Long-Term Care: The Biggest Threat to Your Client’s Retirement Plan

Katie Camann
Katie Camann April 1, 2022

As Content Marketing Specialist, Katie drafts and edits content across multiple platforms, including blogs, Industry News, emails, videos, website pages, and more. She conducts research and gathers up-to-date information to keep our clients well-informed.

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.

This Financial Literacy Month, we’re exploring the financial impact of long-term care and the importance of helping clients plan for a care need. Whether you have a client in the pre-planning stages or in a crisis situation, it’s crucial for you to have the information and products necessary to help them protect their assets in the face of long-term care.

The Realities of Long-Term Care

As the Baby Boomer generation grows older and the population lives longer, the need for long-term care is greater than ever before and will continue to grow over the coming decades. Unfortunately, many seniors believe they will never require professional care and fail to plan ahead. Throughout their lives, they’ve planned for vacations, weddings, retirement, and other major life events. But what about their future care?

In 2021, the average nursing home bill was almost $8,000/month– that’s about $95,000/year.1 With such high costs, many seniors risk depleting their entire life savings in just a few years. In fact, by 2029, 54% percent of seniors will not have enough financial resources to pay for long-term care.2 Fortunately, you can provide meaningful solutions to help your clients plan for their future care, preserve their hard-earned assets, and boost your revenue in the process.

Read More: A Financial Advisor’s Role in Estate Planning

Long-Term Care Planning Solutions

No matter which stage of the planning process a client is in, you can help. At The Krause Agency, we offer a variety of products and services designed for the senior market.


For healthy clients in the pre-planning stages, you can offer Long-Term Care Insurance, which allows them to set aside funds for future care needs. This may include clients planning for retirement or adult children who are facing a crisis situation with an elderly parent.

Crisis Planning

For clients in a crisis situation who have an immediate long-term care need, you can offer a Medicaid Compliant Annuity to convert their excess assets into an income stream and accelerate their eligibility for benefits.

The Krause Agency is here to support you throughout the entire planning process. We offer the products, services, education, and support you need for each long-term care planning case. Whether you’d like to learn more or you’re ready to get started, contact our office today!

1 Genworth
2 Health Affairs