Selling LTC: Your Vantage Point is Your Opportunity

Many of your clients believe that Medicare and Medicaid will cover their long-term care needs. However, relying on these government run programs will most likely leave your clients and prospects without the level of care they need or expect. If your clients eventually need help with activities of daily living like eating, bathing, getting dressed, getting around or personal hygiene, Medicare or Medicaid won’t cover those services. Only private long-term care insurance will help them pay for that. 

It’s important for you to learn what your clients know about long-term care and if they’ve thought about how they would want to be cared for if the need arose. Recent data shows that clients want to talk about long-term care with their families, but they tend to fall short. A recent Lincoln study found 97% of Americans surveyed agreed that families should be talking about long-term care before it’s needed. However, for reasons that range from misinformation to individual feelings toward caregiving, many fail to initiate the conversation. Without this knowledge, it’s almost impossible for you to help your clients plan properly. 

You have the vantage point to be a catalyst for leading the long-term care conversation.

November is Long-Term Care Insurance Awareness Month, and the prefect time to facilitate the long-term care discussion. According to the 2021 Insurance Barometer Study conducted by Life Happens and LIMRA, the top financial concern for 25% of Baby Boomers is paying for long-term care services if they can’t take care of themselves, and more than a quarter of Millennials want to talk to an advisor about long-term care insurance. Nevertheless, only 18% of people own some type of long-term care insurance, and the market for long-term care coverage continues to grow as the population of older consumers increases… This is your opportunity!

You don’t have to be a long-term care insurance expert because MVP Financial can help. Contact a representative today and check out our long-term care resources to assist you with getting the conversation started. 

Life Insurance Can Help Pay for Long-Term Care Needs

Medicare, Medicaid and other retiree health plans typically will not cover the expense of long-term care (LTC). It’s important to talk to your clients and assess their LTC needs, so that together you can create a financial plan to help prepare them for the costs they may face. For clients with a life insurance need, consider a life insurance policy with an LTC Rider.

Take advantage of Long-Term Care Awareness month to talk to your clients about their plans for handling an LTC event. Many people wait too long before discussing their LTC preferences and options and risk having to make decisions quickly and under the duress of an immediate need. Show them how an LTC rider can help them alleviate the potential financial, emotional, and physical burden that they and their loved ones could face if such need arises.

The subject of  LTC can make many people uncomfortable because it is equated with a nursing home. However, having the LTC conversation allows families to get on the same page regarding who will provide care, where care will be provided and how it will be paid for. Waiting until an LTC event occurs to force the issue often results in limited options.

Asking “What if?” questions is a great way to get the conversation started and encourages them to think ahead about what LTC actually involves. For most, LTC will begin at home with the help provided by family members and friends. At some point, care can progress to options outside of the home.

In a recent study by the AARP Policy Institute, half of caregivers reported they had no choice in taking on their care giving responsibilities. Proper planning can help ensure that your client's retain the power of choice in an LTC scenario. It’s especially important for couples to anticipate the cost of care for an ailing partner and preserve options for the surviving spouse’s continued living expenses and LTC needs.

LTC planning shares similarities with many other client needs you already address. Starting the conversation early allows for better options to your clients, which leads to more satisfaction and referrals.