Caring in America
With Podcast Host: Richard Wexler
Episode 111
The Overlooked Reality of Aging and Long-Term Care
For those who have been with Caring in America for a while, you know my story.
Twenty years ago, I was working in the software industry, married later in life, raising two small kids, and minding my own business. Then the phone started ringing. One by one, all four of our parents became seriously ill. My wife and I spent the next 14 years caring for them until the last parent passed at age 96.
That experience changed everything.
It’s why I started this podcast, and why I eventually became CEO of APlan2Age—to encourage people to plan before a health crisis hits, not after. Because far too often, families are forced to make major financial and care decisions overnight, with no roadmap.
That’s why today’s conversation with Chris Orestis, President of Retirement Genius, is so important.
Retirement Is More Than Just Money
Chris has spent more than 25 years helping families navigate the financial realities of aging, declining health, and retirement. One of the most important points he made is this:
A successful retirement isn’t built on finances alone.
At Retirement Genius, they focus on what Chris calls the three legs of the stool:
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Financial health
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Physical health
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Lifestyle planning
If one of those legs is missing, the whole thing falls apart.
As Chris put it, “What good is a Ferrari in the garage if you’re too sick to drive it?”
And on the flip side, being physically healthy but financially unprepared isn’t much better.
The Overlooked Cost of Aging and Long-Term Care
One of the biggest gaps in retirement planning is preparing for the cost of aging and long-term care.
The long-term care insurance industry often says about 70% of people will need care at some point. Personally, I believe that number is closer to 95%. For some, it may be a few hours of help. For others, it could be years. But almost all of us—or our loved ones—will need some level of care.
And it’s expensive.
Whether it’s in-home care, assisted living, or a skilled nursing facility, families are often shocked by the monthly costs—especially when adult children live out of state and need to arrange care quickly.
The real problem?
Most people don’t plan for this at all.
Navigating Medicare, Medicaid, and Retirement Options
Chris explained that many families don’t understand the differences between:
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Medicare
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Medicaid
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Social Security
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Health insurance
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Long-term care insurance
Retirement Genius helps educate families on both public options (like Medicare, Medicaid, and Social Security) and private solutions, including:
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Long-term care insurance
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Life insurance
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Annuities
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Veterans benefits
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Home equity solutions, such as reverse mortgages
But one option, in particular, stands out—because it’s still widely misunderstood.
Life Insurance as a Funding Tool for Care
Here’s a statistic that stops people in their tracks:
Nearly 90% of life insurance policies are abandoned before they ever pay out a death benefit.
What many people don’t realize is that a life insurance policy is an asset, just like a home. And if you no longer need or want it, you don’t have to walk away from it.
You can sell it.
This is called a life settlement.
In simple terms, a life settlement allows a policy owner—typically over age 65 with health impairments—to sell their life insurance policy for a lump sum while they are still alive. That money can then be used to pay for:
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In-home care
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Assisted living
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Skilled nursing care
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Living expenses
Unlike many financial tools, this option actually becomes more valuable as health declines—which makes it uniquely suited for families facing an immediate care need.
Timing Matters—Especially During a Crisis
Many families only start looking for solutions after a major event, such as a fall, surgery, or sudden hospitalization.
The good news?
A life settlement can often be completed in 30 to 90 days, making it a viable option even when care needs are urgent.
And there are no restrictions on how the money is used.
Importantly, when funds from a life settlement are used for care, they typically count as a Medicaid-qualified spend-down, allowing individuals to maintain control and choice over their care for as long as possible.
Awareness Is Growing—but Education Is Still Critical
While awareness of life settlements has increased over the last decade—thanks to advertising and professional education—there is still a long way to go.
Billions of dollars in life settlements are completed each year, but countless families remain unaware that this option exists at all.
That’s why conversations like this matter.
Start the Conversation Before It’s Too Late
As families gather for holidays and milestones, these conversations often come up—sometimes unexpectedly. When they do, having the right information can make all the difference.
If you or someone you love is facing aging-related decisions, learning about options before the crisis can preserve dignity, choice, and financial stability.
To learn more, visit RetirementGenius.com, where you’ll find educational resources, videos, and guidance on whether a life settlement—or another option—may be right for you.
As I always say:
Plan to age—don’t wait for the bell to ring.
Have yourself an awesome day.
With Special Guest: Chris Orestis
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Our country is entering a new chapter, one we have never seen before… over 100 million people are 50 years of age or older, and the need for care is going to be more and more prevalent. We are dreaming of a nation where aging and care are understood and become part of our normal conversations with family.
To make this a reality, we need your help!