Why You Should Work with a Long-Term Care Insurance Advocate
Disclaimer: Since Medicaid rules and insurance regulations are updated regularly, past blog posts may not present the most accurate or relevant data. Please contact our office for up-to-date information, strategies, and guidance.
For the same reason a General Practitioner will refer their patient to a heart specialist when they need heart surgery, so too should you refer your clients to a qualified Long-Term Care Insurance Advocate when they are looking to discuss this invaluable insurance protection designed to safeguard their financial estate.
Whether you are an attorney or financial professional, you have expertise that is valuable to your client. You acquired formal education and industry knowledge that provided you with this expertise. You continue to hone these skills by participating in continuing education classes, webinars, and conferences, and by staying abreast of changes in the law and regulations. The same goes for our professional LTCI Advocates.
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Avoiding Risk with LTCI
Advising your clients to invest in LTCI in order to mitigate the overwhelming risk that they face as they grow older not only protects them against the ravages of long-term care but may also impact them and their loved ones in financial, physical, emotional, and professional terms. This advice also mitigates the risk that you face as a professional on whom they rely for such advice. If you neglect to recommend LTCI protection to your clients, you risk a potential lawsuit down the road.
LTCI: Then and Now
Initial LTCI policies that were introduced to the marketplace in the 1970s were largely designed for use by the elderly in nursing homes at the end of their lives. Public demand forced insurance companies to expand the scope of coverage on these plans, and soon this much-needed care was available to policyholders in their homes, assisted living facilities, adult day care, group homes, and other venues.
Today, the industry offers a wide array of LTCI products, ranging from traditional, stand-alone long-term care insurance to non-traditional product offerings that are commonly known as combination, hybrid, or asset-based products. These products have greatly expanded the options available to the public and include life insurance with either a chronic or long-term care rider, asset-based products, annuities with these same features, and other crisis-avoiding platforms. While the addition of these products has greatly expanded the options available to your client, it also accentuates the need for you to affiliate with an LTCI Advocate who knows all the finer points of these various and sundry products.
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To this day, when long-term care is mentioned, many people immediately think of a nursing home. In reality, most care takes place in one’s home. So, thinking about long-term care as an event to plan for, not just a place, can help clients have more options in the future. Long-term costs can add up quickly, and a common misconception is that Medicare or Medicaid will pay for all expenses. The truth is that your clients may need to be able to cover much of the cost themselves with either cash or private insurance. An LTCI Advocate can present them, and you, with all the options that are available at their present stage of life.
