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- W2548757967 abstract "The long-term care (LTC) landscape is changing and has made noteworthy shifts since the early 2000s. According to the National Association of Insurance Commissioners (NAIC), traditional LTC insurance sales dropped by 65 percent from 2000 through 2010. More recently, the Life Insurance and Market Research Association (LIMRA) reported a 20 percent decline in sales of traditional LTC insurance from 2012 to 2013. Meanwhile, significant increases (58 percent) have been seen in hybrid and life combination products. Given this changing landscape, and the fact that no comprehensive financial plan is complete without addressing LTC, financial planners need to be knowledgeable on the various solutions available. The American Association for Long-Term Care Insurance (AALTCI) recommends that individuals take out a policy in their mid-50s. This may, at first glance, seem early considering that the vast majority of claims occur when people are in their 70s or 80s. However, those who hold out too long before purchasing may not qualify if their health diminishes. Another reason to be proactive about LTC insurance is that premiums correspond to age. For every birthday, the annual premiums typically go up 2 to 4 percent. Once clients reach their 60s, premiums jump 6 to 8 percent every year. This paper examines the growing need for LTC insurance and the factors that affect a client’s need: age, health, disability, and living arrangements. The paper also reviews the current cost of LTC insurance and how Medicare, Medicaid, and private insurance may or may not fit into the financial planner’s consideration when conducting LTC planning. Characteristics of policies, such as the cost per unit of coverage, design flexibility, certainty of coverage, liquidity, investment upside, and death benefits for heirs are also reviewed. There is no one best solution for LTC insurance. Each possible solution has advantages and disadvantages that need to be evaluated in order to arrive at the best recommendation based on each individual client’s needs. Long-Term Care Insurance: Comparisons for Determining the Best Options for Clients" @default.
- W2548757967 created "2016-11-11" @default.
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- W2548757967 date "2015-01-01" @default.
- W2548757967 modified "2023-09-23" @default.
- W2548757967 title "Long-Term Care Insurance: Comparisons for Determining the Best Options for Clients" @default.
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