As a society, most people think long term care (LTC) only means nursing home.
Unfortunately, this is a widespread misconception among Americans and as a result many people don't realize how important it is for them to plan for long term care.
Whenever someone speaks to me about long term care and says oh you mean "NH coverage", my immediate response is LTC is comprehensive in its scope; if you ever do need care, most people want and receive their care at home.
With planning, people can choose where they receive care; and with today's technology almost any type of care can be provided in the home.
Nursing homes are the place of last resort and can often be avoided.
It is not the insurance company that decides where care is provided.
The patient and the family make that decision together.
When they choose to remain at home that can usually be arranged.
That is why having a Health Care Proxy ready and in place, is so important.
As a long term care planning specialist, when I meet with new prospects, I try to learn as much as possible about them, their family, their support structure, were they to need care, and their goals.
When it comes to long term care planning, for those who are insurable and want to remain at home, I focus on home care benefits.
But what is of the utmost importance is that everyone needs to have a plan! The Baby Boomer generation just began turning 65 on January 1, 2011; some are still in their forties, and they need to start planning now.
Plans can easily be designed to focus on home care.
That is what most people want and coverage can be designed to make that happen.
Many people in their 70 and 80's, and some that are even younger, are in a different category.
LTCI may not be an option for them, but that doesn't mean they don't need to have a plan.
People who cannot afford or are ineligible for LTC insurance can implement other planning strategies, but not if they don't explore and become knowledge about the alternatives.
For example, Life Settlements can be one alternative that may provide funds to pay for long term care assistance, but few people know about it.
A team of professionals working together, in my opinion, is optimal whenever possible.
Much to my dismay, I have heard it said that some people selling LTC don't tell the "truth" about LTCI coverage.
It has been my experience that long term care specialists do not misrepresent the issues and benefits when presenting long term care options.
Most specialists have an in-depth knowledge of all the companies and their products because they focus on one thing only, long them care planning.
However, there are CPAs/ financial advisors and some divorce and other attorneys whom I have met that have become licensed and do sell LTCI to their clients.
I politely refer to them "dabblers".
Selling LTCI is not their vocation, it is their avocation.
They often promote one or two particular companies or products and do not have the time or expertise to analyze the needs and compare the products and benefit specifics, to determine what may be most suitable for a given person or couple.
For them, as an avocation, LTCI sales are a means to increasing their income.
And this can be unfortunate for some clients, because it is not their professional area of expertise.
Sadly, this happens often and as a result in many cases the best needs of the client are not properly served.
LTC planning is complex, and people can be better served by working with a professional specialist who knows the "ins and outs" of LTCI.
I believe that high-quality planning is a team effort and often includes an estates & trust attorney, financial and insurance advisors, CPA/accountant and long term care planning specialist with open communications enabling them to work together to better serve each clients' unique needs.
Vivian Gallo, CLU, AEP, CLTC CHOICES For Long Term Care Insurance Serving NY, NJ, CT and GA
Unfortunately, this is a widespread misconception among Americans and as a result many people don't realize how important it is for them to plan for long term care.
Whenever someone speaks to me about long term care and says oh you mean "NH coverage", my immediate response is LTC is comprehensive in its scope; if you ever do need care, most people want and receive their care at home.
With planning, people can choose where they receive care; and with today's technology almost any type of care can be provided in the home.
Nursing homes are the place of last resort and can often be avoided.
It is not the insurance company that decides where care is provided.
The patient and the family make that decision together.
When they choose to remain at home that can usually be arranged.
That is why having a Health Care Proxy ready and in place, is so important.
As a long term care planning specialist, when I meet with new prospects, I try to learn as much as possible about them, their family, their support structure, were they to need care, and their goals.
When it comes to long term care planning, for those who are insurable and want to remain at home, I focus on home care benefits.
But what is of the utmost importance is that everyone needs to have a plan! The Baby Boomer generation just began turning 65 on January 1, 2011; some are still in their forties, and they need to start planning now.
Plans can easily be designed to focus on home care.
That is what most people want and coverage can be designed to make that happen.
Many people in their 70 and 80's, and some that are even younger, are in a different category.
LTCI may not be an option for them, but that doesn't mean they don't need to have a plan.
People who cannot afford or are ineligible for LTC insurance can implement other planning strategies, but not if they don't explore and become knowledge about the alternatives.
For example, Life Settlements can be one alternative that may provide funds to pay for long term care assistance, but few people know about it.
A team of professionals working together, in my opinion, is optimal whenever possible.
Much to my dismay, I have heard it said that some people selling LTC don't tell the "truth" about LTCI coverage.
It has been my experience that long term care specialists do not misrepresent the issues and benefits when presenting long term care options.
Most specialists have an in-depth knowledge of all the companies and their products because they focus on one thing only, long them care planning.
However, there are CPAs/ financial advisors and some divorce and other attorneys whom I have met that have become licensed and do sell LTCI to their clients.
I politely refer to them "dabblers".
Selling LTCI is not their vocation, it is their avocation.
They often promote one or two particular companies or products and do not have the time or expertise to analyze the needs and compare the products and benefit specifics, to determine what may be most suitable for a given person or couple.
For them, as an avocation, LTCI sales are a means to increasing their income.
And this can be unfortunate for some clients, because it is not their professional area of expertise.
Sadly, this happens often and as a result in many cases the best needs of the client are not properly served.
LTC planning is complex, and people can be better served by working with a professional specialist who knows the "ins and outs" of LTCI.
I believe that high-quality planning is a team effort and often includes an estates & trust attorney, financial and insurance advisors, CPA/accountant and long term care planning specialist with open communications enabling them to work together to better serve each clients' unique needs.
Vivian Gallo, CLU, AEP, CLTC CHOICES For Long Term Care Insurance Serving NY, NJ, CT and GA
Source...