Long term care insurance specialists and financial advisors may categorize their relationships with each other as competitive. However, with a simple shift in thinking, they can enjoy mutually beneficial relationships and help increase the number of Americans covered by long term care insurance.
The importance of LTCI
In the absence of long term care insurance, many people depend upon loved ones for their caregiving needs. Often, this puts incredible financial, physical, and emotional burdens on the caregivers.
According to the Family Caregiver Alliance, the value of the services provided by informal caregivers (family or friends) is an estimated $306 billion a year. Two-thirds of working caregivers providing assistance to a family member or friend over 65 years of age report they have decreased their work hours or taken an unpaid leave in order to meet their caregiving responsibilities.