Long Term Care Insurance · NC Licensed
One prolonged care event can undo decades of saving.
Long term care insurance exists for one reason: to protect your assets from the cost of extended care — assisted living, nursing home, or in-home care — which Medicare doesn't cover. The earlier you plan for it, the more options you have.
The numbers that make LTC planning necessary
The median annual cost of a private room in a nursing home in NC is approximately $94,000 (2024). Assisted living averages $48,000–$60,000 annually. The average nursing home stay is about 2.5 years. Medicare pays for skilled nursing only under specific conditions and only up to 100 days. After that, costs are entirely out of pocket.
Types of long term care coverage
Traditional LTC Policy
A standalone policy that pays a daily or monthly benefit toward qualifying care. Premiums are lower when purchased young and healthy. The challenge: if you never need care, the premiums represent sunk cost.
Hybrid Life/LTC Policy
A life insurance policy with a long term care rider. If you need care, the death benefit pays for it. If you don't, your beneficiaries receive the death benefit. No "use it or lose it" concern. Often purchased with a single premium.
Asset-Based LTC (Annuity)
An annuity with a long term care multiplier — typically 2–3× the account value available for care. Another way to address LTC without pure term risk.
When to have this conversation
LTC planning has a timing problem: the best time to address it is in your 50s, when you're healthier, premiums are lower, and you have more options. Most people don't think about it until their parents need care — and by then, their own health situation may have narrowed the choices.
If you're in your 50s or 60s, this is worth a conversation now. If you're in your 70s, some options close but others remain open. Duane will tell you honestly what's available for your age and health profile.
LTC planning doesn't exist in isolation — it connects to retirement income planning, estate planning, and sometimes preneed planning. If you're thinking about "getting your affairs in order," this is one of the chapters.
Note on SC licensing
Long term care insurance licensing in SC is pending. NC clients currently. Duane will confirm what's available in your state when you call.
Getting Your Affairs in Order
Most people don't need all of these at once — but knowing which chapter you're in helps.
Not sure which LTC approach is right for your situation?
Call or text (919) 822-2010. Duane can explain the options without trying to sell you a specific product. Start there.