care call
15 minutes, no obligation. Pick a time and we’ll call you, or meet us at Trafalgar Plaza or by video.
- Topic set to Long-term care, change it if you like.
- Prefer to call? 954.999.0355
Important information. Long-term care insurance, hybrid life/LTC policies and annuity riders are insurance products. Coverage depends on underwriting. Policy features, riders, limitations and costs vary by carrier and state. Benefits are subject to policy terms and the claims-paying ability of the issuing insurance company. Annuities are not deposits, are not FDIC insured, are not a direct investment in the market, and may carry surrender charges, rider fees and liquidity limits. Product-specific content may require carrier approval. This page is educational and is not tax or legal advice. LSF Capital is not affiliated with Medicare or any government agency. LSF Capital serves Broward, Palm Beach and Miami-Dade from Trafalgar Plaza, 5310 NW 33rd Ave., Suite 114, Fort Lauderdale, FL 33309, in person or by video.