Timing is everything, right? Instead of sharing trends (which are actually predictions) at the beginning of the year, I thought it would be better to share what we’re seeing YTD.  It’s time to talk about this important piece of retirement planning.

Below you’ll find 5 trends in Long-Term Care planning:

• Covid-19 (unfortunately, it’s still with us and people understand dealing with an unexpected healthcare event)
• Personal experience (most of us have first-hand experience of an extended healthcare event)
• America’s changing demographics
• Brighthouse has aired primetime TV commercials promoting their Hybrid Life + LTC product

• Advisors and clients have spoken – they prefer these dual-purpose policies
• Extended premium payment options enable more people to plan with these products (10-pay, Pay-to-65 and Pay-to-100)  
• Carrier entries (2022 and 2023)  
• Pricing reductions due to interest rates going up

• Plan design strategies where clients co-insure against the risk  
• Advisors not letting “perfect be the enemy of good”
• Focus on home healthcare costs vs. skilled nursing home costs

• Voluntary and Executive Benefit sales are increasing
• 99% of America buys their Insurance at work…let’s meet them there!
• Unique and preferential tax treatment (deductibility, the ability to carve-out and income tax-free benefits)

• WA Cares Fund (publicly-financed LTC program)
• Ten or more states looking at Public LTC Programs (with CA and NY furthest along)
• Secure 2.0 and the LTC Affordability Act (using retirement account dollars to pay for LTC Insurance)