The Burden & High Costs of Long-Term Care

Du Charme Wealth Management Podcast

The uncomfortable truth about aging is that many of us will require significant assistance in our final years—yet few have adequately prepared for this reality. In this deeply personal and practical discussion, a father-son financial advisory team shares their firsthand experiences with various long-term care situations, from self-funded home care to Medicaid facilities.
Drawing from multiple family experiences, we examine what truly constitutes a long-term care event and why Medicare won't cover most of these expenses. We breakdown the stark financial reality: full-time in-home care can cost $250,000-$300,000 annually, quickly depleting even substantial retirement savings. The human cost can be equally devastating, as unprepared families often see parent-child relationships transform into caregiver-patient relationships, fundamentally changing family dynamics during what should be precious final years.
We explore modern funding solutions beyond traditional long-term care insurance, including asset-based "linked benefit" programs that provide significant leverage while preserving principal for beneficiaries if care isn't needed. We discuss how proper planning preserves not just assets but dignity and relationships, allowing families to look back on final years as "sweet times" despite difficulties.
Don't leave your long-term care needs to chance or burden your children without their explicit agreement. The sooner you implement a strategy, the more options you'll have and the better protected your family will be. Remember, hope is not a strategy—but thoughtful planning can create a legacy of dignity and love.
Link to 'Age-Proof Homes: Making Aging At Home Comfortable & Safe' podcast: https://www.youtube.com/watch?v=O54VpDIQUao
Webpage: https://ageproofhomes.com/
Find Du Charme Wealth Management here:
https://ducharmewealth.com/contact-us/

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[00:00:00] Intro.
[00:00:45] Introduction to Long-Term Care Planning.
[00:03:26] What Is a Long-Term Care Event?.
[00:10:01] Housing Options and Home Modifications.
[00:17:04] Costs and Quality of Care Comparison.
[00:22:16] Impact on Family Relationships and Legacy.
[00:27:31] Funding Options for Long-Term Care.
[00:35:12] Asset-Based vs. Traditional Insurance.
[00:38:07] Hedging Against Risk and Final Thoughts.
DISCLAIMER:
Information presented on this program is believed to be factual and up-to-date, but we do not guarantee its accuracy, and it should not be regarded as a complete analysis of the subjects discussed. Discussions and answers to questions do not involve the rendering of personalized investment advice, but are limited to the dissemination of general information. A professional advisor should be consulted before implementing any of the options presented. Encompass More Asset Management LLC is a registered investment adviser with the U.S. Securities and Exchange Commission (SEC) and only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements.