Tuesday, July 7, 2015

What does it take to get people to Plan for Long Term Care?

What does it take?
What does it take to get people to consider planning for Long Term Care expenses? Unfortunately, for most people it takes a Long Term Care event hitting close to home, and they still assume Medicare and Medicaid will cover Long Term Care expenses until the truth becomes clear.
Most health insurance policies (including Medicare) cover Medical Expenses but they DO NOT cover expenses for Long Term Care.
Long Term Care is Custodial Care, the assistance provided to a person who has a cognitive impairment requiring continual supervision or is unable to perform certain activities of daily living (ADLs) such as bathing, dressing, or getting up from a bed or chair.

Did you know?
  • Medicare only covers skilled nursing home expenses following a 3 (or more)-day hospital stay for up to 100 days and limited, intermittent, skilled home care.  
  • Your Health insurance policy has only limited coverage for these expenses.   
  • Your retirement assets can disappear quickly as Long Term Care can cost up to $12,000/month, depending on location.
  • If you have retirement assets to protect from these expenses, you really should begin the Long Term Care planning process today.
  • This guide will help you get started on this critical piece of the retirement planning process. Start with the decision tree
  • then respond to the preference questions.
Long Term Care Planning is the planning 
that protects your retirement plans!

The Long Term Care Decision Tree

LTC Planning Options

Your answers to the to the following questions will help guide you and your advisor in determining the best options to explore in accordance with your preferences.


I want to take steps to protect against the risk of Long Term Care expenses depleting my retirement savings.

If you checked "YES" there a number of planning options to be considered.
I want a plan that specifically addresses the risk of Long Term Care expense and nothing more.

If you checked "YES" a Traditional Long Term Care Insurance Policy would be the right choice for you.
I'd like a plan that also includes a death benefit so if I don't need Long Term Care there will still be some benefit to planning for it.

If you checked "YES" there are other options besides Traditional Long Term Care insurance which will provide a death benefit as well as protection for a Long Term Care need.
I have money available which could be used as a lump sum premium payment to fund an appropriate plan of care.

If you checked "YES" the door opens to additional asset-based Long Term Care planning options.

Most Americans plan for retirement... 
but overlook the greatest financial risk, a nursing home stay or home care. Medicare may help (short term) & Medicaid is a last resort.

Most everyone has home & auto insurance. Only 1 in 1200 homes catches fire, 1 in 240 people use their car insurance. More than 70% of people over 65 will need long-term care.¹ and most will receive their care at home.²

¹ DHHS   |  ² HIAA Guide to Long Term Care Insurance


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Peter Zinnen, CLTC
Senior VP
Dan Tarullo, CLU
Field Brokerage
Adam Thompson
Senior VP
Business Development


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