The staggering cost of long-term care coupled with the high likelihood that we or a loved one will require services make for a difficult financial dilemma.
In both my personal and professional life, I’ve seen too many people and their families affected by a lack of savings for long-term care (LTC).
You may have clients who aren’t eligible for an LTCi policy.
Due to their high risk, people with a history of stroke, dementia, Parkinson’s, multiple sclerosis or who already require LTC are not candidates.
The first question to ask is how much money your clients are willing and able to spend from their accumulated assets towards long-term care services in the future. Then, find out cost of care around the country (Genworth’s Annual Cost of Care Survey interactive map is a great start). When compared to the average costs of LTC services that your clients are likely to face, LTCi policies often make financial sense.
Don’t assume that the most expensive policies which offer the largest payouts are the best choice for any client.