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
Topics: Long-Term Care Long-Term Care Insurance Limited & Extended Care Planning Center
1 min read
California Insurance Department FAQ Aims to Clear Up Confusion About LTCi Program Study
California has not at this time established a publicly funded state-run long-term care insurance program or set deadlines for employees in the state to opt out. The state established a Task Force to study the possibility of such a program and make recommendations, and that study is ongoing. The California Department of Insurance has issued a revised Frequently Asked Questions Document to clear up some common misconceptions. Among topics covered by the FAQ are:
Topics: Long-Term Care Insurance State Advocacy Limited & Extended Care Planning Center California
1 min read
46% of Financial Professionals Don't Recommend LTC Insurance
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
4 min read
Paying for Senior Care
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
6 min read
Long-Term Care Insurance: When to Buy It & More
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
2 min read
These Two Trends Signal Much Higher LTC Costs in the Future - Regardless of Inflation
Designing a LTC plan that will have appropriate benefits in 30 or 40 years can be really challenging! Despite that, many older LTC policies have actually done a pretty decent job of keeping up with the cost of long-term care. How do I know? Well, my Mom purchased an LTC Insurance policy from CNA Financial back in 1991. The initial benefit was $100 per day with a 5% automatic inflation increase benefit. Now, she is receiving care in a private room in an excellent nursing facility. The facility charges $420 per day for care, less than the $454 benefit daily benefit of the policy. The policy covers ALL the cost of her care.
Of course, that is an anecdotal example. Some policies have not kept up with the cost of care, especially those without inflation riders. Fortunately, however, many of the dire, scary predictions during the early 90s related to the cost and availability of care haven't come true. Although stressed by the pandemic, there is currently a strong infrastructure of home care, assisted living and skilled nursing facilities. People pay for care using their LTC policies, riders on life policies, or retirement savings.
Topics: Long-Term Care Research/Trends Long-Term Care Insurance Limited & Extended Care Planning Center
1 min read
Webinar On-Demand: LTC Pricing in Uncertain Times
Rising interest rates and inflation can dramatically impact long-term care insurance pricing.
This month, LTCI Partners Managing Director Tom Riekse spoke with Robert Eaton, Principal and Consulting Actuary of Milliman. In addition to interest rates and inflation, Riekse and Eaton discussed recent innovations in LTC product design and how to build trust in the digital age.
Topics: Extended Care Limited Care Long-Term Care Insurance
6 min read
How to Protect Your LTC Plan From Future Inflation
Significant inflation - something that the majority of Americans have not seen in their lifetime - has been a primary news topic. From concerns about exploding national debt and high government spending levels to an expanding post-pandemic economy, many people are concerned about sustained inflation and decreased purchasing power. Or, as many economists are assuring us, this could be a short-term event as the economy bounces back from the pandemic. Nobody knows!
Topics: Long-Term Care Long-Term Care Insurance
3 min read
LECP Webinar: Proven Approaches and Techniques Using Traditional Long-Term Care and Hybrid Life Insurance
Denise Gott, CLTC, is CEO of ACSIA Partners
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