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December 23, 2015 at 07:19 AM
November was Long Term Care Awareness Month.
So is January.
There are few financial issues more relevant to your clients (and, think about it: to your own personal life) than that of long-term care (LTC) and caregiving for themselves or loved ones.
Caregiving alone is one of the key initiatives on Capitol Hill and one of the biggest social issues of our time. It drives conversations around legislation, the for- and non-profit support groups, financial professionals, and families all across the nation.
The situation:
According to LongTermCare.gov, 70 percent of people turning age 65 can expect to use some form of long-term care during their lives, and others will need it at younger ages due to injury or illness. Interestingly, in Genworth’s Beyond Dollars study, analysts reported that almost half of care recipients (48 percent) had considered the possibility of the need for long-term care, but only 26 percent had actually made a plan to cover their potential needs.
The missing link for these consumers is you, driving the planning conversations that result in execution of strong and sound strategies for today and their future.
Market opportunity
Let’s consider that many consumers, and most likely many of your own clients, plan or intend to have a 19 year retirement window. Unfortunately, according to the AP-NORC Center’s long term care poll, of 40 and older adults, 54 percent are doing little or no long-term care planning.
Many of those non-planners are women.
Think about the average female in this country who will turn 65 this year: She has a one in three chance of living to the age of 90.
