Elderly couple

Long Term Care Planning 

Long-term care is more than a simple policy. It’s a discussion about health, genetics, lifestyle, family and how your clients want to spend their final years. Planning now is important so they feel more confident and in control when looking to the future. Don’t let your most important clients navigate this critical and potentially complicated component to financial planning alone.

The duration and level of long-term care will vary from person to person and often changes over time. There are four general care phases that must be considered: independent living, assisted living, skilled nursing and hospice care. 

​Changes to long-term care products have lead to significant growth over the past 24 months, with additional carriers and products entering the segment. While features like an asset-based or hybrid products are part of the reason for this growth, there is increasing awareness of the need for care strategies, and the next generation of risk management solutions.

Where to start? Contact your clients, start the discussion, and find the funding. Here are some handy resources to help start the conversation.

Long-Term Care Worksheet

Lincoln Life - LTC Planning

2021 Alzheimier's Facts

Caregiver Connection

Two older people sitting

The number of Americans ages 65 and older will more than double over the next 40 years, reaching 80 million in 2040. 

What Exactly is Long Term Care?

Long term care is the care your clients may need if they are unable to perform daily activities on their own. That means things like eating, bathing, dressing, transferring and using the bathroom. The goal of long term care is to help clients or their loved one maintain their lifestyle as they age. Medicare, Medicare supplement insurance, and work-provided health insurance usually won’t pay for long term care. 

BY THE NUMBERS* 

7 of 10 people over the age of 65 will need some type of long term care support.

 

Women need care longer (3.7 years) than men (2.2 years)​

One-third of today's 65 year-olds may

never need long-term care support,

but 20 percent will need it for longer

than 5 years

63% of caregivers used their own

retirement and savings funds to

pay for care.

100% of families are

affected in some way.

52% of Caregivers did not feel

qualified to provide physical care.

70% of Caregivers missed

some time from work.

$10,423 is total average annual

out-of-pocket expense.

*According to research gathered by Genworth.