Long-Term Care · Detroit, MI
Long-Term Care Insurance in Detroit
70% of Americans 65+ will need long-term care during their lifetime. In Michigan, a nursing home runs about $108,000 a year. Medicare doesn't cover it. Medicaid only kicks in after you've spent down most of your assets. Ten Point Financial Group helps Detroit families plan for this risk before it arrives — when premiums are still affordable and underwriting is still passable.
70%
Of Americans 65+ will need LTC
$108K
Median annual nursing home cost in MI
55-65
The premium + underwriting sweet spot
Why Detroit
LTC planning has changed dramatically. Traditional standalone policies (the kind your parents had) can still work, but premiums can rise unpredictably. Modern hybrid policies (life insurance with an LTC rider) offer guaranteed premiums and a death benefit if LTC is never used. The right answer for a 55-year-old Detroit professional is usually different from the right answer for a 70-year-old retiree. We design around your age, health, assets, and family caregiving expectations.
How we help
Traditional LTC Insurance
Standalone policies with daily/monthly benefit amounts and inflation protection. Use-it-or-lose-it structure, but most efficient if you actually need care.
Hybrid LTC (Asset-Based)
Life insurance with an LTC rider. Guaranteed premiums, death benefit if unused, accelerated benefits if you need care. Increasingly popular for households who don't want 'use-it-or-lose-it'.
Inflation Riders + Benefit Period
The two design choices that decide whether your policy is actually there when you need it. 3% vs 5% inflation, 3-year vs lifetime benefit period.
Home Care vs Facility Planning
Most families want to age at home. LTC policies can fund home health aides, adult daycare, and assisted living — not just nursing homes.
Medicaid Spend-Down Strategy
When LTC insurance isn't an option, Medicaid planning becomes the conversation. We coordinate with elder law attorneys on Michigan-specific Medicaid rules.
Frequently asked questions
When should I buy LTC insurance?+
Between 55 and 65 is the sweet spot for most people. Younger = premiums lock in lower but you pay longer. Older = harder to qualify medically, and premiums increase sharply each year. Waiting past 65 often takes the decision out of your hands due to underwriting.
Does Medicare pay for long-term care?+
Almost never. Medicare covers up to 100 days of skilled nursing after a hospital stay — and even that's not guaranteed. For chronic conditions, dementia, or extended assistance with daily living, Medicare pays $0.
Doesn't Medicaid cover nursing homes?+
Yes, but only after you spend down your assets to about $2,000 in countable assets. For most Michigan families, that means selling investments, depleting retirement accounts, and sometimes losing the family home. Medicaid is the fallback, not the plan.
Hybrid vs traditional — what's the difference for me?+
Hybrid: guaranteed premiums, death benefit if unused, less risk of rate hikes. Traditional: more LTC benefit per dollar of premium, but premiums can rise. Most clients we work with today choose hybrid because the certainty is worth the slightly lower benefit.
What if I can't qualify medically?+
We'll tell you honestly during the first meeting. If LTC insurance isn't available, the conversation shifts to self-insuring through dedicated assets, Medicaid planning with an elder law attorney, or family caregiving plans.
Learn more
Free LTC planning consultation
We'll look at your age, health, assets, and family situation — and tell you whether LTC insurance makes sense and what kind would fit.
Educational content only. Not financial, legal, or tax advice. All services are provided by licensed professionals. Coverage decisions depend on individual circumstances.