Assess Care Risk and Preferences
2-4 hoursReview family health history, preferred care setting (home, assisted living, nursing), and geographic cost differences.
Field context
This workflow is part of 3 niche fields
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.
Review family health history, preferred care setting (home, assisted living, nursing), and geographic cost differences.
Project LTC costs in your target location with 3-5% annual inflation. Compare self-funding, LTC insurance, and hybrid life/LTC options.
Select traditional LTC insurance (ages 55-65), hybrid life/LTC, Medicaid planning with attorney, or dedicated LTC savings bucket.
Create advance directives, healthcare POA, and written care preferences. Share plan with family and financial advisor.
Estimate annual LTC costs by care setting.
Model LTC costs impact on retirement portfolio. · Stress-test retirement plan with LTC scenario.
Compare LTC insurance vs hybrid policy costs.
Assess assets available for self-funding LTC.
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 |
LTC decisions made during a health crisis are the worst — discuss preferences while everyone is healthy and thinking clearly.
Premiums at 55 are half the cost at 65, and health issues can make you uninsurable — the sweet spot is 55-65.
Most people prefer aging at home — budget for home modifications (ramps, grab bars) and part-time aide costs.