- Irving Safrin, CLTC, C.A.P., Safrin Associates, Pomona, N.Y.
- Terrence Sloane, CLU, Sloane Agency, Harrison, N.Y.
What key changes have you seen in the LTC marketplace over the last year?
Safrin: “We keep our clients and potential clients aware that good LTC coverage is getting harder to obtain. Radical changes in the past 12 months have included the elimination of lifetime/unlimited options and the withdrawal of important carriers from the LTC marketplace.”
Sloane: “The change is simple: clients understand the need and importance in their financial/retirement plan for Long Term Care Coverage. With investment returns at record lows, a long-term care claim will create havoc to a retirement plan – possibly even bankruptcy.”
What’s driving widening awareness of LTC?
Safrin: “There are several factors: The introduction of alternative products on a more contributory or participation basis; premium issues, especially for the unemployed or partially employed; the reluctance of employers to embark on new programs in view of the current uncertain economics; and the withdrawal of the LTC feature from the Obama health plan. Also, there’s a growing shortage of nursing and care facilities.”
Sloane: “Every year the baby boomers age, they experience firsthand through friends and families the need for long term care coverage. Also the Internet, news, magazines, special TV health programs, our government…the list goes on – the media are our strongest ally in promoting the need for coverage.”
How do you convey the importance of LTC coverage to clients?