Is now the time to expand your career and start selling long term care insurance? With the implementation of health care reform, Americans will have to consider the recent monumental changes whether they like it or not. Maybe it’s time, then, to review your portfolio and offerings for clients in this new climate of uncertainty.
Today, there are 40 million Americans aged 65 and older, and by 2020, that number will balloon to more than 53 million. By 2030, one in every five people will be over the age of 65. With an audience that large and medical expenses rising, long term care insurance may soon become “must have” coverage.
Unfortunately, a high percentage of seniors don’t understand LTCI and are not sure where to turn when planning for their senior care needs. For those of us in the sandwich generation, raising our own kids and watching our parents struggle with assisted living, senior centers, and skyrocketing nursing home costs, LTCI just may be our saving grace.
The Community Living Assistance Services and Supports Act (CLASS Act) is a part of the new Patient Protection and Affordable Care Act (PPACA), signed into law on March 23, 2010. This new legislation created a national program to defray some of the costs associated with long-term care for working Americans. This voluntary program is aimed at helping caregivers and families who can afford it, while eliminating a percentage of the government’s financial burden in caring for America’s aging population. In many ways, CLASS is an attempt to keep our senior loved ones off welfare and out of substandard nursing homes.
Did you know that health care for working caregivers can cost 8 percent more than for employees without caregiving responsibilities? If those people cannot get long term care through their employers, there is a real opportunity for professionals to sell LTCI as an add-on to other offerings in their portfolio. By working with those who want long term care coverage, you can add to your bottom line and help get real solutions to good families in need.
Here are some helpful tips to make sure that you are successful and remain in compliance with the rules governing long term care insurance solicitation and sales.