Lifetime HealthCare
Planning Center

There’s a good chance that you will need long-term care as you age. After all, more than half of adults 65 and older need this sort of care when a medical issue leaves them unable to care for themselves, according to the Department of Health and Human Services. That’s why it’s important to plan for this possibility, especially considering that professional long-term care at home or in a facility can be incredibly expensive. 

One way to plan financially for long-term care is to create a trust. And, no, a trust isn’t just something the wealthy use to pass on their money from generation to generation. It can be an incredibly useful tool to protect your assets if you become incapacitated and to shield your assets to qualify for certain long-term care benefits.

This article is a continuation of Jamie Sarno's series on Short-Term Care Insurance. You can read the first part of the series here and the second part of the series here.

After posting the last two articles and hosting the short-term care webinar here at NAIFA, I have been inundated with emails and phone calls — all asking for more information on short-term care.  

What I heard, from the majority of you, is that you need and want a solution when long-term care coverage is not possible for your clients — due to their age, health, or finances.

For many seniors, long-term care (LTC) insurance—an insurance policy that helps pay for chronic medical care—can be a worthwhile choice. After all, nearly 70% of seniors aged 65 or older will require some form of long-term care in their lifetime—a service that can be prohibitively expensive, setting families back thousands of dollars a month.

But is long-term care insurance worth it? This policy tends to come at a steep price: in the U.S., for example, the average 55-year-old man pays an annual premium of $2,220. And thanks to insurance marketing tactics, potential buyers often believe that they’ll spend years in a nursing facility—which isn’t always the case.

Caring for a parent can take a big toll on your finances. Nearly eight in 10 caregivers report having to cover expenses related to caregiving out of their own pockets and spend an average of $7,242 a year on those expenses, according to a study by AARP. 

Fortunately, there are tax breaks that might help offset the cost of elder care. Find out if you are eligible for any of these federal tax credits or deductions for taking care of elderly parents.

Want to differentiate yourself? Then change the conversation! A hot topic that every client is concerned about is Financial Longevity Wellness. Today’s clients are worried about outliving or outspending their money or getting caught in an expensive ‘sandwich generation’ situation, or worrying about family or business financial wellness. 

Join the next Advisor Today webinar on Wednesday, March 29 at 12 pm eastern, as Carroll Golden, Long-Term Care Expert and Executive Director of NAIFA's Centers of Excellence, demonstrates a three-step formula to show how to incorporate Financial Longevity Wellness in the products and services you provide, while staying focused on your client’s story.  

This article is a continuation of Jamie Sarno's series on Short-Term Care Insurance. You can read the first part of the series here.

Did you know insurance plans that cover Nursing Home, Assisted Living, or Home
Nursing Care for a minimum of 365 days or more is considered Long-Term Care Insurance? Insurance plans that cover “less” than 365 days are considered Short-Term Care Insurance. Other than its shorter duration period, STCI shares many of the same great benefits and features that you would find in LTCI.

As part of February's I Love NAIFA Month, we are highlighting all the aspects of the association we love. We are thankful for the support of our Limited & Extended Care Planning Center partners, who give insight, advice, and thought leadership for the long-term care space.

Don't miss some of the recent content highlights from our LECP partners to help catch up on the latest trends, programs, and options in limited and extended care.

NAIFA will join our Limited & Extended Care Planning Center (LECP) partner, ILTCI, for the 2023 ILTCI Conference in Denver, CO, from March 12-15, 2023, at the Sheraton Downtown Denver.

ILTCI’s annual educational conference is for representatives of the long-term and extended care planning community and other strategic allies, including providers, public policy institutions, professional organizations, federal, state, and local government agencies, and the public. 

What if I told you…

“7 out of 10 people age 65 and over will need long-term care services and support at some point in their lives."

Nothing new, right?

For those of us in the long-term care industry, we know this statistic all too well. But I promise you, many people still do not understand what it actually means.

When long-term care insurance is not an option due to a person's health and/or finances, there may be an alternative solution to a difficult situation. Limited long-term care insurance can be an option to help during your client's time of need.

Register now for this upcoming webinar discussing limited long-term care on Tuesday, February 7 at 2 pm eastern.