November is Long-Term Care Awareness Month and NAIFA is marking the occasion by spreading the word about caregiving and long-term care and providing financial professionals with valuable ideas and information. On November 19, NAIFA’s Limited and Extended Care Planning Collective is sponsoring an online event: “The Care Economy: Where Compassion Meets Capital.” It will feature seven 20-minute sessions by industry thought leaders who will share what advisors and agents need to know about the present and future of caregiving and long-term care. They will discuss such topics as the current state of long-term care insurance, the benefits of right-sizing LTC coverages, the role of annuity products in LTC planning, how to talk about LTC with younger clients, and much more.

NAIFA is so passionate about the need for long-term care awareness and planning, that we’ve made registration for this important event free for NAIFA members and non-members, alike.

Your Clients Need to Hear From You

Are you looking out for the best interests of your clients? The answer I hear from NAIFA members is universally a resounding YES! You provide for their financial security, help them set goals and develop comprehensive financial plans, and often build substantial nest eggs that allow them to thrive in retirement. But what would happen to those plans and those nest eggs if they were hit by unexpected health care-related expenses of $100,000 a year or more?

NAIFA is a strong supporter of Long-Term Care Awareness Month because neglecting the potential need for long-term care in a financial plan can have devastating results. The average cost for home health services is around $78,000 per year, while a semi-private room in a nursing home comes with an average annual price tag of more than $110,000. Around 70% of adults will incur senior-care expenses during their lifetimes. Most are not aware or prepared.

Many of your clients may not understand how expensive LTC can be or what planning options are available. They may mistakenly believe Medicare will cover the costs. If they are healthy now, they may have difficulty imagining a time when they will not be. As a financial professional working in your clients’ best interests, don’t wait for them to come to you. There is no better time to start the conversation than November, Long-Term Care Awareness Month. NAIFA’s Life Happens Community can help. We have social media graphics and other materials available to NAIFA members in the Life Happens Content Library.

As the experts on our November 19 webinar will make clear, it’s not all about long-term care insurance. Only around 4% of Americans carry stand-alone LTCi, and the market has contracted significantly in recent years. Today, fewer than 15 carriers are in the market, down from more than 100 in the 1990s. Financial professionals will often need to find more creative solutions, like those involving hybrid life insurance, annuities, and other products our experts will talk about on November 19.

I hope you will join us. And I hope you will take advantage of Long-Term Care Awareness month to talk about this important matter with your clients.