The Risk Most Retirement Plans Quietly Ignore
Most people who reach 65 will need some form of long-term care at some point, and Medicare does not cover most of it. Costs vary widely depending on the level and duration of care needed, and can be substantial. We help retirees and pre-retirees in New Smyrna Beach and across Volusia County build a plan for long-term care before a health event requires the family to make important decisions under pressure.
Why This Conversation Gets Skipped
Long-term care is the planning topic people most want to avoid. It involves aging, disability, family dynamics, and large dollar figures. So most retirees do not plan for it, and most advisors do not push the conversation.
A few realities worth sitting with:
- Around-the-clock nursing care is among the most expensive care settings, often costing well into six figures per year in Florida
- Home health care, which most people prefer, still represents a significant ongoing annual expense
- Medicare covers limited skilled nursing after a qualifying hospital stay, not extended custodial care
- Medicaid will pay, but only after most assets have been spent down
- A long-term care event for one spouse can place significant financial pressure on a retirement plan.
- The surviving spouse usually pays the price, not the spouse who needed care
Long-term care planning looks different for every household. The planning process helps you understand your options and find the path that fits your situation.
How We Help
Steven holds the CLTC® (Certified in Long-Term Care) designation. The work is educational and planning-focused, not a sales process.
Honest needs assessment. We start by looking at your situation, your assets, your family, and your preferences. Not everyone needs long-term care insurance. Some households are positioned to self-fund. The point is to know which one you are.
Funding strategy comparison. There are four main paths, and the right one depends on your assets, your health, and your goals:
Carrier and policy comparison. If insurance is the right path, we compare carriers, benefit periods, daily benefit amounts, inflation riders, and elimination periods so you understand what you are buying.
Integration with your income plan. Long-term care plans only work if the rest of the plan still works around them. We connect your LTC strategy to your BIG Bucket Framework so the premium dollars come from the right place and the care dollars are there when needed.
Traditional long-term care insurance — premiums in exchange for coverage if needed; rates can change over time
Hybrid life or annuity policies with LTC riders — premiums that build cash value and can fund care or pass to heirs if not used
Self-funding from a dedicated portion of your assets — works for higher-net-worth households willing to earmark money
Medicaid planning — typically a last resort, and one that requires an attorney; we coordinate but do not handle the legal work
What You Get
When you work with us on long-term care planning, you walk away with:
- A written LTC needs assessment specific to your household, assets, and family situation
- A side-by-side comparison of traditional, hybrid, and self-funded strategies
- A carrier comparison if an insurance solution is appropriate
- A spousal continuation view so the surviving spouse is not left exposed
- Coordination with your estate attorney if Medicaid planning becomes relevant
Medicare does not pay for custodial care, which is the single most common misunderstanding we correct, and the enrollment side is covered in Medicare guidance. How an uncovered care event hits what you pass on is addressed in estate and legacy planning.
Who This Is For
This work tends to deliver the most value for households who are:
- Age 50 to 70, before insurability becomes a problem
- Married, with concerns about protecting the healthy spouse
- Holding $500,000 to $3 million in investable assets
- Sandwich-generation adults watching parents go through it now
- Surviving spouses reviewing what happens if their own care is needed
- Northeast transplants whose adult children no longer live nearby
If that sounds like you, the next step is a 45-minute conversation. No charge, no pressure.
Why Steven
- CLTC® (Certified in Long-Term Care), the designation focused specifically on this work
- RICP® (Retirement Income Certified Professional®)
- NSSA® (National Social Security Advisor)
- CF2® (Certified Financial Fiduciary)
- 15 years of practice, Comprehensive retirement planning for families
- We do not manage a proprietary fund family. Third-party investments are selected based on your risk profile and retirement objectives. Steven is not captive to any single carrier and does not operate under product-specific sales requirements
- Local office on North Orange Street, downtown New Smyrna Beach
How to Get Started
Call or book.
Pick up the phone at (386) 402-4626, or schedule online.
Discovery meeting (free).
We review your current accounts, any existing insurance or annuity policies, and your concerns around long-term care. About 45 minutes.
Strategy review.
If we are a fit, we deliver a written LTC strategy as part of your engagement.
No pressure to buy anything on day one.
FAQ
Why not just rely on Medicare?
Medicare covers short-term skilled nursing or rehab after a qualifying hospital stay, but not extended custodial care. The kind of care most people need long-term, help with daily living, dementia care, in-home assistance, falls outside what Medicare pays for.
How much does long-term care actually cost in Florida?
Costs vary widely by setting and by how much care you need. Skilled nursing is the most expensive option and can run well into six figures per year in Florida; home health care is generally lower but still a meaningful annual cost, with assisted living in between. These costs have historically risen faster than general inflation, which is why planning ahead matters.
Traditional LTC insurance or hybrid? Which is better?
Neither is universally better. Traditional policies often offer richer benefits per premium dollar but carry the risk of rate increases. Hybrid policies cost more up front but lock in the premium, build cash value, and pay a death benefit if you never need care. The right answer depends on your assets, your cash flow, and how you feel about "use it or lose it."
Am I too old to buy long-term care insurance?
Maybe. Most carriers underwrite into the late 60s or early 70s, with health and family history weighing heavily. Many people find that purchasing between ages 55 and 65 offers a favorable balance of insurability and premium cost, though the right time depends on your individual health and financial situation. If insurance is no longer an option, we focus on self-funding strategies and Medicaid coordination.
What if I am not insurable?
We will tell you. If health issues take traditional and hybrid policies off the table, the planning shifts to self-funding from a dedicated portion of your portfolio and, if necessary, Medicaid coordination with your attorney.
Does Medicaid cover long-term care?
Yes, but only after most of your assets have been spent down or restructured under specific legal rules. Medicaid planning typically requires an estate attorney. We coordinate with attorneys when this becomes relevant.
Are you a fiduciary?
Investment advisory services are offered by Signal Advisors Wealth, LLC (“Signal Wealth”), a Registered Investment Adviser with the U.S. Securities & Exchange Commission. Registration with the SEC does not imply a certain level of skill or training.
Do you work with people who live outside New Smyrna Beach?
Yes. We regularly serve households in Edgewater, Port Orange, South Daytona, Daytona Beach, Ormond Beach, DeLand, Deltona, Orange City, Palm Coast, Sanford, Titusville, Holly Hill, Lake Helen, Glencoe, and the rest of Volusia County.
Plan for long-term care before a health event forces the family to plan in a crisis.
Schedule a free 45-minute review or call our New Smyrna Beach office.
Office: 112 N. Orange Street, New Smyrna Beach, FL 32168 Hours: Monday to Friday, 9:00 to 5:00
Compliance Disclaimer
Investment advisory services are offered by Signal Advisors Wealth, LLC ("Signal Wealth"), a Registered Investment Adviser with the U.S. Securities & Exchange Commission. Registration with the SEC does not imply a certain level of skill or training. Steven L. Rich is an Investment Adviser Representative of Signal Wealth. Insurance products and services are offered through New Smyrna Beach Retirement Solutions ("NSBRS"). Signal Wealth does not offer insurance products. NSBRS is not affiliated with Signal Wealth. Additionally, when NSBRS and/or its agents are recommending and/or selling insurance products they are not acting on behalf of Signal Wealth or in a fiduciary capacity, and instead are governed by the applicable insurance rules and regulations. For more information about Signal Wealth, or to receive a copy of our Form ADV or Form CRS, please click here. NSBRS is not affiliated with or endorsed by the U.S. Government or any governmental agency. NSBRS and its agents do not provide tax, legal, or Social Security advice. Clients are advised to consult their tax advisor or attorney regarding tax and legal matters and to contact the Social Security Administration at their local office or online at www.ssa.gov. Investing involves risk, including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss. Past performance is not indicative of future results. The information provided herein is for informational purposes only and should not be construed as a recommendation or as investment, tax, or legal advice. None of the information contained herein shall constitute an offer to sell or solicit any offer to buy any security, investment advisory, or insurance product. Investment advisory services are provided in accordance with a fiduciary duty of care and loyalty that includes putting client interests first and disclosing conflicts. Insurance services are subject to a best interest standard, which requires recommendations to be in the client's best interest. Advisors may receive commissions and other compensation for the sale of insurance and annuity products. Annuity guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. Any tax savings figures, projections, examples, or multi-year tax projections referenced are hypothetical and provided for illustrative purposes only. They are based on assumptions that may not reflect your individual circumstances, do not represent actual results, and are not a guarantee of future performance or outcomes. Individual results will vary. Strategies such as Roth conversions, capital gains harvesting, required minimum distribution planning, and charitable giving are not suitable for all individuals, involve trade-offs, and depend on your specific circumstances and current tax law, which is subject to change. There is no assurance that any strategy will reduce your overall tax liability. Neither Signal Wealth nor NSBRS provides tax or legal advice; consult your qualified tax professional or attorney regarding your situation.
The written needs assessment is a planning document for informational purposes and does not constitute a formal insurance proposal or legal advice.