Part of every financial plan should include planning ahead for our clients long-term care (LTC) needs, especially at the earliest possible time when your clients have the greatest number of options available to them.
Some of our clients have experience dealing with the significant financial, physical and emotional impact of a caregiving situation; others have not had this experience and may believe either the government or their kids will take care of them.
There are many plans on the market, so pick a carrier that specializes in the market, one who has a long claims history, that is experienced at pricing in this market and one that has been around for some time. Plan flexibility and features abound in the industry, making coverage available for most clients regardless of budget.
Rather than ignoring the risk, help your clients choose and put some level of protection in place. Having a pool of money in place helps protect their assets and the income from those assets against the risk of needing to fund long-term care at a time when they can little afford the expenditure.