Disclaimer: Since Medicaid rules and insurance regulations are updated regularly, past blog posts may not present the most accurate or relevant data. Please contact our office for up-to-date information, strategies, and guidance.
We all plan ahead for so many life events: weddings, birthdays, college, retirement, and even death. Yet, most people do not prioritize planning for long-term care. For some clients, simply discussing their potential need for care makes them squeamish. After all, no one wants to consider that they may one day need assistance with everyday tasks. However, with the increase in life expectancy and advancement in modern medicine, it’s more likely than not that your clients will need some form of long-term care in their lifetimes.
Planning is bringing the future into the present so that you can do something about it now.
– Alan Lakein
Read More: How to Start the Long-Term Care Planning Conversation with Clients
Here are three reasons why your client should make long-term care planning a priority.
1. The Benefit of Choice
Anyone who has faced a crisis without planning ahead is well aware of the challenges that may arise. The same is true for long-term care. Your client (as well as their loved ones) will need to make quick decisions, which may not be the best decisions—only the ones they were left with. Having a plan for long-term care will allow your clients and their families to research their options in advance of any crisis.
2. Easing the Burden on Loved Ones
Just as an advanced medical directive eases the burden of critical decision-making on your client’s family during a medical crisis, a plan for long-term care alleviates some of the responsibility for their loved ones. Your client should discuss their plan for long-term care, including their preferences should they require assistance with their activities of daily living, with their family members, especially if they may rely on loved ones to be unpaid caregivers.
3. Allocating Funds for Future Care
Your client’s long-term care plan should also outline how they will pay for care. While a lack of planning may force some to cover these costs using funds earmarked for other purposes, those who have a plan for long-term care also have a plan to pay for it. When discussing how your client will fund their long-term care, it’s important for them to consider purchasing long-term care insurance (LTCI).
LTCI is one of the most affordable ways to fund your client’s long-term care plan. It allows them to set aside funds for their future care, and should they eventually require care, the policy will provide a certain amount of daily or monthly benefit for a defined length of time. Plus, your client can purchase an LTCI policy for a fraction of the cost that professional long-term care services charge. Not only does LTCI preserve assets, but it also gives the policyholder’s loved ones access to a care coordination team that includes care managers. This allows them to oversee your client’s care rather than be responsible for hands-on caregiving duties.
If you’d like to learn more about pre-planning for long-term care or explore the long-term care insurance options that are available in your area, contact our team at (800) 255-1932.
