The 10 Most Important Things You Should Know About Long-Term Care Planning

By Joseph Di Giulio – Long-Term Care & Financial Planning Specialist, THG Financial Strategies

Long-term care is one of the most overlooked areas of financial planning — yet one of the most financially devastating if ignored. With people living longer and healthcare costs rising, families in Virginia are asking the same question:

“How can I protect my savings, my independence, and my family from the burden of long-term care?”

1. Long-Term Care Is Not Covered by Traditional Health Insurance

Most people assume health insurance or Medicare will pay for extended care. It does not. Medicare only covers short-term rehab — not ongoing custodial care.

2. The Average Cost of Care in Virginia Is Higher Than Expected

Nursing home costs in many parts of Virginia can exceed $100,000 per year, and home care often runs $55,000–$65,000 per year depending on hours needed.

3. Family Members Become the Default Caregivers Without a Plan

Most long-term care needs start at home, and without coverage, the responsibility falls on spouses and adult children.

4. Women Face a Higher Risk

Women statistically live longer and represent the majority of long-term care users.

5. Your Health Today Determines Your Options Tomorrow

LTC coverage is medically underwritten. Qualifying is far easier and more affordable when you’re in your 40s–60s and still healthy.

6. Modern, Flexible Options Exist Beyond “Use-It-or-Lose-It” Policies

Hybrid life insurance + LTC, asset-based plans, and legacy-preserving options offer more flexibility than traditional standalone policies.

7. Long-Term Care Benefits Are Tax-Free

Most LTC benefits are tax-free, and hybrid plans may offer additional tax advantages.

8. Planning Protects Retirement Savings and Guarantees Choice of Care

A plan helps you stay in your home, choose your caregivers, avoid draining retirement accounts, and maintain independence.

9. Premiums Can Be Designed to Fit Most Budgets

Modern LTC plans can be customized to meet a wide range of financial goals and budget levels.

10. Working with a Specialist Ensures You Get the Right Strategy

I help clients compare multiple carriers and plan designs to find the best fit for their age, health, budget, family goals, tax considerations, and estate planning needs.

About the Author

Joseph Di Giulio

Long-Term Care & Financial Planning Specialist

THG Financial Strategies – Newport Beach, CA

Phone: 949-290-5411Email: jdigiulio@thgfinancial1.com

Zoom appointments available