One of the consistent questions from advisors about Long-Term Care (LTC) Planning is how to start discussing the process.  Fortunately, most Q&A sessions or fact-finding is pretty straightforward, and sometimes, it is best to set aside the feeling or thought that you have enough information to initiate the process. 

Consider having an in-depth discussion - Whether it's you and your client or a family meeting - to help everyone understand the various issues as the planning process begins.  When your clients understand that LTC Planning is, in fact, a process, the engagement should be no different than any other aspect of the advisory role. 

To help you begin the LTC Planning process, below are five important topics or questions you may want to use:



1)  Can you explain how Healthcare In Retirement and Long-Term Care are addressed in your current financial, retirement, estate, or risk management planning …..

LTC planning is NOT a stand-alone item on a checklist since there is an intricate connection between health and wealth. Providing a holistic approach can lead to better financial outcomes, so everyone involved should have a clear understanding of how and why an LTC plan should be part of comprehensive financial, retirement, and estate planning in place or being considered.

2)  What role do you believe Medicare will play if or when you need Long-Term Care?

It’s vitally important your clients understand the healthcare benefits provided by  Medicare and, even more importantly, that Medicare excludes chronic and age-related illnesses necessitating the need for LTC!  By taking a proactive approach, you can discuss the myths, inaccuracies, and falsehoods associated with Medicare, how MediCARE and MedicAID are not linked, and how to begin planning accordingly.

3)  Explain how Long-Term Care Planning could positively impact you and your family…..

Clients should understand how LTC Planning is for a broad scope of care, not just a Nursing Home, and that a plan can help transfer the financial risk away from the family unit.  There should also be a clear understanding of what the plan will cover and where those needs might actually be met because, without this knowledge, it may be difficult for some clients to conceptualize why government safety net programs are not a planning alternative.  Finally, LTC Planning will address the impossibility of quantifying the physical & emotional costs on loved ones when there isn't planning for LTC.

4)  What is your plan for Retirement Income, and how might the need for Long-Term Care affect that plan?

Many clients may be concerned about the long-term viability of Social Security or fear outliving their savings. A personalized LTC plan should help address asset and income protection, especially for couples where a need for care could significantly impact the standard of living for the healthy spouse.

5) If you needed care not covered by Medicare or Health Insurance, which assets/accounts would you tap first to pay for that care?

Once your clients understand that LTC is excluded by Medicare or Health Insurance, the discussion moves from conceptual to reality.   LTC Planning is even easier once a client understands virtually all of their hard-earned assets are at risk and will have to be paid out-or-pocket......or, if they follow your advice, those expenses can be covered by a Long-Term Care Plan.



This is the “shortlist” to address when beginning LTC Planning, and we welcome the opportunity to assist you as you begin engaging your clients.

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