Long Term Care

 

Brokers Alliance® is proud to represent all of the top tier carriers in the market today. We maintain an excellent working relationship with these carriers to mutually serve agents and clients alike.

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LEADING THE INDUSTRY IN LONG TERM CARE SOLUTIONS

Unsure how to approach your clients to offer this valuable coverage?  We can help.  Our team of experts is available to help you close more sales.  If you are a Long Term Care expert, ask about our Quote Only Service.  Here are some valuable resources to help get the Long Term Care conversation started.

 
 
 
 
 

The dilemma of Long Term Care

By definition, Long Term Disability is the inability to care for oneself for an extended period. An individual’s inability to perform the Activities of Daily Living (ADLs) can be a life-changing and sometimes devastating event. The need for coverage against this sort of loss is great. With a Long Term Care plan in place, the patient and family members can rest assured knowing that financial security will not be put at risk should the policyholder or any covered dependents sustain a debilitating and costly-to-treat illness. Individuals who experience conditions covered under LTCi plans will be well cared for even if loved ones cannot assume daily caretaker needs.

The out-of-pocket costs for LTCi vary by geographic area and can exceed $100,000 per year depending on your location. Medical inflation is outpacing general inflation by about 4% per year. Health insurance and Medicare were never intended to cover Long Term Care events. Long Term Care Insurance has surged in importance and popularity due to its role as a viable supplement to Medicare and health insurance coverage.

Few people want to imagine that they could be faced with a devastating Long Term Care event, but statistics suggest it is best to be prepared. 70% of all individuals over age 65 have experienced at least one LTC event and 40% of these cases are under 65. These events can be short-term events lasting less than one year or they can last 4 to 5 years.

The concept that “this will never happen to me” is losing ground. As the average life expectancy increases, most senior citizens and many others have to deal with a LTC event. Many of these events are manageable, but the costs of managing and treating them can be staggering.

LTC may not be right for everyone. Some individuals cannot meet the requirements due to existing medical conditions. Others would rather take the risk and pay for services from their own capital and assets. There is no right answer. Ultimately, each individual must determine his or her risk tolerance. But it is important for those investing in retirement to consider LTC so they an make informed decisions on their own.

Timing is of great importance in making the right decision. The best times to invest in LTC is when you are relatively young and healthy. Carriers offer specialized ways to shorten the payment options for younger candidates. There are two times in life when a client generally considers LTC coverage. The first is when they become aware of its existence. The second is when their health changes. Your goal is to help those who would wish they had LTC coverage upon facing a Long Term Care event get that coverage before the event occurs.

  • Understand the importance of LTC coverage for many clients
     
  • Learn how to approach this sensitive issue in an agreeable manner
     
  • Inform clients of their LTC options and the risks associated with not having LTC coverage
     
  • Connect clients with the ancillary benefits that are best suited to them.

Contact us at brokersalliance.com for all your long term care needs