LTC: A Conversation Worth Having

LTC: A Conversation Worth Having

Most of you know how to start the conversation about Long-Term Care planning with your clients, but are you making it a priority to actually have these discussions on a regular basis?

Consider this:

Consumers Are Acknowledging the Need

According to a recent survey conducted by one of our Strategic Carrier Providers, consumers have insightful thoughts on the importance of planning for Long-Term Care.

  • 85% agree that it is irresponsible not to plan, but they can’t bring themselves to address the issue.
  • 75% state they have so many other concerns, that addressing the risk for care is not a priority.
  • 60% agree that purchasing Long-Term Care Insurance is the best way to handle the cost of care.

Meet Their Needs

The national average cost for care in a nursing home is about $85,000 a year.  If costs increase at an average 4.1% a year,the average cost will be $286,000 a year in 20 years.  With this level of financial risk, the value of planning is clear.  You can help your clients by:

  • Quantifying the risk to your client’s assets
  • Providing plan options that enable them to insure some or all of the risk
  • Keeping their budget concerns top of mind

The Ball is in Your Court

Clients are open to having a discussion on Long-Term Care planning.  However, most people won’t address the issue without the intervention of a financial advisor.  It is important to educate your clients and demonstrate how LTC can be an appropriate solution to help protect their assets and their families.

Make it a priority in your practice, and show them how it fits as a priority in their overall financial plan.

Have Conversations

Understand that your clients may not bring up the need to plan for Long-Term Care on their own.  It’s up to you to help them secure their future and ensure they have the financial resources should they ever need care.

Take a proactive approach and have Long-Term Care planning discussions with your clients starting at age 50.

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