“I believe that LTC should be viewed as an integral part of the retirement income plan. One hundred percent of retirees will need to have resources to support their lifestyle, some for as long as 30 years. Have you ever heard anyone refuse a plan that would give them more?
Over half of our clients will have to increase that income by thousands each month for some period of time to pay for the services from a professional caregiver. It only makes sense to acknowledge this and incorporate a strategy in the retirement plan.
Every purchase/investment is an emotional one on some level. Whether they choose to purchase conventional LTCi insurance or not is largely based on their personal experience or attitude about insurance in general. They say they won’t need it, but that is the excuse they use because they don’t want it. Linked-benefit products allow them to incorporate an “investment” strategy that will predictably increase their income by several thousand dollars a month to help pay the added cost of someone taking care of them. Those with sufficient assets can embrace this approach with more enthusiasm because they won’t be purchasing insurance all the while hoping it will be a waste of money.
I advise all of my clients to acknowledge that the second most significant financial issue after securing enough income to enjoy life is to arrange for the additional income that is likely to be needed for care down the line. Once the 100% need and the 50% need are addressed, then we can get on with legacy planning. LTCi planning, regardless of the approach/product, will help assure the size and predictability of that legacy.