Tips for Long Term Care Planning

It’s no secret that the Long Term Care planning industry is evolving. One of the under-reported developments is the re-emergence of traditional LTC products as a good solution to many client planning needs. Now is the time to give traditional products a second look.

We’ve seen many LTCi carriers exit the marketplace,  but you should know that the surviving LTCi carriers are strong, reliable, and their sales figures are ticking up.

Please keep in mind the following facts:

  1. The rate actions are primarily on very old blocks of business. The media has chosen to ignore this.
  2. Today, the surviving carriers remaining in this market have become extremely sophisticated in their product design and pricing assumptions. They appeal to conservative clients in a way they never did before
  3. Qualified LTCi plans pay out benefits that are 100% tax
  4. Partnership qualified LTCi plans provide an extra level of estate protection against Medicaid spend down

And here is the best news of all:

5. In comparison to so-called asset-based products, traditional LTCi plans generally offer much less expensive coverage. You can provide great value to your clients!

Providing LTC services in the United States will be a problem that gets worse before it gets better. Caregiving is expensive and time consuming to families, oftentimes with devastating financial and family dynamic consequences.

Please, introduce LTC planning to your clients. Make it a compassionate, but serious conversation. Our best advice is to not bring detailed product brochures into the mix right off the bat. Instead, we urge you to educate. Once you understand their concerns, then you decide if a plan should be investigated. If you’re uncomfortable with the conversation and/or the nuances of all the different products available, contact LeClair Group. We take a personal interest in the welfare of your client. And want to make you look good in the process.