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Should Your Clients Have a Long-Term Care Plan?

The Comprehensive Advisor Newsletter

March 2018

At The BluePrint Insurance Services we take a proactive approach to helping advisors provide a more comprehensive client experience. A large part of that commitment is helping advisors address conversations that may be uncomfortable, but are a necessity to the success of their client’s financial plan. In this month’s newsletter we discuss the topic of long-term care. Many advisors and clients think the phrase “long-term care” is about an insurance policy. While insurance may be part of the strategy, long-term care encompasses everything from service and support needs/options to family and financial dynamics. Below we highlight great articles and tools for helping you work this topic into your client conversations.

Long-Term Care- The Basics

This Administration on Aging’s website is a great place to educate your clients. This site covers the basics of understanding what clients need to know about long-term care. Understanding the misconceptions and most common misunderstandings about what Medicare and health insurance covers are what we recommend you review first.  To view this site, please click here.

What is the Cost of Care?

If you have ever had a family member with a long-term care need, you may fully understand the myriad of choice and costs associated with that care. If you have never had to deal with a long-term care need, you may not know what it costs and how it varies. This Genworth site provides a breakdown of cost by state and type of care. It also provides the cost in today’s dollars and what they project costs to be in the future. To view the site, please click here.

Understanding Your Options

Making an educated decision about how your clients will address potential cost of care is part of the planning process. This piece outlines the four options for paying for care. We outline self-insurance and provide simple high-level explanations of other insurance options. In many cases the best approach may be a combination of these ideas. To view the piece, please click here.

Be Proactive

In our experience most advisors don’t proactively address this topic. It is not their core business and it is an area where they don’t feel like an expert. As part of our service platform to advisors we encourage you to allow us to support you as your long-term care expert. We want to help you incorporate conversations like these in your practice and planning process. We have tools and simple ideas that are easy to implement. Please contact us to learn more.


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