Not necessarily. Extended care solutions can include asset-based plans, hybrid life policies with chronic illness riders, and certain annuity designs — often with features like cash value, return-of-premium, or a death benefit if care is never needed (product dependent).

Many strategies are designed as “use it, keep it, or leave it.” If you don’t use the money for care, it may remain as cash value or pass to beneficiaries — rather than disappearing (contract dependent).

Yes. Many plans emphasize in-home care first, while still allowing benefits to be used for assisted living or skilled nursing if needs change.

Tax treatment varies. We pay attention to how benefits are taxed, how premiums are funded, and how to avoid unintended taxable events during retirement distributions, coordinating with your tax professional.