Long Term Care: Cutting through the cost question

Unless the prospects have recently had a family member receive long term care, figures like that will be an eye-opener for them.

As McCarthy says: “A more effective approach is to cite current costs at local facilities with which the prospect will be familiar. Instead of saying that the average daily cost for a nursing home in our state is ‘$xxx,’ for instance, it makes a stronger impact to quote the actual cost at the nursing home a few miles from the prospect’s home.”

While it might take some time to compile that information, it’s worth the effort. That’s the approach Wendell Morgan, an agent with Bankers Life & Casualty in Austin, Texas, takes because he services clients’ claims after they’ve entered a local care facility. As a result, he has firsthand knowledge of the facilities’ charges and can use that information in his presentations.

“I can say, here’s what it costs locally,” adds Morgan. “Do we want a play that pays all the cost or part of the cost? Tell me what you’re thinking.”

In the coming weeks, look for more insight into making long term care a successful part of your practice. If you have LTC strategies to share, please do so by filling out the box below.