The Social Security Administration estimates that between now and 2020, the 65-plus population will grow 100 percent, while the group ages 20 to 64 will only grow 15 percent. Couple that with the limitations of Medicare and we, unfortunately, have on our hands a looming long-term care dilemma.
The prevalent do-it-yourself client mentality has quickly translated into numerous examples of financial disaster that could have been easily avoided with proper planning and financial counsel. It is our duty as financial advisors to both raise awareness of the cost of care and educate on the necessity of long-term care insurance.
Prospective clients need to know that long-term care insurance costs are reasonable if taken out at a younger age and will protect them in the event of an accident or health condition, securing their net worth for retirement. It is up to us to get them to see the value of long-term care insurance and protect their assets from loss due to mounting long-term care costs. Help clients understand muddling financial products and realize what a survivorship policy, annuity, long-term care rider or even setting up a standard C Corporation can do for them. Are you ready to review and modify your clients’ plans to protect them and their loved ones from long-term care costs?
