Ep 35 - Is Long-Term Care Insurance Worth It? Aaron Clark Has Answers

Most people spend decades building wealth, yet a single extended stay in a nursing home can erase it within months. On Metcalf Money Moment, hosts Jeb, Ethan, and Eric sit down with long-term care insurance specialist Aaron Clark to discuss the real numbers behind nursing home costs, the power of a hybrid policy, and why retirement planning without an extended care strategy is incomplete. Aaron brings personal experience and industry data to show how protecting your financial plan now can mean the difference between leaving a legacy and leaving a burden.

What you will learn in this Episode:

Why your mid-50s is the optimal window to purchase long-term care insurance, how waiting until your 70s makes coverage nearly unattainable, and how rising premium payments can price out even motivated buyers who delay the decision.

How a hybrid policy solves the biggest objection to long-term care insurance by converting unused benefits into a death benefit for your heirs, ensuring that 100% of your policy value pays out to someone at some point.

Why you do not need to insure for the full nursing home cost, and how coordinating Social Security, pensions, and other assets to bridge the gap makes long-term care coverage far more affordable for those on a fixed income.

Tune into the Metcalf Money Moment podcast for expert insights on wealth management and retirement planning! Join Jeb, Ethan, and Eric for practical Estate Planning strategies that you can implement to unlock financial clarity and confidence. Listen now to inspire your financial journey!

TIMESTAMPS:

00:00 Long-term care insurance statistics show a 70% chance of needing extended care after turning 65

02:15 Nursing home costs average $9,000 monthly, and memory care can push costs even higher

05:40 The best age to buy long-term care insurance and why your 70s may be too late to qualify

08:25 How a hybrid policy eliminates use-it-or-lose-it fears through death benefit conversion for heirs

12:05 Finding policies that fit a client’s needs

15:58 Overfunded life insurance as a tax-free income tool when Roth IRA limits restrict high earners

KEY TAKEAWAYS:

Families do not need to insure for the full nursing home cost. By accounting for existing income sources and assets, a well-designed long-term care insurance plan can cover the gap at a far more manageable premium level.

A joint plan built on a hybrid policy chassis is the most cost-effective structure for couples, requiring only one death benefit while giving both spouses full access to extended care coverage throughout their lifetime.

Estate planning for high-net-worth individuals depends heavily on life insurance as the most reliable tool for preventing estate tax from consuming the legacy a family has spent decades working to protect and preserve.

ABOUT THE GUEST:

A graduate of Kansas State University, Aaron Clark knew that when things didn’t work out to become a rapper or a point guard for the Chicago Bulls or the LA Lakers, the financial services industry was where he needed to be. Having been an agent for over 20 years, Aaron enjoys and appreciates the opportunity to work with other agents because he can relate to them. He has field sales experience, which gives him a competitive advantage and shows that OCI is more than a typical IMO. Aaron has been married to his high school sweetheart, Abie, for over two decades. They have 3 children: Jameson, Meredith, and Garret, and spend each day teaching them that being a KU fan is just not ok.

https://www.linkedin.com/company/oci-insurance

https://www.facebook.com/ociservices

https://www.ociservices.com/

DISCLAIMER:

This material contains only general descriptions and is not a solicitation to sell any insurance product or security, nor is it intended as any financial or tax advice. For information about specific insurance needs or situations, contact your insurance agent. This article is intended to assist in educating you about insurance generally and not to provide personal service. They may not take into account your personal characteristics such as budget, assets, risk tolerance, family situation or activities which may affect the type of insurance that would be right for you. In addition, state insurance laws and insurance underwriting rules may affect available coverage and its costs. Guarantees are based on the claims paying ability of the issuing company. If you need more information or would like personal advice you should consult an insurance professional. You may also visit your state’s insurance department for more information.

Aaron Clark, and OCI Insurance is not affiliated with or endorsed by LPL Financial and Metcalf Partners Wealth Management

RESOURCES MENTIONED:

Metcalf Partners - Website

Jeb Graham - LinkedIn

Ethan Hutchison - LinkedIn

Eric Wymore - LinkedIn