Long-Term Care Planning

A Conversation Worth Having

While employer benefits cover many important needs, they typically don’t address one of the biggest financial risks most families will face: the cost of extended care for you or a spouse.

Long-term care isn’t just a distant concern. The reality is that most of us will need some form of assistance as we age—whether at home, in assisted living, or in a skilled nursing facility. In California, full-time care can easily exceed $200,000 per year, and costs continue to rise.

Without a plan in place, that burden often falls on family members, personal savings, or both—creating financial stress during an already emotional time.

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Planning Ahead Changes Everything

The good news is that this risk can be planned for.

Long-term care insurance is designed to protect your independence, preserve your assets, and reduce the emotional and financial strain on the people you love. With the right strategy, you maintain control over how and where care is received—rather than leaving those decisions to circumstance.

At Michael Greco Insurance, we believe long-term care planning should be thoughtful, flexible, and aligned with your broader financial picture.

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Long-Term Care Coverage Options

There is no one-size-fits-all solution. We help clients evaluate two primary approaches:

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Standalone Long-Term Care Insurance

Traditional LTC policies are designed specifically to cover extended care needs.

Key features often include:

• Coverage for home care, assisted living, and nursing facilities

• Monthly or daily benefit amounts

• Inflation protection to help benefits keep pace with rising costs

• Choice of elimination (waiting) periods

• Tax-advantaged premiums and benefits in many cases

These policies can be highly efficient for clients focused solely on maximizing long-term care protection.

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Life Insurance with Long-Term Care (Hybrid Policies)

Hybrid policies combine life insurance with long-term care benefits—offering flexibility no matter how life unfolds.

How hybrids work:

• If long-term care is needed, the policy pays benefits to cover care

• If care is never needed, the policy pays a death benefit to your beneficiaries

• Some plans allow return of premium options

• Premiums are often fixed and predictable

Hybrid plans are popular for those who want to ensure their dollars create value either way.

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Timing Matters

For many people, the ideal time to explore long-term care planning is between ages 45 and 65—when health history is often more favorable and premiums are more manageable. Waiting can limit options or increase costs significantly.

That said, planning can make sense at many stages of life. The most important step is simply starting the conversation.

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Clear Guidance. No Pressure.

Long-term care planning isn’t about fear—it’s about preparation. It’s about making thoughtful decisions today so your future self, and your family, have clarity and peace of mind.

If you’re open to it, I’d be happy to walk you through the available options, explain how different plans work, and help you decide what—if anything—makes sense for you.

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