Limited and Extended Care Planning Collective

By Chris Orestis

INTRODUCTION

The costs of long-term care are increasing every year, but most families and advisors do not understand what they will be confronting when it is time to start paying for care. Too many people wait until they are in the middle of a crisis before they start trying to figure out how the world of long-term care works. Long-term care is a topic people don’t want to discuss, yet it’s a very expensive proposition. Families can go broke quickly trying to provide for a loved one.

October 11 is National Coming Out Day, where members of the LGBTQ community are encouraged to live their lives as their true selves.  However, The LGBTQ community is often under-served in terms of healthcare, insurance and financial services.  This Market Opportunity to can help explain the fact that regardless of sexual orientation, American couples have similar concerns about their finances and their future.

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Growing economic impact

The buying power of lesbian, gay, bisexual and transgender (LGBT) adults has reached $917 billion, reflecting tremendous economic impact. And
households run by same-sex couples tend to have a higher income and higher education level than opposite-sex couples, according to the U.S. Census Bureau.

Before engaging clients in an effective planning process to address “long-term care” you need to understand what it is, and what it is not.

When recommending LTC insurance for your clients, "default" benefits can often make the job of selecting plan options easier, but is that what is best for your client in every situation?  For example, the vast majority of LTCI buyers select a 90 day period before benefits start paying. This option tends to work well as both a reasonable deductible and could coordinate with how Medicare pays LTC benefits.

LTCI gives employers the opportunity to reinvest recent tax savings in top employees. Learn more by watching the video below.

Last June, we offered you some insights into how technology is playing into the extended and long term care market. IDC published trackers as the developments in Smart Homes market promises to impact home care is options for extended and long term care.

IDC Corporate Tracker

NOTE: The following is an excerpt taken from the most recent whitepaper released by author and former industry lobbyist, Chris Orestis, Executive Vice President for GWG.

An annual annuity review makes smart business sense for you and your clients! The reasons your clients originally purchased an annuity may have changed over time, so it’s important to make sure the type of annuity held matches the intended use.