November is Long-Term Care Awareness Month, an occasion that has been recognized by the U.S. Congress and several states since 1991. The goal of this month is to raise awareness of the emotional, physical, and economic toll that long-term care can take on our loved ones; encourage people to have those difficult conversations about long-term care; and make a plan for their own dependency. After all, the more we understand, the better we can prepare for our own futures as we age.
5 Ways to Increase Long-Term Care Awareness with Clients
As a financial professional in the senior market, you are in a unique position to raise awareness for long-term care with your clients. Here are a few ways you can do so.
1. Start the long-term care conversation with your clients.
Everyone should have a plan for their future long-term care needs. This plan includes discussing your client’s health and wealth and encouraging them to have similar discussions with their loved ones. This discussion isn’t necessarily about a carrier or the benefits of a specific product. Instead, this plan is the course of action that your client will take in the event they require long-term care. Carrier and benefit options come when your client is ready to make decisions regarding financing the plan.
2. Share your own long-term care story.
Have you been one of the millions of unpaid caregivers in the U.S.? The reality is more than half of long-term care insurance (LTCI) policyholders purchased their policy because they were caregivers themselves. By sharing your own long-term care story with your clients, you are putting a face to the long-term care dilemma that faces our country.
3. Promote long-term care insurance to your business owner clients.
Did you know that long-term care insurance offers numerous tax advantages, especially to business owners? Our LTCI Tax Guide provides a wealth of information regarding these tax incentives. Your clients who own C-Corporations or are self-employed business owners can take a tax deduction without having to meet the AGI threshold or age-based eligible premium limits.
4. As an agent or advisor, consider your own plan for long-term care.
If you haven’t purchased long-term care insurance for yourself, carrier discounts are available for agents and advisors who buy LTCI for themselves and their spouses. Plus, if you are self-employed, you can take advantage of the tax deductions mentioned above.
5. Write an article or blog post to share with your clients.
Stress the importance of having a plan for their future long-term care needs. Educate your clients on the limitations of Medicare and Medicaid in relation to paying for long-term care. Inform them of the rising costs of long-term care in your area. Not a writer or need inspiration? Review our past blogs here. Feel free to share links to our blogs on your social media outlets.
Are you and your clients prepared for long-term care? Take our quiz to find out!
Finance Your Client’s Plan with Long-Term Care Insurance
People choose to plan for long-term care for a variety of reasons. While preserving assets, maintaining their independence, and being able to choose where they receive care are important reasons, long-term care planning is more about protecting your client’s family. By planning for long-term care with an LTCI policy, your client is transferring this risk to the insurance company, rather than fully relying on their loved ones to provide (often unpaid) care. While caregiving can be very rewarding, it can cause an emotional, physical, and financial toll on the caregiver as well as their family. A long-term care event affects your client’s whole family – their spouse, children, extended family, and even their friends. Long-term care insurance offers protection by providing benefit dollars to pay for their care.
What If You’re Not an Expert in LTCI?
The good news is you don’t have to be an expert—we have it covered! The Krause Agency can partner you with one of our Long-Term Care Insurance Advocates. If you are simply too busy to keep track of all the LTCI products that are available, this is a great resource! One of our advocates will work with both you and your client to develop a long-term care plan suited for their unique situation, and you can have as much or as little involvement as you choose. Teaming up with an advocate allows you to give your clients the attention and service they deserve while you concentrate on your core business. All advocates work virtually, so they can help clients located anywhere in the country. Our advocates can help insurance agents, CFPs, accountants, financial planners, attorneys, and benefit brokers. Our advocates are nationally recognized industry leaders in long-term care insurance and are committed to helping you and your client put the best solution in place.
To learn more about partnering with an LTCI Advocate, click here to complete a short form or call our office at (800) 255-1932.