This is a staggering reality. The other staggering fact is that LTC services are very expensive and due to the aging of our country they will only get more expensive. According to longtermcare.gov the national average for LTC services is $225/day for a semi-private room in a nursing home. Keep in mind this is a national average. Costs in large metropolitan areas can reach $300+ per day.
Medicare does not cover long-term custodial care in any meaningful way
Disability insurance does not cover long term care.
Navigating the LTC world and solutions can be very overwhelming for prospects and brokers. With over 15 years experience in the LTC arena, The General Agents for Agents, Inc can help you by providing information or even meeting and speaking with your clients.
What is the best way to manage the LTC risk?
To answer this question lets start with the worst way to mange this risk- Ignore it
Even if a prospect does not want to buy any type of insurance for this risk, they still must absolutely plan for it or face a financial, and maybe even worse, emotional disaster.
Everyone should, at least, consult with a qualified Elder Care Attorney before they need LTC services.
There are many more options when planning before LTC services are needed. Tools such as trusts and asset reallocation can be a huge help in managing this risk. Even if a prospect never buys any LTC insurance from you, you will be considered a trusted advisor for introducing them to a qualified attorney. If you need a great referral, we have several that are fantastic.
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