New Year: New Goals for 2023

new year new goals written on post-it notes
Lori Gubash, CLTC, FICF
Lori Gubash, CLTC, FICF January 9, 2023

Lori leads the LTC team and acts as a liaison to ensure we are providing the best possible Long-Term Care Insurance and business development solutions for our agents and their senior clients.

Disclaimer: With Medicaid, VA, and insurance regulations frequently changing, past blog posts may not be presently accurate or relevant. Please contact our office for information on current planning strategies, tips, and how-to's.

The New Year is here, bringing us to a point where many people review their goals and resolutions for the coming months. After all, the New Year is an ideal time to set new goals and make them a priority. If one of your goals is to increase your revenue in 2023, keep reading!

Read More: Reset, Reflect, and Prepare: A Checklist for the New Year

Initiate the LTC Conversation

Long-term care is one of the biggest threats to your client’s retirement funds. A long-term care crisis is not only expensive, but it can place your client’s family in the role of unpaid caregiver. There are 53 million unpaid caregivers in the US. For some, this is their plan, whether due to financial constraints or cultural backgrounds. For others, this is due to a lack of planning.

Through the years, your clients have depended on you for their financial and insurance advice. Their portfolios have grown, and they can rest assured they’ll have what they need when they’re ready to retire. Some may have purchased life insurance or disability insurance from you. But have you discussed long-term care with them? If a crisis strikes, what could happen to their nest egg and their family? 

As an industry, our focus has long been on the Baby Boomer generation, who are now aged 59-77. As time marches on, our emphasis should be directed towards the Gen Xers who are now aged 44-58. Starting a long-term care plan at a younger age enables your client to take advantage of the many options that may be available to them. Plus, since Long-Term Care Insurance is medically underwritten, health and age play important roles.

By discussing a potential long-term care crisis and stressing the importance of putting a plan in place, you are protecting not just your client but their family as well. Provide your clients with the comfort of knowing they have a long-term care plan in place when the need arises.

Be a Resource for Long-Term Care

Gen Xers wield significant buying power and are currently in their prime earning years—making up 31% of the income in the U.S. Most of them prefer to research what they buy online, so it’s important that you act as a resource, but keep it simple.

  • Make sure your website is up to date. Remember, tax deductions change each year.
  • Start a monthly newsletter or blog. Be consistent in your messaging.
  • Include a story of a client that went on an LTCI claim. How did this affect their family?
  • Discuss the importance of planning for LTC with everyone you meet.

Focus your conversations about long-term care on education, and take time to listen to what questions your clients are asking. Often, we listen to respond rather than listening to understand.

You May Also Like: LTCI Resources for Your Business

Persevere and Stay in Touch

A long-term care plan is usually not completed in just one meeting. Your clients will have questions and information to be addressed and digested, and they’ll likely want to discuss their plans with family members and other interested parties. That’s why it’s crucial for you to remain in constant contact with your clients. Keep your name at the top of their list when it comes to long-term care planning.

Let Us Be Your Team

Not sure where to start? Well, we do! We have been assisting our brokers with long-term care planning for nearly 80 years combined, and our LTC division specializes in Long-Term Care Insurance. We can give you tips for starting the LTC conversation, provide solutions for those who want to self-insure, offer guidance on tax deductions for business owners, and pre-qualify your client’s health and wealth to find the best strategy for their situation. Schedule a call today with one of our advisors today!