LTC in the News
The word is spreading. Major news outlets are letting the American people know the importance of long-term care planning. Are you? Here are a few recent third-party articles.
- AALTCI.org – Majority Of Long-Term Care Insurance Claims Begin After Age 80
- ThinkAdvisor.com – How to Talk About Long-Term Care Planning Now
- Caregiverstress.com – 6 Health Tips for Working Family Caregivers
Life-LTC Hybrid Sales Soar: LIMRA
Use of life insurance-based long-term care (LTC) planning arrangements soared in 2017, according to data from LIMRA’s LIMRA Secure Retirement Institute. New premiums from life-LTC hybrids increased 18% over 2017 levels, to $4.1 billion, institute analysts report. The number of policies sold increased 5%, to about 260,000. Read more
Long-Term Care Insurance Companies Will Pay Out $100 Billion Over Next Decade
Over the next decade, the nation’s long-term care insurance companies will pay out over $100 billion in claim benefits projects the American Association for Long-Term Care Insurance (AALTCI). “Insurers this year will likely pay out $10 billion in claims and that number will grow each year as more individuals begin to claim benefits from their policies,” explains Jesse Slome, director of AALTCI. “The $100 billion is money individuals will not have to spend on needed home care or assisted living or skilled nursing home care for themselves or loved ones.”
Help clients come to grips with long-term care
Starting a conversation about planning for illness and decline in old age is difficult with any client. Those who fall into the high-net-worth category are no exception. Nearly 60% of financial advisors working with clients with $1 million or more in investable assets say fewer than a quarter of their clients have a long-term care plan, according to a new Key Private Bank study.
Some Advisors Call for Early Long-Term Care Planning
Consumers with cash should start thinking about future long-term care (LTC) expenses as early as possible, many wealth advisors say. Key Private Bank, an arm of Cleveland-based KeyCorp., learned about some advisors’ passionate advocacy for LTC planning recently, when it surveyed bank advisors who work with high-net-worth clients.