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What You Must Know
- Lengthy-term care insurers could have choices.
- Some shoppers may use annuities.
- Some private-pay beds convert to Medicaid beds.
Your shoppers ought to eat correctly, train, write thanks notes and purchase ample long-term care insurance coverage after they’re younger and wholesome.
Typically, they don’t. What if Jane Doe, a profitable 40-year-old lawyer, walks in and already has extreme kidney illness? Are you able to supply her any choices for planning for long-term care prices?
Kim Beil, a vice chairman at Janney Montgomery Scott, says you may, by contemplating choices based mostly on financial savings preparations or deferred annuities.
What it means: It’s essential to have concepts about how one can assist the consumer in entrance of you, in addition to the hypothetical consumer who does every thing proper.
The best: Beil, who’s head of insured and money options at Janney, holds the licensed monetary planner (CFP) and certification for long-term care (CLTC) designations.
Beil stated in an e-mail interview that advisors ought to encourage shoppers to use for medically underwritten long-term care planning merchandise, akin to stand-alone long-term care insurance coverage, by the point they’re round 55.
“When you wait too lengthy, the premiums may considerably enhance,” Beil stated.
Too typically, she stated, shoppers take into consideration long-term care planning after they’re between 60 and 65 and have already got well being situations that make getting via underwriting troublesome.
Jane Doe: What are you able to inform a comparatively younger consumer who already has a critical persistent situation?
Beil stated one technique to contemplate is wanting laborious for stand-alone long-term care insurance coverage.
Somebody with a critical well being downside may have a tough time getting that at an affordable worth, she stated.
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