Long Term Care
Preserving Your Dignity and Protecting Your Loved Ones
Talking about long-term care is often one of the most difficult conversations families can have. It forces us to confront the reality of aging and the possibility that, one day, we might not be able to do everything for ourselves. At the office of Steven Ballard, New York Life Financial Professional, we approach this delicate subject with the utmost sensitivity and respect. We understand that no one wants to imagine a future where they need assistance with daily activities like bathing, dressing, or eating. However, avoiding the topic does not make the risk go away. In fact, ignoring it often leads to frantic, emotional decision-making during a crisis. Our goal is to replace that fear with a plan—a plan that ensures you maintain control over your care, your location, and your quality of life, no matter what health challenges arise.
A common misconception is that long-term care planning is simply about buying “nursing home insurance.” This could not be further from the truth. Modern long-term care planning is primarily about keeping you out of a nursing home if that is your wish. Most people prefer to age in place, staying in the comfort of their own homes surrounded by familiar memories and neighbors. A well-structured long-term care strategy provides the funds to pay for home health aides, visiting nurses, or modifications to your house, making staying at home a viable and safe option. It gives you the power of choice. Without a plan, your options may be limited to what is available through government assistance, which often dictates where you live and who provides your care. We want you to be the one calling the shots, not the system.
One of the most critical reasons to plan for long-term care is not actually for yourself; it is for your family. Without a financial strategy in place, the burden of caregiving almost inevitably falls on a spouse or an adult child. While they may take on this role out of love, the physical, emotional, and financial toll can be devastating. We have seen spouses exhaust their own health trying to lift and care for a partner, and we have seen adult children forced to quit their jobs or cut back on hours to manage caregiving duties, derailing their own retirement savings. By putting a long-term care plan in place, you are giving a profound gift to your loved ones. You are allowing them to remain your husband, your wife, or your child, rather than transforming them into your full-time nurse. You are ensuring that the time you spend together is focused on companionship and love, rather than stress and burnout.
From a financial perspective, a long-term care event is one of the greatest threats to a retirement portfolio. The cost of care is rising every year, and Medicare generally does not cover custodial care—the type of help most people need for chronic conditions or cognitive issues like Alzheimer’s. Without insurance or a dedicated strategy, families are often forced to liquidate assets to pay for care. This means selling off investments, draining savings accounts, or even selling the family home. This depletion of assets can leave a healthy surviving spouse without enough money to live on, creating a secondary crisis. Steven Ballard works with you to calculate the potential costs in your area and designs a strategy to protect your nest egg. We view long-term care insurance as “portfolio insurance,” stopping a health event from becoming a financial catastrophe.
We also understand that many people are hesitant to buy traditional long-term care insurance because of the “use it or lose it” fear. They worry about paying premiums for years and then never needing care, feeling like that money was wasted. Steven is excited to walk you through the modern landscape of hybrid solutions available through New York Life. These innovative policies combine life insurance with long-term care benefits. If you need care, the policy pays for it. If you pass away without needing care, or only using a portion of the benefits, your beneficiaries receive a death benefit. In some cases, if you change your mind down the road, there are even options to get your premium back. This eliminates the fear of “wasting” money and ensures that the asset is working for you in multiple ways.
Navigating the medical underwriting and the various policy riders can be complex. Steven Ballard is here to be your translator and your advocate. We look at inflation protection to ensure your daily benefit keeps up with the rising cost of healthcare over the next twenty or thirty years. We discuss “elimination periods”—the waiting time before benefits kick in—to find a balance that lowers your premium while keeping your out-of-pocket risk manageable. We look at your health history and your family history to determine the right time to apply, knowing that it is always better to plan five years too early than five minutes too late.
Ultimately, long-term care planning is about dignity. It is about ensuring that if your health changes, your standard of living does not have to. It is about protecting the legacy you intend to leave to your children rather than spending it on a facility. It is about peace of mind. When you have this piece of the puzzle solved, you can look toward your retirement years with less anxiety, knowing that you have prepared for the “what ifs.” Steven Ballard is dedicated to having this honest, necessary conversation with you. Let us help you build a fortress around your future so that you and your family are protected, come what may.