Do You Have a Plan for Long-Term Care? Here’s What You Need to Know
April 2, 2026 •
Andrew sits down with Taylor West from LLIS to unpack the essentials of long-term care (LTC) planning. They explore why planning for long-term care is more important than ever, the different ways to cover potential costs, and how various insurance solutions can help protect both your finances and your loved ones. Whether you’re approaching retirement or simply thinking ahead, this episode provides a practical framework for understanding your options and making informed decisions.
Tune into this episode to also learn:
● Why long-term care planning is essential in today’s world of longer life expectancies.
● The three main ways to cover long-term care costs—and how to decide what fits your situation.
● The key differences between traditional, hybrid life, and annuity-based LTC policies.
● Why starting your plan in your 50s (or earlier) can significantly impact cost and eligibility.
What we discussed
● [00:01:28] The origins of long-term care insurance and why it was created to fill gaps left by Medicare.
● [00:02:37] How LTC planning gives you more control and flexibility over the type of care you receive.
● [00:03:16] The three primary strategies for covering long-term care: legal planning, self-funding, and insurance.
● [00:05:48] How LTC policies work, including benefit triggers like activities of daily living and cognitive impairment.
● [00:07:30] The difference between reimbursement vs. indemnity (cash) policies—and why it matters.
● [00:09:30] Breaking down traditional vs. hybrid long-term care insurance options.
● [00:12:37] The ideal age ranges to begin planning and how timing affects premiums and qualification.
● [00:15:40] How the LTC insurance industry has evolved and become more stable over time.
● [00:18:07] General guidelines on who should consider insurance vs. self-funding based on assets.
● [00:20:50] How to estimate how much coverage you need using local care costs and in-home care trends.
3 Things To Remember
- Long-term care planning isn’t just about finances—it’s about protecting your loved ones from emotional and physical burden.
- The right strategy depends on your personal situation, but having a plan in place gives you more options and control.
- Starting early can make coverage more affordable and accessible while giving your benefits more time to grow.
Memorable moments:
(00:02:05) “Long-term care is kind of a way to allow your loved ones to manage your care rather than be the one providing it.”
(00:11:20) “You don’t have to prove every expense—you can use that benefit in a way that actually supports your life.”
(00:21:10) “We all want to be home for as long as possible—that’s where most care begins.”
Useful Links
Connect with Andrew Barnhardt: abarnhardt@hfmadvisors.com | LinkedIn
Connect with Taylor West: https://www.linkedin.com/in/taylor-west-20b030ba/
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HFM Investment Advisors, LLC is a registered investment adviser. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. All investments involve risk and are not guaranteed. Information expressed does not take into account your specific situation or objectives and is not intended as a recommendation appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment advisor to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
