Limited and Extended Care Planning Collective

Caregiving a powerful new documentary that delves into the triumphs and challenges faced by caregivers across the country, is proudly sponsored by the OneAmerica Financial Foundation. Narrated by Emmy Award-winning actress Uzo Aduba and executive produced by Academy Award-nominated actor Bradley Cooper, the film premiered on Tuesday, June 24 on PBS, PBS YouTube, and wellbeings.org.

The documentary offers a crucial look at the vital, yet often invisible, role of caregivers today. It explores the emotional, financial, and physical toll that caregiving can take on individuals and families, while also celebrating their incredible resilience, love, and innovative spirit.

Connect, Educate, and Sell with Confidence to the Next Generation of Clients

Long-term care (LTC) insurance may not be top-of-mind for clients in their 40s and early 50s—but it certainly should be. As an agent, your ability to sharpen your LTC insurance pitch for younger clients can set you apart from competitors and open the door to a new segment of long-term planners.

Today’s younger clients are value-driven, information-savvy, and often balancing financial planning with family responsibilities. Here’s how to tailor your pitch so it resonates, not repels.

A Medicaid Compliant Annuity (MCA) is a specialized financial tool designed to help seniors qualify for financial assistance while protecting their assets. For agents and advisors, an MCA provides a legal and strategic way to help clients spend down excess countable assets that would otherwise delay Medicaid eligibility.

Technically speaking, an MCA is an income-only, single premium immediate annuity designed to work with Medicaid’s requirements by converting assets into income. This conversion allows individuals to reduce their countable assets while ensuring a steady flow of income, ultimately helping them meet Medicaid’s strict financial requirements.

Integrating Medicaid Compliant Annuities (MCAs) into your planning process can be a powerful way to help clients secure long-term care funding. However, not every client is a good fit for an MCA. To determine if this strategy is the right solution, consider these three key factors.

What Happens When a Client Can’t Qualify for Long-Term Care Insurance?

Many people put off long-term care planning until it’s too late. Some assume they’ll never need professional care, while others avoid thinking about it altogether. Unfortunately, by the time they do consider planning, they may no longer qualify for long-term care insurance (LTCI) due to age, health conditions, or financial constraints.

If your client has been denied LTCI or waited too long to apply, they may assume they’re out of options. The good news? It’s not too late for you to help them protect their assets—even if they’re already facing a long-term care stay.

Many seniors generously give gifts to loved ones or donate to charities without realizing how these transfers might impact their Medicaid eligibility. While giving away assets may seem like a way to reduce countable resources, Medicaid has strict rules that can result in penalties and delayed benefits. Understanding these rules is essential when guiding clients through the spend-down process.

As underwriting for long-term care insurance (LTCI) continues to evolve, agents play a crucial role in guiding clients through the application process and improving their chances of approval. By educating clients, pre-screening health risks, and positioning alternative solutions, agents can help applicants secure the best coverage possible.

Long-term care insurance (LTCI) provides crucial financial protection for extended care needs, but most policies have a benefit cap, whether it’s a maximum payout amount or benefit duration. When LTCI benefits run out, clients may face a difficult financial situation. As a financial advisor, you are uniquely positioned to help them plan for the next phase of care.

NAIFA’s Lifetime Healthcare Center is presenting “The Peak 65 Series: Impact Day for Lifetime Healthcare,” a one-day virtual event, November 19, beginning at 11 am eastern. It features a dozen 20-minute TED Talk-like presentations covering timely topics on the financial implications of longevity and aging. Presenters include recognized thought leaders offering insights on long-term care, disability income, hybrid insurance products, Medicare, federal and state legislative and regulatory considerations, and more.

As part of November's Long-Term Care Awareness Month, NAIFA is kicking off the Peak 65 Series and starting with a virtual Impact Day to explore topics within lifetime healthcare. Join industry thought leaders and subject matter experts for a free, virtual TED-talk-style event that showcases our expanded Center that now covers topics such as: 

• longevity
• caregiving
• Medicare
• vitality
• extended care 

The expanded Center is also now looking for brand ambassadors! Are you a financial service professional who practices in an area that touches topics in lifetime health? If so, please let us know so that we can talk about how to get you more involved and part of the brain trust!

While MarketWatch columnist Brett Arends raises legitimate concerns about the complexities surrounding Medicare enrollment and the insurance brokers who assist beneficiaries (“The Medicare scandal hiding in plain sight,” Oct. 16), he unfairly paints a broad picture of financial professionals as profit-driven actors without considering the critical role brokers play helping consumers navigate the Medicare Advantage marketplace, which now accounts for more than half of all eligible Medicare beneficiaries. Agents and brokers educate consumers on how Medicare works, both broadly and in conjunction with other products such as Part D prescription drug plans, to simplify a complex decision-making process.

Come join members John Migliaccio, Ph.D., RFG, FGSA and Kenn Tacchino, JD, LLM for the inaugural lecture of the Institute of Financial Gerontology at UMBC's Erickson School of Aging Studies. The event will be held on October 25th from 1-2:30 pm with an onsite reception to follow.

Following a period of substantial growth from the 1990s to 2010, Traditional LTC Insurance has encountered difficulties in expanding over the past decade. While sales remain steady, they are not significant enough to address America's Long-Term Care funding crisis. This has been highlighted by various negative press articles, including one from the New York Times' "Dying Broke" series in November 2023.

Wondering if large-worksite traditional long-term care insurance is dead or alive? Kevin Sypniewski, founder and president of AGIS Network, a speaker at our recent “Don’t Be Scared of Long-Term Care” event says it depends on who you asks, and provides his  insights on the answers and options. 

Looking to learn more? The original presentation during “Don’t Be Scared of Long-Term Care” is available on demand. Media coverage of Kevin Sypniewski's presentation can be found in InsuranceNewsNet.

As part of Long-Term care awareness month our latest spotlight highlights the insights from Tom Riekse’s article on Long-Term Care (LTC) insurance. He breaks down the often overwhelming array of options into manageable choices, guiding through the intricacies of health underwriting, product features, and funding strategies. To get the full breadth of Tom's expertise, read his in-depth article.

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.

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:

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.

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?

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.

Accident, critical illness, and hospital indemnity products are often not top-of-mind but offer incredible value as stand-alone products, while also working well together when paired with health insurance.

At the next Advisor Today on Wednesday, May 31 at 12 pm eastern, find out how these products can provide a whole health solution for your clients and offer advantages to agents looking to grow their business.

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.

Join Dan Mangus, VP of Growth and Development at Senior Marketing Specialists, for an Advisor Today webinar on Wednesday, January 25 at 12 pm eastern. In "Buying or Selling an Agency - A Focus on Medicare," Dan will guide you through the ins and outs of buying or selling an agency, and the top things you need to know when it comes to Medicare.

Today’s reverse mortgage loans have built-in protections designed to make sure the loan is a sustainable solution for the borrower. In this article, we’ll explore what a life expectancy set-aside (LESA) is, how it helps a borrower to pay property charges, when the lender’s underwriter will require it, and why, in some situations, it may be advantageous for a reverse mortgage borrower to voluntarily opt for a LESA.

The decision to move yourself or a loved one into long-term care can be a difficult one, and determining how to pay for long-term care can add unnecessary stress to a phase of life that’s already full of transitions. Understanding the costs you may encounter and developing a proactive plan to afford long-term care can help ease the burdens that accompany it.

What do you get when modernized Long Term Care Insurance products meet changing workplace needs and employee attitudes? An advantageous opportunity to grow your business, reach the middle market, and help protect more families from potential LTC needs.

Worksite benefits have long been a critical tool in helping employers attract top talent. What’s changed is that more employers want a variety of products to build benefit packages that are as diverse as today’s workforce – and there’s room for LTCi in this conversation.

Sure, you’ll face some challenges from decision-makers, but clearing hurdles is nothing new for seasoned LTC professionals. Here are three common objections that you can address with employers to change the way they think about LTCi.

As your parents age, there’s a good chance they will need long-term care. According to the Department of Health and Human Services, more than half of Americans turning 65 today will develop a disability serious enough that they will need daily help with the basic activities of living. Most will need care for less than two years, but 1 in 7 will need assistance for more than five years.

As tough as it might be to imagine your parents being unable to care for themselves, the thought of discussing this possibility with them probably seems even harder. But it’s important to talk to your parents sooner rather than later to develop a plan for long-term care if they ever need it. If you wait for an emergency to strike, emotions will be running high and you’ll likely have fewer options to deal with your parents’ need for care.

Chris Bor, LUTCF, CLU, ChFC, a loyal NAIFA member since 1998 and Immediate Past President of NAIFA-WA, testified at a hearing of the Washington State Senate Business, Financial Services & Trade Committee on the use of life insurance, annuities, and policy riders in long-term care planning. He gave an overview of a wide variety of LTC planning options and discussed the value of agents and advisors to consumers. Bor also serves as Vice-Chair of NAIFA's National Membership Committee.

NAIFA's Limited & Extended Care Planning Center hosted "Don't Be Scared of Long-Term Care," on Monday, October 31 to help kick off Long-Term Care Awareness Month. If you missed any of the sessions that day, or want to revisit particular talks, recordings of all eight presentations are now available to watch on-demand.

On Monday, October 31's "Don't Be Scared of Long-Term Care," NAIFA's Executive Director of Centers of Excellence, Carroll Golden, addressed the crisis of long-term care that is sneaking up on most Americans. "When we look at the cost of care, it’s only increasing and it’s increasing dramatically," she said at the Limited & Extended Care Planning Center's annual Impact Day.

We're kicking off November's Long-Term Care Awareness Month on Halloween, Monday, October 31 to get the message out that you don't need to be scared of long-term care conversations!

NAIFA's Limited & Extended Care Planning (LECP) Center is hosting "Don't Be Scared of Long-Term Care," a free, day-long virtual program from 9 am to 5 pm. Included are interactive sessions from industry leaders who will address the scariest of topics in the long-term care arena. 

The limited and extended care planning (LECP) marketplace is transforming apace with innovations in technology. The rise of 5G, the fifth-generation standard for broadband cellular networks, has revolutionized the way we handle LECP data, providing greater data speeds, more reliability, and massive network capacity.

NAIFA's Limited & Extended Care Planning Center is focused on bringing you comprehensive information to help your business thrive in the long-term care sector. Below are the most read and most relevant articles by professionals like you from this last quarter (April to June 2022), written by NAIFA and our dedicated partners.

Want to see more of this content, or have a suggestion of topics you would like to see discussed? Let us know at lecp@naifa.org.

Annuities and LTC Insurance: Two Case Studies in Planning

By NAIFA

Annuities can be an important part of long-term care planning, Tom Riekse, ChFC, CLU, CEBS, Managing Director at LTCi Partners, told attendees of NAIFA’s Limited and Extended Care Planning Center webinar. “Unfortunately, there has probably not been as much emphasis on how they can work together in a plan for care as there should be based on some of the great benefits available.” 

A new survey by NAIFA’s industry partner LIMRA and EY found that about 75% of employers believe they will need to modify their employee benefits packages within the next five years to attract and retain top talent. Among the top benefits employers believe workers will be most interested in are: life insurance, paid family and medical leave, short-term disability, long-term disability, and physical wellness programs. The survey also found that a significant portion of workers place a greater value on workplace insurance benefits – particularly health insurance, life insurance, and disability insurance – than they did prior to the COVID-19 pandemic.

Do you ask your clients for trusted contacts?

Since 2018, brokerage firms have been required by FINRA Rule 4512 to ask their retail customers to provide the name and contact information of a trusted contact person. Although the rule applies only to broker-dealers, it’s still a best practice for all wealth management and financial advisory firms to gather this information from clients. 

Unfortunately, time-strapped advisors too often treat getting trusted contacts as an administrative task versus an opportunity to grow their practice. Trusted contact record-keeping should be thought of as a critical practice infrastructure, contributing far more than a list of emergency numbers. If you’re not already asking clients for trusted contacts, here are two key reasons why you should.

Life can be unpredictable and challenges will arise. We cannot always control our circumstances, but we can control our perspective and what we focus on. Choosing to see the good in bad or hard situations is what will make the ultimate difference in the long run. The CPT (Care Planning Team), is an important resource regarding this. They help individuals get back on track in their lives and continue that joy perspective.

Long-term growth requires long-term planning. Reduction in taxes, fewer fees, more savings, and exponential growth, are all factors of long-term planning. A long-term care funding plan was also created which increases success in these areas and is an option for those wanting to be smarter with their finances.

Proper preparation = better cash flow. Without thorough forethought and intention put into place for the future, cash flow is bound to be a concern. This excerpt dives into the specifics of what a lack of preparation results in and the cash flow measures that should be taken to prevent them.

One of the most overlooked threats to retirement is when people need to either limit their earning potential in the workforce due to caregiving demands (think not taking a promotion or limiting the ability to travel), or they leave the labor force altogether because the demands of caregiving are so great. This excerpt explores the impact that leaving/diminished workforce engagement has on future retirement planning.

We're pleased to congratulate loyal NAIFA member Cheryl Canzanella, CLU, ChSNC, LUTCF, on her new position with NAIFA partner Fairway Independent Mortgage. Cheryl will take over the role of HECM Business Development Manager - Retirement Solutions.

Since joining NAIFA in 2010, Cheryl has been active in the NAIFA community. She is a Past President of NAIFA-Northeast Florida and has served in leadership positions at the local, state, and national levels. She is also a recipient of NAIFA-FL's President’s award. In 2019, she was recognized as NAIFA’s Young Advisor Team Leader of the Year. Cheryl is also a Founding Past President of Women in Insurance & Financial Services (WIFS) Northeast Florida.

"A lack of planning has immediate consequences and possibly consequences that will reach 20 years into the future," says Golden in her new book, "How Not to Tear Your Family Apart". Golden has been bringing the concept to both financial advisors and consumers that we need to get the conversation started far sooner than anyone expects so that dire consequences do not occur that possibly impacts generations to come. 

Increased awareness of long-term care (LTC) insurance means increased interest in LTC coverage. However, not all clients qualify for a traditional LTC rider.

Financial exploitation of older adults is rampant, and the problem will only get worse as America’s population continues to age.

In fact, the rate at which adults over the age of 60 can expect to experience financial exploitation—1 in 20—is higher than the incidence of many age-related diseases, according to research published in The Journals of Gerontology. And that’s likely an underestimate because many older adults are unwilling to report exploitation.

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.

Senator Tim Scott (R-SC) knows the importance of the insurance and financial services industry and the role of agents and advisors in the wellbeing of Main Street Americans. He gained much of this understanding in his pre-political career as an insurance professional and NAIFA member.

There is and likely will always be a debate between what’s better: “optimistic” or “realistic” thinking. When it comes to retirement and aging, it’s beneficial to have both mindsets. To look forward to the enjoyment of the golden years while recognizing the need to plan ahead for rainy days.

For your clients who are homeowners aged 62+, a Home Equity Conversion Mortgage (HECM, commonly called a reverse mortgage) loan offers some distinct advantages over other types of home-equity-release loans.

According to a survey conducted by Clever,* about half (51 percent) of retirees believe they will outlive their savings. Perhaps even more worrisome, the study also found that 65 percent of retirees say they are not financially secure. They may be facing any number of financial challenges, including how to best pay for long-term care or combat recent jumps in the prices of food, gas, and just about everything else.

As a financial professional, you want to give your clients the best chance at financial success. For most homeowners aged 62 and older, home equity represents the largest portion of their overall net wealth, usually dwarfing their other assets (e.g., retirement savings). While home equity is good, unless the home is sold or the equity is tapped, it is of essentially no functional value to a homeowner in retirement because it is generally very illiquid.

Loyal NAIFA-CA member Louis H. Brownstone, CLTC, proposes a new solution for long-term care insurance planning in a recent Broker World article. Brownstone is the owner of California Long Term Care Insurance. A NAIFA member since 2007, he is the Government Relations/APIC IFAPAC Chair for NAIFA-San Francisco Peninsula and a NAIFA Financial Security Advocate.

Congratulations, Louis. We're #NAIFAproud of your commitment and dedication to our industry.

The Intercompany Long-Term Care Insurance Conference (ILTCI 2022) is taking place March 21-23 in Raleigh, NC, with sessions featuring NAIFA thought leaders and a special NAIFA networking event. The ILTCI’s annual educational conference is for representatives of the long-term and extended care insurance community and other strategic allies, including providers, public policy institutions, professional organizations, federal, state, and local government agencies, and the public. Online registration for the event is open.

Along with resolutions and high hopes, the new year also brings many insurance carriers promoting changes to their whole life insurance product portfolios. These revisions are due to adaptations in the IRC Section 7702 regulations. Prolonged low interest rates also continue to factor into product refreshes, revamps and adjustments. It may be overwhelming to sift through the fine print of the new products, but as you begin to evaluate them, keep these top five considerations in mind:

Home Wealth Can Help Your Older-Adult Clients to Fight Inflation.  

These days, inflation is on the minds of most people — and it is of particular concern for seniors. With prices rising at the fastest pace in decades, many people who are in or nearing retirement have heightened fears they may outlive their savings.

The stage is set for home wealth, which has also been on the rise, to play an important role in helping retiree homeowners to support a more efficient retirement income strategy. As a financial professional, you want to give your clients the best chance at financial success, which is why it is imperative that the strategic use of home equity is part of any retirement-planning conversation.

It has been critical for the Extended and Long-Term Care (LTC) Industry to weigh in on the publicly funded LTC program in Washington State (WA Cares). The industry has historically welcomed a public-private LTC option. And we are hopeful that the various state legislatures considering similar programs will embrace knowledgeable suggestions from industry insurers, business processing firms, distributors, agents, and advisors. In addition, there are proposals at the federal level that also could benefit from industry participation. 

While there are several different types of reverse mortgages, most reverse mortgage loans today are HECMs—the only reverse mortgages insured by the Federal Housing Administration (FHA). 

Many financial professionals now consider today’s HECMs to be an important and effective tool (when used within a comprehensive financial plan) to help improve retirement outcomes for their older-adult homeowner clients.

NAIFA Trustee Christopher Gandy, LACP, was featured presenter at the NAIFA-NC chapter’s February virtual meeting. After presiding over the installation of NAIFA-NC’s 2022 Board of Directors, Gandy gave his presentation, “Your Best Year Ever.”

Drawing on his experiences as a professional basketball player and a highly successful financial professional, Gandy challenged agents and advisors to reach their highest levels of achievement. “You cannot do ordinary things and expect extraordinary results,” he said. “You have to do ‘the extra.’”

Whether you're a long-term care veteran or interested in expanding your practice, this webinar is for you!

Angie Hughes, LTCP, is a 22-year insurance veteran and long-term care insurance expert with Producers XL in Salina, Kansas.

Hughes began her insurance career selling property and casualty insurance, but found her true calling in educating agents, advisors, and consumers about long-term care (LTC) planning. “No day is ever the same,” she says, and she thrives on sorting through the complexities of the LTC world to find solutions for her clients.

Join us on February 11, 2022, at 3 pm eastern for the special webinar "Home Equity and Roth Conversions".

The discussion will feature Harlan Accola, CRMP, National Reverse Mortgage Director of Fairway Independent Mortgage Corporation, interviewing Jim Silbernagel, CFP, CEPS, LACP, LUTCF creator and host of Real Wealth^® Marketing, on how he has helped clients lower their tax burden using the equity in their homes. 

Technology might not seem like a likely tool a financial advisor can use to build client relationships. It almost goes without saying that older generations prefer human interaction versus digital services when it comes to their finances. And surveys have found that even tech-savvy millennials are more likely to get help with their finances from real-life advisors than from robo-advisors. 

So how can technology help financial advisors strengthen and add value to their relationships with clients—especially older clients—when it lacks the human touch? After all, a computer can’t hold your hand during a market downturn. 

But there is new technology that can enable advisors to build their businesses by giving them the ability to better assist aging clients and clients taking care of aging parents at the stage of their financial lives where they need the most help. That new technology is Carefull. 

Courtney Heiden’s dad always took care of the family finances. In fact, he had a background in finance and managed client accounts at the large companies where he worked. So it came as a complete shock when there was a knock on her parents’ door several years ago, and the man at the door said the house was going to be auctioned off the next day.

“My mom actually thought they were kidding or maybe had the wrong house,” Heiden said. “And the man at the door said, ‘No, there's not been a mortgage paid in nine months.’ Their world kind of came crashing down at that moment.”

It’s easy to lose focus on interest rates when you’re helping your client search for a reverse mortgage loan.

After all, the interest rate won’t affect the monthly payment because they won’t have to make one (though they will need to pay taxes and insurance and maintain the home).

Reverse loans don’t require monthly payments, as the full balance comes due when the last borrower dies or leaves the home.

But reverse mortgage interest rates are still a big deal and should factor into your clients' borrowing decisions. The interest rate will make a huge difference when the balance comes due and your client or their heirs must decide what to do with the home.

Join us on January 11, 2022, at 1 pm eastern for "Financial Technology that Builds Long-Term Relationships for Long-Term Care", a special webinar presented by Carefull co-founder Todd Rovak and product strategy lead Michael Rubel.

Rovak and Rubel will discuss the challenge of client engagement and how Carefull's technology can help overcome it. The webinar will also feature a Q&A with NAIFA-National President-Elect Bryon Holz speaking on his own experience with long-term care insurance and how it has affected his family. 

NAIFA and LifeSecure have completed an educational partnership agreement to advance thought leadership and consumer education and promote professional cooperation between the two organizations. Under the partnership, LifeSecure will provide content for NAIFA blog posts and social media platforms, as well as articles for NAIFA’s Advisor Today.

Guaranteed income is the largest financial asset for most retirees, yet its role in a financial plan is generally quite minor, treated simply as a cash flow that can be used to fund the retirement liability.

To kick off Long Term Awareness Month,  the Limited and Extended Care Planning Center held the 2021 Impact Week, November 1st - 5th.

Each day featured industry experts discussing a broad range of topics and emerging issues. All the presentations are now available on-demand.

Decisions made by policymakers from Washington, D.C., to Washington state are impacting the way insurance and financial professionals are helping consumers plan for their long-term care needs. NAIFA's advocacy team, working with the Limited and Extended Care Planning Center's Legislative Working Group, which consists of LECP sponsors, insurers, NAIFA members, third-party administrators, distributors, and other stakeholders, is exploring and enhancing policy positions for NAIFA through the association’s government relations capabilities as it engages directly with lawmakers and regulators. NAIFA is the only association of insurance and financial professionals making an advocacy impact at the federal, interstate, and state levels, including in every state capital around the country.

Do you have the competency, confidence, and credibility to help your clients successfully plan for one of the greatest risks that come from living a long life – namely, the need for extended care?

NAIFA LECP Impact Week will feature industry leaders for a panel discussion on "Technology Shark Tank: Taking the Robot out of the Advisor/Agent.”

The panel will address how to use the right technology to increase your profit, outreach, and professionalism. Ken Leibow, Founder and CEO of InsurTech Express, will moderate the discussion.

The panelists will be LECP Impact Week sponsors:

• Charles Pedneault, Vice President of Insurance Distribution Solutions at Equisoft
• Ian Ryan, Brokerage Director at BackNine Insurance and Financial Services
• Todd Rovak, Co-Founder of Carefull
• Max Posner, Customer Success Manager at Proformex

Join us virtually on November 4, 2021 from 12 - 1 pm eastern.  

NAIFA thanks our LECP Impact Week sponsors Equisoft, BackNine Insurance and Financial Services, Carefull, and Proformex.

OneAmerica will have two panelists for the NAIFA 2021 Long Term Care Impact Week event starting on November 1st - November 5th.  Jeff Levin and Michelle Prather are both loyal NAIFA members and their expertise will provide valuable insights for the event.

On November 3rd, Levin, the Divisional Vice President, Care Solutions. will join the  Executive Leadership Roundtable to discuss the challenges and other issues industry leaders address with LTC.

Todd Rovak, co-founder of Carefull, will be a featured panelist at this year’s Limited and Extended Care Planning Center Impact Week. Founded in 2020, Carefull is a platform that provides resources for financial caregiving, helping aging loved ones manage their day-to-day finances.

Rovak will participate in the panel, "Technology Shark Tank: Taking the Robot out of the Advisor/Agent," which will address how to use technology to increase productivity, profitability, and personal connection with clients.  Rovak will be joined by representatives from the technology companies: Equisoft, BackNine Insurance, and Proformex. The panel will be moderated by Ken Leibow of InsureTech Express.

The panel will take place Thursday, November 4th, from 12 - 1 pm eastern.  

Each day of the LECP Impact Week will feature thought leaders and industry experts in long-term care.  

Carefull is a NAIFA partner and supports the Limited and Extended Care Planning Center and financialsecurity.org. Members can learn more about Carefull and how to partner within the Member Portal.

NAIFA’s Limited and Extended Care Planning Center is hosting the second annual NAIFA LECP Impact Week, November 1st - 5th. 

 The virtual event, with the theme Success Is a Collaboration of Problems Solved, has been revamped for 2021. Each of the five days of Impact Week programming will drill down on a specific topic and feature multiple presenters in a packed one-hour presentation, 12 - 1 pm eastern.

As American seniors find that their old life insurance policies may no longer suit their needs, there has been increased interest in life settlements.

Join Peter Hershon, CLU, ChFC, Senior Vice President of Account Services at Coventry, for a one-hour, free continuing education webinar to discuss rising demand and strategies to best serve clients.

The webinar will take place on Wednesday, October 20, 2021, at 1 pm eastern.

E4 Insurance Services invites you to join our Building Relationships Every Week (BREW) Wednesday, Nov. 3, 2021, from 12:00-12:30 PM CST. November is Long-Term Care Awareness Month, and we want to help you start your month with all the tools you need!

Shane Van Patten, CLTC, E4 Insurance Services Regional Vice President has been helping Financial Professionals proactively integrate insurance into their practices for the past 16+ years.

The National Association of Insurance and Financial Advisors (NAIFA) and Carefull have completed an educational partnership agreement to advance thought leadership and consumer education and promote professional cooperation between the two organizations. Under the partnership, Carefull will provide preferred access to the Carefull monitoring technology for NAIFA members, content for NAIFA blog posts and social media platforms, as well as articles around protecting and managing older adult's finances for NAIFA’s Advisor Today. 

It would be an understatement to say that it is critical for the extended and long-term care (LTC) industry to weigh in on the Washington State legislation that creates a publicly funded LTC program. The industry has historically welcomed a public-private option and we are hopeful that the various state legislatures contemplating instituting publicly funded programs of their own will embrace knowledgeable suggestions from insurers, business processing firms, distributors, agents, and advisors. At the federal level, there are proposals that would also benefit from industry participation.

Ah, retirement. The reward at the end of years in the labor force, of saving and investing and planning for financially sound, restful, and even adventure-filled golden years. Millions of Americans enter retirement annually, but increased reliance on Social Security income and Covid-19’s impact on employment, access to social supports, and mental and physical health have altered the retirement experience for retirees across the U.S. With retiree numbers significantly increasing in the last year and predictions of more to come at an accelerated rate, we wanted to know if retirement still lives up to expectations. Are retirees experiencing the retirement they expected, or do they have regrets? 

On August 31st, NAIFA’s LECP Executive Director Carroll Golden, was on the Producers XL broadcast: The Long-Term, Angie's Advice for Agents with NAIFA member Angie Hughes.  

As an emergency medicine physician for 20 years, including the past 12 years working in a large, level 1 trauma center, Dr. Monica Williams has seen innumerable patients and families facing long-term care challenges. As the Medical Director for Advance Care Planning and End of Life Education for the third-largest community-owned hospital system in the United States, she has spent a portion of her career talking to doctors about how they can have effective advanced medical planning and end-of-life conversations with patients and families.

NAIFA’s LECP Executive Director Carroll Golden joins Angie Hughes on the  Producers XL broadcast: The Long-Term, Angie's Advice for Agents on August 31st, at 11 am eastern to discuss the Washington Care Act.

Join the LECP at 2 pm eastern on Thursday, September 23rd, for a virtual executive roundtable - What's Driving Life Settlement Growth.  The discussion will focus on current market trends in life settlements and how you can leverage this important tool.

NAIFA's Limited & Extended Care Planning Center partner, Mutual of Omaha Mortgage, will be hosting an exclusive webinar on Thursday, August 19th at 2 pm eastern. Join Robert Laura, AAMS, CPRC for "The Psychology of Retirement." Explore the psychology of retirement and how to win at retirement by developing a new mindset. This program has been approved for 1.0 hour of CFP credit.*

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!

Most clients say they want to receive care in their homes. But they also say they don’t want to be a burden on family or friends.

Both goals are understandable and maybe in conflict when care is needed. As with so many things in life, it can be wise to be careful of what we wish for.

The June LECP webinar featured OneAmerica Sales Director, Tim Vannoy, who presented the “Hybrid Annuities and the Long-Term Care Provisions.” Using case studies, Vannoy addressed the following issues:

• Who would benefit from the Pension Protection Act?
• How large is the market for the Pension Protection Act?
• How can a client get tax-deferred gains out tax-free?

Three Compelling Reasons Why Planning for Care is in Your Client's Best Interest:

• Impact on loved ones
• Lifestyle
• Financial Security

Having a plan for long-term care can help ensure that clients: don’t overburden loved ones; maintain their lifestyle, for themselves and their partner; and maintain future financial security.

NAIFA’s Policy Director Maeghan Gale joined LTCI Partners Managing Director, Tom Riekse, and Director Steve Cain for a panel discussion about recent Long Term Care Insurance legislation. For many years, Long-Term Care Insurance took a backseat as it relates to legislative action on the state and federal level. However, 2021 has brought a wave of activity as lawmakers consider the best way to support their growing aging populations.

Have you heard of the Washington Cares Fund?  If you haven't, it's the first state run and funded  Long-Term Services & Supports program. Originally signed in 2019 by Governor Jay Inslee, as of  January 1st, 2025, Washington State Residents who need long-term care may be able to claim benefits (based on needing help with 3 of 10 ADLs) from the state and receive a benefit of up to $100 per day up to a maximum benefit of $36,500. Undoubtedly  for many families these benefits are going to welcomed and helpful.  But, of course, someone has to pay for the program.

NAIFA partner Mutual of Omaha Mortgage is offering a webinar on Tuesday, May 18^th at 1:00 p.m.  central, with industry expert Wade Pfau, Ph.D., CFA, RICP as he discusses how different types of annuities work. 

The recent stock market run (especially in tech stocks) has been amazing. Despite the high unemployment rate, many investors are enjoying that feeling of increased net worth in both their qualified and non-qualified money.

The last several years have seen major changes in LTC Insurance - leading to what can be referred to as LTC 2.0.  LTC 2.0 means that while the pure protection of traditional LTC insurance is still a popular option, there has been an accompanying growth in Hybrid LTC + Life plans - both in number of policies sold and number of carriers offering these plans. 

The Certification for Long-Term Care has produced a fact sheet, "A Teachable Moment: The Power of Starting a Conversation," to help advisors start conversations with clients about the importance of extended care planning. It offers facts and statistics that emphasize the importance of planning.

Recently I received an email from a Insurance Carrier who sells Linked Life/LTC plans with the headline "What happened to traditional LTC?".  The email started by saying "It wasn't so long age that traditional long-term care (LTC) insurance dominated the market, but now they are barely holding on while linked-benefit products are taking over."  Harsh!

In the early days of reverse mortgage lending, little attention was paid to the impact of tax deductions from accrued interest on the loan. In part, most borrowers had so little income that any deduction was meaningless. Two important changes in the reverse mortgage landscape, however, have generated a more strategic approach to the home asset.

For Financial Professionals that are savvy enough to have a discussion about the impact of a long-term care event one of the most important topics is whether a client should consider long-term care insurance or should instead "self-insure".

Many clients find that the best way for them to plan for LTC is by purchasing a linked life/ltc plan.  Compared to traditional LTC policies which provide pure long-term care protection (and the most LTC protection per premium dollar) linked Life/LTC trade off some of that leverage to provide guaranteed premiums and a life insurance benefit.

Luckily, you aren't going to need years and years of high cost long-term care. But what if you did?

Since the inception of the computer, it has opened doors, transformed current industries, and created new ones at breakneck speed. With each new development, such as the internet, the cellphone, and the smartphone, the pace at which our society evolves has increased exponentially. The future is now, but it is also tomorrow. However, there is an interesting divide that we can actively observe between generations. 

NAIFA-WA is urging changes to a long-term services bill, HB 1323, to protect employees who have purchased long-term care coverage.

Most states require financial professionals to provide consumers with a copy of the National Association of Insurance Commissioners publication “A Shopper’s Guide to Long-Term Care Insurance” before completing an LTC insurance sale.

NAIFA is encouraging the efforts of Indiana state Sen. Greg Walker and Rep. Martin Carbaugh to replace the Indiana Long Term Care Insurance Program, also known as the RWJ Partnership, with legislation (HB 1405 and SB 261) to create a Deficit Reduction Act (DRA) Partnership.

NAIFA supports Maryland state legislation that would provide consumers in the state with easier access to resources and educational materials on long-term care (LTC) planning. A NAIFA-Maryland member served on the Task Force on LTC Education and Planning that made recommendations that helped shape the bill, HB 599, Public Health – Long Term Care Planning.

Policyholders are looking for more than just a policy these days. Customers want an insurance agent who acts as their trusted advisor, collaborating with them to protect their assets and help reach financial goals. In fact, 75% of policyholders would switch insurers to get more personalized service.

If you have a client who can’t afford their policy – especially if it’s due to health problems – you may want to help them look into a life settlement. Of course, this leaves them without any death benefit protection, which isn’t ideal. But if they either don’t need the coverage or have no financial option but to let it lapse, a settlement may be the ideal solution.

Over the holidays, I had time to read a very interesting book that seems to directly relate the COVID-19 Pandemic chain of events. The Black Swan: The Impact of the Highly Improbable Event by Nassim Nicholas Taleb. Although the book discusses the black swan phenomenon in relation to investing, it seems to hit home when looking at the impact and rational that is surfacing around the COVID-19 Pandemic. The book focuses on three principal characteristics. The event is rare and unpredictable. It is an outlier so rare that even the possibility of such an event is not identified. The event produces a catastrophic impact. And finally, we create an explanation that makes it appear less random and more probable and eventually predictable. Interestingly, there are some positive Black Swans such as the impressive success of Google and Facebook. On the other hand, there is the tragic events of 9/11 which fits as a Black Swan. The COVID-19 pandemic that is taking its toll on individual families, entire generations, and the global economy also qualifies as a “Black Swan event."

As an advisor to individuals on Medicare or advising a caregiver to someone on Medicare, you require accurate information. One of the best reference tools for you to share with them is Medicare publications. They are easy to access on Medicare.gov and available on a variety of topics. Here are a few that I find outstanding.