We've noticed that a lot of consumers ask the same questions about long-term care insurance. Here's the top ten we hear and our responses to them.
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Topics: For financial professionals, Educational Content for Consumers, Financial Wellness
One of my favorite shows to watch with my middle school aged son is "How It's Made" on the Science Channel . As the title hints, the premise is simple - take any physical object that's sold and they will demonstrate the manufacturing process. The variety of goods they feature is endless and wonderfully random- this week's show features mini pepperoni, irrigation sprinklers, and leather gloves.
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Topics: Advice articles about planning, Current affairs, Educational Content for Consumers
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Topics: For financial professionals, Educational Content for Consumers
Explaining long-term care insurance to clients can be difficult, especially if they have no personal experience with caregiving.
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Many of us may have had to face a long-term care situation, most often as caregivers for an elderly family member who may no longer be able to live independently. If you have experienced long-term care first-hand, you know how difficult it can be from a physical, emotional and financial point of view. But if you’re like most people, you may not have a plan in place for your own possible long-term care needs.
This lack of planning isn’t really surprising. When you’re busy building your career and raising a family, it’s hard to imagine a time when you may need help with some of the most basic activities of daily living, like eating or bathing. As a result, it’s easy to deny the possibility that you may need long-term care at some point in your life. Unfortunately, accidents or illnesses can strike at any age. In fact, 41% of Americans who need long-term care are under the age of 65 (Urban Institute analysis of US Census Bureau’s National Health Interview survey, 2009 and American Community survey, 2010). And, 70% of people who reach age 65 will require some period of ongoing assistance or supervision, due to physical or cognitive impairment (U.S. Department of Health and Human Services, National Clearinghouse for Long-Term Care Information, accessed September 25, 2009).
Myth #1: “The government will take care of me”
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Topics: Advice articles about planning, Educational Content for Consumers
