The Mandatory Nature of Long-Term Care Planning
It’s a FACT.....healthcare expenses are one of the few mandatory expenses during retirement. Starting with Medicare Part B premiums deducted from social security benefits, or the higher premiums for higher income earners, then potential Medicare Supplement plan premiums included in the staggeringly high out-of-pocket retiree healthcare expenses estimate from Fidelity Investments. However, all those premiums, plans, and costs exclude Long-Term Care (LTC), making that a specific planning item that cannot be ignored.
In a “post-pandemic” world, the advisory community should be giving 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 a great way to positively impact your clients, and even those “reluctant” to address the matter should implement some kind of formal Long-Term Care (LTC) Planning.
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.