Artificial Intelligence Weighs In On Long-Term Care Planning

Artificial Intelligence "Thoughts" On Planning for Healthcare In Retirement & Long-Term Care?

The internet is abuzz about Artificial Intelligence (AI) and how it will revolutionize the way we obtain and share information. So, it seems to be the right time to "talk" with ChatGPT and let AI weigh in on Long-Term Care and Healthcare In Retirement.

ChatGPT is an AI chatbot developed by OpenAI and launched in November 2022. Rather than just doing a "search", it provides answers to fully formed and very specific questions. Below are the questions we asked ChatGPT and you can click on each for the answer.

Should I recommend that clients have an insurance-based long-term care plan?

How wealthy should a client be to Self-Fund their potential Long-Term Care Expenses?

Why is Self-Funding a poor choice for a long-term care plan?

What should I do when a client won't discuss Long-Term Care Planning?

Can I accept a client's verbal decision to Self-Fund their Long-Term Care risk, or should that decision be memorialized in a written and signed manner?

If I am a fiduciary.....Are my planning recommendations "complete" without addressing the risk associated with Healthcare In Retirement?

Looking at the CFP Code of Ethics & Standards of Conduct, as a CFP, under what scenario can Long-Term Care and Healthcare In Retirement be IGNORED?

What is the potential legal liability for an advisor who fails to address Long-Term Care and Healthcare In Retirement in a client's planning?

If an insurance company won't provide rate guarantees for their traditional, stand-alone Long-Term Care insurance policies, should one expect premium increases in the future?