Knowing the difference between LTCi and Medicare coverage

Knowing the difference between LTCi and Medicare coverage

How often do you deal with clients that believe that Medicare will completely support their healthcare needs in retirement? Not knowing what the difference between LTCi and Medicare coverage can result in devastating financial and emotional damage.

Let’s talk about client education. Far too often clients brush off the LTCi conversation because they are mistakenly under the belief that they will be able to completely rely on Medicare.

It is a confusing topic and the idea of being financially prepared to take care of general medical expenses post-retirement is already daunting. The fact that the solution they believe to be in place doesn’t actually help them when they are no longer able to perform daily activities of life doesn’t make the conversation any easier. If they don’t have personal experience with Medicare coverage or and LTCI event, they probably don’t know the weight of the situation.

As an agent, you are likely familiar with clients easily becoming overwhelmed when discussing their financial plan in retirement. There’s no getting around that it’s a difficult topic to discuss. This is all the more reason for you to step in. You can clarify the differences between Medicare coverage and Long-Term Care coverage saving them a world of trouble. 

If they don’t know, it’s not only your job to educate them, but it is a solid sales opportunity. Though some of your clients might know all of the ins and outs of Medicare, chances are many of them do not. This is an ideal time to spread LTCi awareness to those without any type of coverage in place. It is as well a great time to review your current clienteles situation to ensure they are set up for success in retirement with Medicare and Long-Term Care. As Medicare can change annually, it is important for current senior clients to revisit their plans each year to prevent in gaps in coverage.

Though finances play a role, starting with numbers will likely overwhelm them. Walk them into the conversation by:

  • Explaining what it is
  • Explaining what is is not
  • What is covers
  • What it does not cover
  • Asking questions that bring key factors in planning to light.

Another way to engage your clients is by sharing real life stories about the common effects being unprepared. It can deepen the understanding of why it is important to talk about and plan for not only general healthcare, but also an LTC event. It is not only about the effect it has on not only themselves, but on their loved-ones.

At Insurance Advisors we have programs in place to support your agency in both the LTCi and Medicare market.

What’s better than helping other people and making sales?

Contact Insurance Advisors today for more information and tips on discussing the difference between Medicare coverage and LTCi.

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