70% of Americans will need long-term care. The average nursing home in Virginia costs over $100,000 per year. Without a plan, this single event can devastate a lifetime of savings. I'll help you create one — at no cost to you.
A complete long-term care needs analysis and plan comparison — at no charge to you.
In-person (Richmond & Tidewater, VA) · Zoom · Phone
Long-term care is not acute medical care — it's the ongoing assistance with daily activities that becomes necessary due to aging, illness, injury, or cognitive decline.
🏠 The Reality Most People Miss: In-Home Care
Most people will never use a nursing home — but nearly everyone who needs long-term care will need some form of in-home assistance. The good news: most people can stay in their own home with the right support. The reality: full-time in-home care can cost just as much as a nursing home — and it falls entirely on you and your family without a plan. A long-term care plan isn't just about protecting your income and assets. It's about giving your family the gift of being able to love and support you — without becoming your full-time unpaid caregivers. That's a burden worth planning away.
24-hour skilled nursing and personal care in a licensed facility. Required when continuous medical supervision is needed — but statistically, fewer people need this than expect it.
Residential care providing personal assistance, meals, and support while maintaining more independence. A step between independent living and a nursing home — and often the preferred option.
Professional caregivers who come to your home to assist with daily activities. This is the most common form of LTC — and most people's strong preference. It preserves independence and keeps families in a supporting role, not a caregiving one.
Structured daytime programs providing social interaction, health monitoring, and personal care in a community setting. Often used when a family caregiver is working during the day — a relief valve for families.
Specialized care for individuals with Alzheimer's, dementia, or other cognitive conditions. Requires secure facilities with specially trained staff — and typically costs more than standard assisted living.
End-of-life focused care emphasizing comfort rather than curative treatment. Medicare covers hospice care, but ongoing custodial and personal care needs before hospice eligibility may fall to LTC coverage.
⚠ What Medicare Does NOT Cover
A common and very costly misconception: Medicare does not cover long-term custodial care. Medicare covers up to 100 days of skilled nursing following a qualifying hospital stay — that's it. After that, you're on your own unless you have LTC insurance, Medicaid (which requires spending down assets), or sufficient personal savings.
These are real median costs for long-term care services in the Richmond/Central Virginia area. The numbers are sobering — and why planning early matters so much.
| Type of Care | Median Annual Cost (VA) | Monthly Cost | 3-Year Exposure | 5-Year Exposure |
|---|---|---|---|---|
| Nursing Home (Semi-Private) | $95,628 | $7,969 | $286,884 | $478,140 |
| Nursing Home (Private Room) | $108,405 | $9,034 | $325,215 | $542,025 |
| Assisted Living (1 Bedroom) | $55,200 | $4,600 | $165,600 | $276,000 |
| Memory Care (Assisted Living) | $74,400 | $6,200 | $223,200 | $372,000 |
| Home Health Aide (44 hrs/wk) | $59,488 | $4,957 | $178,464 | $297,440 |
| Adult Day Health Care (5 days/wk) | $23,400 | $1,950 | $70,200 | $117,000 |
Sources: Genworth Cost of Care Survey 2024. Costs increase approximately 3–5% annually. Costs shown are median — actual costs vary by location, level of care, and care setting.
There's no single right answer — the best approach depends on your health, assets, age, and risk tolerance. Here's an honest breakdown of each.
Purpose-built insurance that pays a daily or monthly benefit when you need qualifying care.
A life insurance or annuity policy with a long-term care rider — combining LTC protection with a death benefit.
Relying on your own savings and investments to fund long-term care needs if and when they arise.
As a CLTC® specialist, I look at LTC as part of your complete retirement picture — including asset protection, spouse security, and legacy goals.
Without an LTC plan, a spouse's care costs can devastate the healthy spouse's finances. I model the specific risk to your household and identify strategies — including policy features and Medicaid planning considerations — that protect the staying-at-home spouse's financial security.
Virginia's LTC Partnership Program allows policyholders to protect assets from Medicaid spend-down equal to the benefits they receive from a qualifying LTC policy. This strategy is especially valuable for middle-income retirees who want to preserve an inheritance while still having Medicaid as a backstop.
Many retirees have underperforming assets — CDs, savings accounts, or old life insurance policies — that can be repositioned into hybrid LTC products with zero net out-of-pocket cost. We analyze whether this approach makes sense for your balance sheet.
For those without LTC insurance, Medicaid is the payer of last resort for nursing home care — but it requires nearly complete financial spend-down. Understanding how Medicaid works, the 5-year look-back period, and spousal protections is essential even if Medicaid isn't your intended plan.
The earlier you plan, the more options you have — and the lower your premiums. Here's how your age affects your LTC planning strategy.
The best time to apply for traditional LTC insurance. Premiums are lowest, more carriers will accept you, and inflation protection works hardest over a longer period. Don't wait — health changes can make you uninsurable.
Still excellent timing. Traditional LTC insurance remains available for most healthy individuals. Hybrid products are often best positioned here — especially for repositioning assets. This is when most people get serious about LTC planning.
Traditional LTC insurance becomes harder to qualify for and more expensive. However, some hybrid products are still available, and self-insurance analysis becomes critical. Don't assume it's too late — let's review your specific options.
No — this is one of the most common and costly misconceptions. Medicare covers up to 100 days of skilled nursing care after a qualifying hospital stay, with significant cost-sharing after day 20. It does not cover ongoing custodial care.
We analyze your local care costs, your assets, your risk tolerance, and your spouse's financial security needs. A common approach is to cover 3–5 years of care costs at the most likely care setting — which in Virginia means $250,000–$500,000 in total coverage.
It depends on your specific health conditions. Some conditions are automatic declines, others result in higher premiums or modified coverage. Hybrid products typically have more lenient underwriting. I work with multiple carriers to find what's available for your situation.
Most policies pay when you cannot perform 2 of 6 Activities of Daily Living (ADLs) — bathing, dressing, eating, toileting, transferring, and continence — OR when you have a severe cognitive impairment (such as Alzheimer's). A waiting or elimination period (typically 90 days) typically applies first.
For a healthy 60-year-old, a solid traditional LTC policy typically runs $2,000–$4,000/year. Hybrid policies often require a lump sum of $50,000–$150,000 or limited payment premiums. The right answer depends on which approach fits your financial situation.
With traditional LTC insurance, unused benefits don't return — it's protection like auto insurance. With hybrid policies, there's a death benefit if LTC benefits are unused. Some view traditional LTC premiums as "peace of mind" insurance — and statistically, 70% of people will use it.
Let's look at your specific situation: your assets, your health, your spouse's needs, and Virginia care costs — and build a plan to protect everything you've worked for. No cost, no pressure.
Book My Free LTC Review →LTC planning is always free — I'm compensated by carriers when you enroll in a policy.