by John Darer® CLU ChFC MSSC RSP CLTC
An understanding of long term care and a plan for long term care financing is critical for families well before an age where you or they may need it. If extended care is needed, for any reason, failure to plan may result in limited choices and control over the setting in which care will be delivered and may seriously affect the financial viability, quality of life and well-being of the family members, not just the individual who needs extended care.
As a settlement expert, it's not difficult to see how long term care and extended care intersects with planning needs for certain types of personal injury cases as well as a broader universe that includes the lives of stakeholders in these cases and their families.
Which leads me into why I opted to spend a beautiful spring weekend in Kansas City**.
The American Association for Long Term Care Insurance (AALTCi) put on an outstanding educational program at the 2014 Long Term Care Solutions Summit held May 18-19 2014 at the Westin Crown Center in Kansas City, Missouri. Some of the topics included:
- Understanding the pros and cons of life insurance with chronic illness benefits
- Alternatives and companions to long term care insurance
- How to sell linked benefits
- LTC Hybrids
- Home care benefits as the Long Term Care Policy Optimizer
- What to do with uninsurable clients: Options That Benefit All
- Your Role as a Client Advocate: Strategies that minimize claim delay and rejection
- Selling Short Term Care
- Selling Annuities With Long Term Care: A How To Succeed Crash Course
- Converting life insurance to pay for long term care
- Aging in Place
- Reverse Mortgages
- Medicaid Complaint Annuities
- The new HIPAA Omnibus Rule and how it impacts LTCi.
and a slew of sessions for attendees that provided extensive sharing of sales process and counseling techniques from industry leaders for producers of all levels, technology and social media. There was an extensive array of exhibitors which included product and solution providers, IMOs, health care advocates and more.
One product provider now offers an inexpensive "starter" long term care insurance program targeted to individuals in their 30s and 40s. in an effort to attract young healthier premium dollars. It is a very smart move for the LTC product provider. I bought LTC insurance at age 38 at the same time we bought LTC insurance for my parents. For a comparably modest premium, with the built in 5% benefit increases, the benefit should be over $700 per day by the time I'm 65.
I was as impressed with the 2014 Long Term Care Solutions Summit as I was with the November 2012 conference in Las Vegas.
**as part of an ambitious overall LTC continuing education and enrichment program in May 2014 that includes the ominously titled "LTC Boot Camp". In March 2013 I completed my professional Certification in Long Term Care (CLTC)