Long-Term Care Insurance: What Physicians Need to Know

As a physician, you spend your career caring for others, but have you considered your own long-term care needs? In this blog post, we’ll explore why long-term care insurance is a crucial consideration for medical professionals.

The Unique Position of Physicians

You understand the healthcare system better than most, but this insider knowledge can sometimes lead to a false sense of security. Let’s break down why long-term care insurance deserves your attention:

  1. Professional Risks- Your demanding career can take a toll on your health. Long hours, high stress, and exposure to various illnesses may increase your likelihood of needing long-term care earlier than you might expect.
  2. Financial Considerations- As a high-income earner, you have more assets to protect. Long-term care costs can quickly erode even a substantial nest egg.
  3. Focus of Care- It’s easy to become so focused on your practice and your patients and it can be challenging to find time to plan for yourself. Your medical knowledge is invaluable, but it doesn’t make you invincible. Take the time to evaluate your options and consider consulting with a financial advisor who specializes in working with medical professionals.

Key Factors of Long-Term Care Insurance

Predicting future financial and health status poses challenges, especially for coverage of permanent cognitive issues or daily living assistance. Unlike medical insurance, it covers services like personal aides, adult day care, and institutional housing in assisted-living facilities or nursing homes.

Factors to consider include inflation adjustments, maximum payouts, and eligibility for family caregivers. Fixed rates vary, with potential increases over time. Hybrid policies combining life insurance and long-term care coverage are emerging, albeit pricier. Ultimately, the decision hinges on affordability, asset ownership, and potential future needs.

The Bottom Line

As a physician, you’re accustomed to planning for the unexpected. Long-term care insurance is another tool in your arsenal to protect your future and that of your loved ones. Despite the importance, discussions about long-term care plans are not common among families, leading to unpreparedness for the financial burdens associated with caregiving. Additionally, concerns about affordability and difficulty finding suitable care options contribute to the complexity of long-term care decision-making. While insurance can mitigate some financial risks, individuals should carefully assess their financial situation and affordability of premiums before purchasing a policy.


Camarda Wealth is a fee-only fiduciary advisory group providing Comprehensive Wealth Management to doctors, business owners, and families since 1993. Our extensively credentialed team, includes PhDs and the highly-regarded CFA® designation, provides Custom Full-Service Financial Planning on a Total Wealth Care™, fee-only, basis. This covers advice on investments aiming to not only grow your wealth but to preserve it by attempting to minimize big losses during the inevitable downturns, and advice on estate/trust, tax, retirement planning, as well as income generation, asset protection, business management/transition, and much more. All advice is on a strict fiduciary, no-commission basis. 

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Neither The MD Preferred Network nor any of its owners or affiliates are current or past clients of Camarda Wealth Advisory Group (“Camarda”).  No compensation was paid in connection with the above endorsement of Camarda, however, The MD Preferred Network may still have an incentive to refer you to Camarda as The MD Preferred Network has been granted the right to disseminate select educational content created by Camarda and/or its affiliates but does not compensate Camarda for the use of such content. 

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