Discover Our Services

At Virtus Wealth Management, your Southlake independent financial advisors, we help our clients prepare for a financially-secure future by developing long-term strategies that focus on the “big picture” versus short-term gain, thereby managing risk.

Connect With Us

Today’s economic conditions and uncertain financial markets require the savvy investor to go beyond traditional boundaries.


Our mission is to provide innovative, sophisticated and highly customized wealth management solutions and financial advice that address all facets of your finances.

Connect With Us

We tailor everything to each of our clients’ specific needs so that each client can pursue his or her different goals.

Virtus Wealth Management

Virtus Wealth Management is the product of a 2016 merger between two well-established Texas wealth management firms.

Connect With Us

Wealth management is more than just investment advice – it includes all aspects of a client’s financial life.

Latest Post

Get in touch

Wealth management is more than just investment advice – it includes all aspects of a client’s financial life.

Who We Help

At Virtus Wealth Management, we believe we can help you no matter what age you are, what life stage you are in, or how much money you are working with. We want you to feel educated, empowered, and involved in the planning of your financial future.

A Potentially Big Financial Mistake

  • $
  • A Potentially Big Financial Mistake

by | Sep 15, 2021

Failing to plan for long-term care, i.e., what type one might need, how long one may need it, and how will it be paid for. Is this a big financial mistake? Maybe.

The Department of Health and Human Services in 2016 estimated about half (52%) of people who reach the age of 65 will require some type of long-term care.

From Genworth Financial, the median monthly cost of care nationwide in 2020 is:

  • Home Health Aid (assuming 44 hours per week) $4,576
  • Assisted- Living facility (private, one bedroom) $4,300
  • Nursing Home semi-private room $7,756
  • Nursing Home, private room $8,821

As you can see, the money can add up pretty quick. So, one may choose to deny the probability, ignore and wait for a time when it may be too late. Or, one may have some curiosity for a possible solution to mitigate this potential risk.

The former choice suggests using social security retirement monies and spending down assets one worked all their life to create. The latter leads to questions about long term care insurance. Today long-term care insurance comes in many shapes and sizes and can be complicated. I would suggest that is not a reason to ignore.

Two great resources are:

  1. The National Association of Insurance Commissioners offers “A Shopper’s Guide to Long Term Care Insurance”. It is a 76-page booklet (I said it was complicated) and can be found on their website by clicking here.
  2. Consult with an independent agent, one who represents multiple carriers and the wide choice of products, i.e., traditional Long-Term Care insurance, hybrid policies that combine long-term care protection with life insurance or annuities.

The advisors here at my firm, Virtus Wealth Management, are one of those independent licensed agents. I know that is a bit self-serving, but I have personally helped many clients navigate these waters using any and all of the products suggested.

Lastly, I will share that my wife Linda and I do have long term care insurance. Also, may I suggest, as I do, look at all options with the idea of why you might reject them, and, if you can’t find a reason to reject, then maybe you need to take some action.

If you would like to know more information about long-term care insurance feel fee to call me at 817-717-3812, I am happy to help you navigate your various options.

Let’s Connect

Contact Us
Would you like to subscribe to The Virtus View, our twice monthly e-newsletter?