November is Long-term Care awareness month, which brings awareness to the importance of long-term care and how it can benefit everyone, not just the policyholder.
What is Long-Term Care?
Long-term care is assistance for people who cannot perform at least four of the six activities of daily living. The six activities are bathing, continence, dressing, eating, using the toilet, and transferring. Essentially, it is an elderly person’s need to be cared for by a nurse or other qualified professional for the remainder of their lives.
How much does Long-Term Care cost?
According to the Genworth 2019 Cost of Care Survey, the national median yearly expense for long term care can be anywhere from $48,612 to $102,200 depending on the type of care required. This can become an extremely expensive proposition for any family, which highlights the need of having LTC insurance even more. LTC insurance can be a lifesaver at a couple of hundred dollars a month, vs. having to pay out of pocket for these costs. According to Genworth, a 70-year-old male who is covered for $200 a day and has a benefit multiplier of two years, the annual premium cost would come out to be approximately $3,560.40. This is just under $300 a month, which is quite affordable as opposed to the non-insured alternative.
How do I talk to my clients about Long-Term Care?
The best way to talk to your clients about long-term care is by doing a needs analysis of some sort. Do they have relatives they are financially responsible for? Are they in good health? Do they anticipate their living expenses to increase? How will they pay for long-term care? Provide your clients with all the information available so they can make the decision if long-term care insurance is right for them. Insurance is for the unforeseen circumstance, so make your clients feel at ease by telling them about how Long-term care insurance can be one of the most important insurance policies on the open market.
We hope this information on Long-Term Care Awareness Month is helpful to you.
Empower Brokerage is dedicated to helping you educate your clients on the insurance they need and staying on top of their health. Whether it’s through webinar training, one-on-one calls, seminars, or marketing plans. We want you to be successful. Give us a call if you have any questions at 888-539-1633.