Here is the third installment in coverage of LifeHealthPro.com’s talk with Marion Somers, Ph.D., a geriatric care manager and author of the book, “Elder Care Made Easier: Doctor Marion’s 10 Steps to Help You Care for an Aging Loved One.”
Her mission is to get more people seniors, their families and even financial planners on the LTCI bandwagon. This summer, she crisscrossed the country in 1960s-era converted Greyhound bus on behalf of the 3in4 Need More Campaign to raise awareness of long-term care insurance, speaking to local media and even stopping by the GOP straw poll in Iowa to question Republican candidates for president about elder care issues.
In this installment, she talks about how LTCI fits into an overall retirement plan and why people should know about it.
SMA: How does LTCI fit into an overall retirement plan?
Somers: I think it has to be right there with a will, health-care proxy, durable power of attorney, having a trust. Our financial planners don’t understand it. I’ve spoken to financial planners and I’m taken aback at their ignorance. They don’t bring it up with their clients, or let people know about the reverse mortgage.
Financial advisors need to be trained that this is a very viable [product] for their clients. I feel they are not doing their job sufficiently if they are not at least advising people that this is an option and the earlier you get involved with this option the longer your protection period is going to be.
SMA: Why don’t many financial planners know about it?