November is National Long-Term Care Awareness Month and it is a great time to bring potential limited and extended care planning needs top-of-mind with your clients. It is important for every comprehensive financial plan to include LTC considerations. So even if LTC insurance is not your primary line of business, Long-Term Care Awareness Month gives you a good opportunity to get clients up to speed.
3 min read
It's Long-Term Care Awareness Month: Make Sure Your Clients Prepare for Any Eventuality
By NAIFA on 11/2/23 10:56 AM
Topics: Long-Term Care Long-Term Care Insurance Limited & Extended Care Planning Center
1 min read
46% of Financial Professionals Don't Recommend LTC Insurance
By NAIFA on 7/20/23 5:19 PM
A study conducted by OneAmerica found that 46% of financial professionals do not recommend long-term care (LTC) protection to their clients.
The study highlights a potential gap in helping clients prepare financially for potential LTC expenses. It is estimated that almost 70% of individuals over the age of 65 will require LTC services at some point in their lives, making LTC protection an important aspect of retirement planning.
Topics: Long-Term Care Research/Trends Long-Term Care Insurance
7 min read
Your Wealthy Client Can Self-Insure for Long-Term Care. But Should They?
By Tom Riekse Jr. on 6/6/23 12:12 PM
Let me ask you a question. How much will your long-term care cost?
The answer, of course, is you have no idea. You may be one of the lucky ones who are completely independent and dies of "natural" causes in their sleep. Or you may be diagnosed with early-onset Alzheimer's and need expensive care for a number of years. It's not unusual for people to spend up to $20,000 per month on long-term care (I've got family experience).
It's often said that LTC Insurance is for the middle class - the poor can rely on Medicaid to pay for care and the wealthy can pay for care themselves. But is self-insuring, or to be more precise self-funding, always the best choice?
Topics: Long-Term Care Extended Care Limited Care Research/Trends Tax Benefits Limited & Extended Care Planning Center
4 min read
Paying for Senior Care
By Coventry on 5/23/23 3:00 PM
As you get older and develop medical conditions, you may need to consider getting assistance in the form of senior care. From in-home care to an assisted living or nursing facility, there are many options that can meet your needs. But the unfortunate reality is that senior care often comes with a high price tag, and you need to know what costs to anticipate—and how you’ll cover your care. In this post, we’re exploring how you can finance this important step in your journey—and live comfortably and affordably throughout your later years.
Topics: Long-Term Care Extended Care Limited Care Long-Term Care Insurance Limited & Extended Care Planning Center
10 min read
How to Use a Trust to Plan for Long-Term Care
By Cameron Huddleston on 5/9/23 2:30 PM
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.
Topics: Long-Term Care Extended Care Limited Care Limited & Extended Care Planning Center
2 min read
What’s the Option When Long-Term Care Isn’t an Option?
By Jamie Sarno on 5/3/23 9:45 AM
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.
Topics: Long-Term Care Extended Care Limited & Extended Care Planning Center Short-Term Insurance
6 min read
Long-Term Care Insurance: When to Buy It & More
By Coventry on 4/20/23 9:52 AM
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.
Topics: Long-Term Care Extended Care Limited Care Long-Term Care Insurance Limited & Extended Care Planning Center
5 min read
Tax Breaks to Help Offset the Cost of Caring for Parents
By Cameron Huddleston on 3/24/23 10:50 AM
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.
Topics: Long-Term Care Extended Care Limited Care Tax Benefits Limited & Extended Care Planning Center
2 min read
Change the Conversation with Financial Longevity Wellness
By NAIFA on 3/15/23 3:57 PM
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.
Topics: Long-Term Care Webinar Advisor Today Limited & Extended Care Planning Center Insurance
2 min read
Long and Short-Term Care Insurance: More in Common Than You Think
By Jamie Sarno on 3/10/23 2:40 PM
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.