Greetings, Friends and Clients,
I apologize for being tardy with newsletters this year. It's been busy here!
LTCi Current Events
The 2014 Annual LTCi Survey was published by Broker World Magazine
in July. It reported statistics I already knew: sales of traditional LTCi policies were down 26.5% in 2013 in terms of premium and 22.9% in terms of number of policies. That's the bad news.
The good news is that we have many new, excellent, life and annuity-based products to help people prepare for the high risk and cost of needing long-term care.
We can normally make LTCi premiums reasonable and affordable. What may not be reasonable is needing LTC for anything but a short period of time and not owning LTCi. Click here and here for examples of the dramatic difference LTCi can make when care is needed.
The Need for LTCi is Stronger Now Than Ever
If you are middle class-to-affluent, it is irrational to put off responsible LTC planning.
Sadly, most people remain irrational about the need for responsible LTC planning. There is something about the human psyche that dislikes having conversations about unpleasant, potentially very expensive, highly probable events in the future. I meet many people who can afford to own LTCi, yet tell me they can't. I often see these folks spend the cost of their LTCi premiums on such things as "toys" or luxury travel.
People are often financially and emotionally unprepared when the need for LTC arises. Sadly, the statistics on such circumstances will increase as time passes.
This past year, the media has been more helpful than ever when it comes to broadcasting why the government can't and won't pay for LTC, as well as how important it is for Americans to plan for LTC on their own, in advance.
Right now, Medicaid, a government-funded program, pays for about half of LTC in the US. Read my blogs to learn why Medicaid-funded LTC is not the type of care people who own LTCi would choose.
Despite this, Americans still refuse to acknowledge these grim facts.
Please share this information with people you care about. Do not be discouraged when they make up excuses to avoid LTC planning; instead, I hope you'll keep trying to influence them. The time to plan and be prepared for LTC is now.
On a Personal Note
I've just returned from attending my third long-term care insurance (LTCi) conference of the year. This one was given by the partners group I work with. It was in Chicago, the weather was beautiful and cool, it was worthwhile and lots of fun. The picture is of me making a peer presentation about how to use Facebook to strengthen personal and business relationships.
Speaking of Facebook, please "like" my page, so that we can stay in touch.
In addition to conferences, Jim and I enjoy weekend jaunts to Galveston and have upcoming pleasure trips to visit friends in Wyoming (later this month) and to see fall foliage in the Great Smoky Mountains (October).
I am an active Rotarian, and chair both the 50th anniversary planning committee of the Houston Canoe Club and the National Association of Health Underwriters (NAHU) LTC Advisory Committee. Our committee pinpoints and advocates for realistic pro-LTC legislation NAHU can adopt.
Service First and Always
I've been specializing exclusively in long-term care insurance (LTCi) for 24 years now! It's been fun the whole time. I will be 62 in November, but I'm still feeling good, have a high level of wisdom, energy, insight, experience, and love what I do. I'm more enthused about LTCi than ever. I've seen hundreds of LTCi policies pay claims for my clients. My work is appreciated and makes a huge difference in people's lives. As long as I have my wits and physical heath I plan to continue working.
I remain a solo practice and do not routinely call for policy reviews. If you have any questions about your LTCi, how it works, or think you need to collect from it, please call or email me. I will be very responsive.