LTCI Awareness Month

In less than 10 Years, AMERICA will Spend $1 o...

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The insurance industry has designated November as Long Term Care Insurance Awareness month.  The insurance industry wants to make people aware of the cost of caring for a loved one during an extended period of physical or mental limitation.

There are no hard and fast rules to determine when an individual needs to obtain a Long Term Care plan.  Some government safety nets already exist for people but they are not for everybody.  The “red tape” and limitations of Medicare and Medicaid programs can be a disincentive for some people.

There are a couple of “rules of thumb” that I use to encourage people to consider as they decide if they need Long Term Care insurance.

  1. Do you have a spouse?
  2. Does your net worth exceed $ 30,000?
  3. Are you contemplating retirement or already there?

I know that LTC insurance is not the first concern for every insurance agent in America.  Our clients often have many financial risks and with other bills cannot afford to purchase insurance protection for all of them.

One of our responsibilities as risk advisers is to help them prioritize which risks they need to transfer to others and which risks they can afford to retain.  I urge all insurance agents to educate themselves on the risks of Long Term Care and the potential damages it can cause so that when they are asked for guidance on the topic they are able to provide well reasoned counsel to their clients.

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About The Insurance Barn

Husband of 1, father of 2, health insurance agent and insurance trainer.
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