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January 19, 2003 at 07:00 PM
The LTC Agents Mission: Help Protect The Wealth Of America
Long term care insurance is absolutely essential to asset and retirement income protection. This is a key lesson I have learned from my 15-plus years in the business. Indeed, it is central to the LTC agents mission.
The leveraged dollars guaranteed for future delivery help preserve the clients dignity; save family and friends who might otherwise be caregivers from disrupted lives and futures; provide assurance that retirement income wont be depleted for the non-disabled spouse; and guarantee wealth transfer for future generations.
Whats more, LTC insurance is good for America.
A 2002 report by the Senate Special Committee on Aging quantifies the facts. Without a reliable third-party payer for LTC services, the cost will hamstring the ability of America to defend its citizens. The Senate reports:
“Government projections developed for the U.S. Department of Health & Human Services find that annual expenditures for long-term care will reach $207 billion in 2020 and could nearly quadruple in constant dollars to $379 billion by 2050. Absent reform, spending on Social Security, Medicare and Medicaid would consume nearly three-quarters of federal revenue by 2030. This will leave little room for federal priorities such as defense and education. By 2050, total federal revenue would be insufficient to fund spending for Medicare, Medicaid and Social Security interest payments.”
Now, consider Medicaid. Though developed to be a social safety net for the truly needy, Medicaid has become the payer of choice for the LTC expenses of many middle class Americans. These are people who either didnt know or werent told about the value of private LTC insurance. To qualify, many fellow citizens are forced to impoverish themselves or shift and shield assets.
What choices do we want our children to have to make? Do we want them to rely on substandard government subsidized LTC options for us? How do we want to live the balance of our lives? Should this country have to make a choice between caring for the truly needy and protecting itself from threats at home and abroad?
