A quick overview of today’s financial news will provide LTC insurance specialists with plenty of information in support of the argument that consumers need to plan for their financial future-as well as take responsibility for their financial present.
But information about how long term care insurance can help with that planning seems to have been in short supply in the past few months. Public media seems to mention precious little about LTC coverage, LTC seminars, articles, promotions, etc. If there has been a lot of advertising about LTC insurance lately, I must have missed it.
Perhaps the constant reporting on the “financial crisis” and on the presidential election has just downed out discussion of other aspects of financial life.
Fortunately, the “Long Term Care Awareness Month” campaign of the American Association for Long Term Care Insurance, Westlake Village, Calif., starts November 1, 2008. It is to run all month long, according to AALTCI Executive Director Jessie Slome.
That’s just “in the nick of time,” as the saying goes. Consumers really need reminders about how this coverage ensures funding for care when a person needs it most—at time of incapacitation-no matter what the economy is doing. This is especially so during today’s period of financial turmoil.
As everyone knows, in response to today’s financial difficulties, people are economizing in all sorts of ways. They’re cutting back on gasoline usage, travel, dining out, clothing purchases, and much more. It’s not a far stretch to see why some are also economizing on insurance (by shopping for the best rates, for instance) and/or delaying purchase of coverages.
Where LTC insurance is concerned, some may decide that, given all of today’s economic uncertainty, this is not the time to purchase a policy or even to start developing a LTC plan for themselves. Besides, they may say, “it is a long time before I’ll have to deal with long term care at all, so I’ll just hold off for now. That’s the best use of my money.”
These consumers desperately need a reality check, and it behooves the LTC advisors and LTC insurance industry to provide it.