“Well… It Depends!” explores financial questions that rarely have a one-size-fits-all answer.
In this episode, hosts Andrew Baron, CFP®, EA, and Derek Doyle examine one of the most overlooked risks in retirement: the potential cost of long-term care. While Medicare may cover many routine healthcare expenses, it generally does not cover the extended care provided by nursing homes, assisted living facilities, or in-home care—and those costs can add up quickly.
The conversation explores the different ways retirees can prepare for long-term care expenses, including traditional long-term care insurance, hybrid life insurance policies with long-term care benefits, self-insuring, and Medicaid. Andrew and Derek discuss how these approaches have evolved, why traditional long-term care policies have become less common, and the tradeoffs investors should consider when deciding how to fund future care.
For retirees with significant assets, one of the key questions is whether it makes more sense to self-insure rather than purchase coverage. Andrew and Derek discuss why that decision isn’t necessarily based on net worth alone, but also on spending habits, family history, expected longevity, and the type of care someone may ultimately require.
They also explore how long-term care planning can affect spouses differently, the potential financial and emotional impact on families, and why planning for these costs should be part of a broader retirement strategy—not an afterthought.
Whether you’re approaching retirement, already retired, or helping an aging parent plan for the future, this episode offers practical perspectives on long-term care, protecting your assets, and preparing for the costs that can come with aging.
If you’d like to discuss your specific situation with one of our CFPs®, please email info@jgua.com.
For the full transcript, click HERE
