LTC inquiries are heavily consumer driven. Clients are aware now more than ever of the impact to a care event and they are seeking ways to solve the problem on their own. It can be surprising for a financial advisor who has worked with a client for years to learn that they the client sought outside resources to protect their future. Clients are eager to learn about what their options are to protect their retirement future. Many have lived through a care event for a loved one or are providing care themselves! (Fox Business News) According to a new study conducted by Caring.com, nearly half of family caregivers spend more than $5,000 a year on expenses associated with providing care. Of those spending more than $5,000, 16% are seeing costs of as much as $9,999 while 11% are spending as high as $19,999 and 5% are absorbing out of pocket expenses of as much as $49,999.
Less than 10% of Americans over age 65 have a long term care insurance policy. Think about that number and all that we know about demographics, cost of care, impact to family and friends. There is no reason to hold back from an ltc planning discussion. Consumers need it; advisors should be socially and morally obligated to inform clients of their choices. The market today is ripe with solutions that can be tailor fit to any client. So what’s holding us back? Confidence and Trust need to be built on the side of the advisor so that he/she feels prepared to have the discussion with the client. How do we do that?
- Work with LTC planning specialists
- Take the time to know what’s available today
- TALK TO YOUR CLIENTS
- Document that you had the discussion…no matter what the client chooses
Syndicated financial columnist and talk show host Steve Savant interviews nationally recognized long term care author and expert Maria Sarci.