The Mandatory Nature of Long-Term Care Planning
It’s a FACT.....From the day one receives a paycheck with a FICA deduction until they pass away after having their final Medicare Part B premiums deducted from social security benefits, healthcare is a mandatory expense. For some, that could also mean a more significant Medicare premium for higher income earners or the staggeringly high out-of-pocket retiree healthcare expenses project by Fidelity Investments. Even worse, all the healthcare-related costs mentioned so far exclude Long-Term Care (LTC), making that a specific planning item that cannot be ignored.
In a “post-pandemic” world, the advisory community should give LTC more serious planning considerations, especially when a large percentage of your clients will need some form of LTC, and too few have planned for it. Addressing this topic is more than another great way to impact your clients positively, and it simply cannot be ignored. Even those “reluctant” to address the topic should implement some kind of formal Long-Term Care (LTC) Planning that integrates with a reliance on the following:
While experience tells you many clients won’t implement an insurance-based LTC Plan, that doesn’t eliminate the reality, risks, or the need for a formal planning component. The planning tool to the right can be customized for your firm or practice to help you introduce LTC as a required planning topic as follows...
We are confident you can use this tool effectively, and we look
forward to hearing from you when you have cases to discuss.