July 2026
Featuring
Chris Galeski, Wealth Advisor and Partner, Morton Wealth
Russell Boring, Founder, Elevated Strategies Insurance Services
Most of the conversations clients have had about long-term care insurance are based on products that no longer exist.
On this week's Financial Commute, Chris Galeski sits down with Russell Boring, Founder of Elevated Strategies Insurance Services, to walk through what has actually changed. The carriers that mispriced their policies are mostly gone. What replaced them are hybrid and annuity-based structures that solve the biggest objection people have always had: what happens to the money if you never need care?
The short answer: it comes back.
They also cover why people in their 70s who assumed they had aged out of the conversation now have options they did not before, and why the clients who can afford to self-fund are sometimes the ones who need this conversation most.
0:00 – Cold open: is long term care insurance really worth it?
0:35 – Welcome and introducing Russell Boring of Elevated Strategies Insurance Services
1:54 – How the traditional long term care market broke down
3:34 – The stats: 70% of people over 65 will need some form of long term care
4:41 – The four product structures available today
6:25 – The return-of-premium model: getting your money back if you never use it
7:10 – The annuity-based structure: keeping your money working while covering long term care
11:12 – Why having a policy helps spouses actually use the care instead of going without
12:54 – When does long term care insurance NOT make sense?
14:30 – Age is no longer a barrier: new options available well into your 70s
Is long term care insurance worth it?
It depends on your asset level, your age, and the specific product structure being considered. For people who could technically self-fund but would resist spending the money when the time comes, a policy can provide both financial protection and peace of mind. For people with very limited assets, Medicaid provides a safety net. For people in the middle and upper ranges of wealth, the newer hybrid and annuity-based structures have made the math meaningfully more attractive than the traditional policies most people remember.
What is the difference between traditional and hybrid long term care insurance?
Traditional long term care works like car insurance. You pay premiums, hope you never need it, and if you never file a claim, the money is gone. Hybrid structures connect the long term care benefit to a life insurance or annuity chassis, meaning the underlying value is preserved. If you never use the long term care benefit, your original contribution comes back as a death benefit to your heirs. That shift has made these products more appealing to people who were uncomfortable paying indefinitely for something they might never use.
How much does long term care cost per month?
Costs vary significantly by location, level of care, and provider. In general, a long term care event that requires professional assistance can run six figures annually. On the insurance side, annuity-based structures with a contribution of around $250,000 to $300,000 can provide a monthly maximum of approximately $10,000 in benefits, though this varies by carrier, product, and state.
Can you get long term care insurance in your 70s?
Yes, and this is one of the more significant changes in the current market. Life insurance-based structures become more expensive and harder to qualify for as you age. But annuity-based long term care products have lower underwriting risk for carriers, which means older clients can still access meaningful leverage on their safe-bucket assets. Someone in their 70s who previously would have been declined or priced out may now have real options.
What happens to the money if I never use my long term care insurance?
With newer hybrid and leveraged structures, your original contribution is not lost. On a life insurance chassis, it comes back as a death benefit to your beneficiaries, income tax free. On an annuity-based structure, your contributed amount continues to grow at a stated rate and is available to heirs. The old problem of paying premiums for decades and getting nothing back no longer applies to most products being discussed today.
Can I use existing life insurance or an annuity to fund long term care coverage?
In many cases, yes. If you hold a life insurance policy or annuity that you no longer need for its original purpose, it may be possible to do a tax-free exchange into a long term care structure. This is particularly useful when the policy has accumulated gain, because the exchange removes that gain exposure and converts it into a tax-free long term care benefit pool. Russell walks through this scenario in the episode, including how the math can work for someone in their 70s with a policy they have outgrown.
Who does long term care insurance not make sense for?
People with very low income or limited assets generally have Medicaid as a fallback, which covers long term care at a basic level, though with less flexibility and choice. At the other extreme, clients with enough liquid assets to comfortably absorb a long term care event without affecting their lifestyle or legacy may not need coverage. The strongest case for these products tends to be people in the middle, those with real wealth but not unlimited liquidity, for whom a prolonged care event would meaningfully affect their plan.
Long term care is one of the most emotionally and financially significant risks in retirement planning, and one of the most frequently deferred. The policies most people looked at years ago and passed on were often the right call. The products available now are genuinely different, and the window to act before age or health make the options narrower is worth understanding.
At Morton Wealth, conversations about long term care belong inside the broader financial plan, not as a separate product decision. If this topic is relevant to your situation, it is worth a conversation with your advisor and a specialist like Russell to understand what the math actually looks like for you.
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Disclosures: Information presented herein is for discussion and illustrative purposes only and is not intended to constitute financial advice. The views and opinions expressed by the speakers are as of the date of the recording and are subject to change. These views are not intended as a recommendation to buy or sell any securities, and should not be relied on as financial, tax, or legal advice. You should consult with your finance professional, accountant, or tax professional before implementing any transactions or strategies concerning your finances.
