Long-term care is an increasingly important and rapidly changing component of today’s health care delivery system. The increasing need for these services is creating significant budget concerns for federal and state governments, as well as straining family finances. The cost of care continues to increase and so does the probability of using it. Most long-term care studies indicate that greater than 60 percent of people 65 years old and older will need some form of long-term care such as home care, assisted living, adult day care, and nursing home care.
With the probability of long-term care so high, people need to protect themselves from that financial burden in the future. However, most people don’t. Unless you are a doctor or nurse providing patient care, you are not confronted with this daily. It is out of sight and out of mind. It is uncomfortable to think and talk about declining health or death. So people avoid the topic and planning.
Consequently, as a financial and insurance professional, there are five good reasons to promote long-term care coverage to doctors and nurses.
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1. Doctors and nurses are on the front lines.
Many doctors and nurses work with older adults in their practices. They are keenly aware of the health issues their patients struggle with that progressively get worse as they age. In addition, patients live longer due to the advances in medical care.
In my experience working with doctors and nurses, they are empathic to the illnesses their patients are afflicted with. They see their caregivers bring them to appointments, and they hear the stories of declining health and the need for additional care at home.
2. Doctors and nurses are aware of the cost of medical care.
Doctors and nurses see the many health issues experienced by their older adult patients on a daily basis. They are also aware of the rising cost of care, including long-term care, and it continues to increase at a faster pace than inflation. Often times, they know that the younger and healthier they are the cheaper a plan will be. With all of this in mind, it is an opportunity to promote some form of long-term care coverage sooner than later. However, you as the agent or advisor need to be the one the show them what coverage options are available to them.