DID COVID-19 CREATE LONG-TERMCARE AWARENESS OR SEND US FURTHER INTO DENIAL?

Now is the time to have meaningful client conversations about long-term care.

By Carroll Golden, ChFC, LTCP, CASL, FLMI, CLTC, CLU

The other day, I was on the phone with a central scheduling employer to see if they had received a prescription authorizing an x-ray of my knee.

The employee, Olivia, apologized that her computer was running slowly. While we waited, I asked Olivia to give me her opinion on a book I am writing. The book deals with a simple three-step generational planning process. Family/ partners and friends participate in creating a personalized secure plan for extended or long-term-care needs.

Olivia told me that her grandmother had recently lost her husband and doesn’t know what to do about her needs. “She isn’t all that well and worries about money,” she said. She added that her grandmother is not cooperative since, “she is afraid of losing control.”

I asked what they were doing to resolve the situation. Her response: “I don’t think anything is happening, no one knows how to approach her without upsetting her, and then, they all get upset. I just hope something happens before something bad happens. Everyone is pretty stressed.”

I asked if anyone in the family works with an advisor. “Not really, I don’t think so. Not for this sort of thing.” Olivia asked if she could give my phone number to her grandmother. We then got back to the business at hand, with Olivia verifying that my doctor’s order was visible in their system and that I should head to the facility. Once I was COVID-19-style checked in, I sat alone, away from other patients and staff, waiting my turn.

My mind wandered. Why don’t people plan for the eventuality that at some point in their lives, they will likely need help with some level of care? Waiting to find out if my knee would require surgery, I realized why it is stressful for anyone to picture themselves as anything but fit and healthy. Nowadays, almost everyone has a story about a family member or friend who needs care. Depending upon the immediacy, without a plan in place, stress levels quickly lead to panic, anger, confusion and several unwelcome consequences.

At the NAIFA Limited and Extended Care Planning Center, we paint the topic of extended and long-term care with a broad stroke. There are specialists who want to network with you.

Starting The Conversation

As an advisor, why not start the conversation? The old excuse that your client may not be happy with the underwriting outcome or the pricing is no longer valid. Good fact-finding, along with information gathered from their story, leads to proper product selection.

Over the last decade, the market has increased the number of options for planning for extended and long-term care needs. Take a look at the hybrid, combo, and linked benefit life and annuity products, along with updated traditional long-term care products and a myriad of options for non-insurable clients.

Today’s specialists know how to start the conversation and involve the agent (and client) so that they understand which option is suitable for their client’s health, finance and life-stage. Many advisors don’t have a financially secure care plan in place for themselves. Give that specialist a test run. You will build trust in them, and they might help you expand your practice.

In today’s high-tech world, information is everywhere, but it doesn’t show up in the form of a plan. That’s opportunity knocking. At the NAIFA Limited and Extended Care Planning Center (lecp.naifa.org), we paint the topic of extended and long-term care with a broad stroke. There are specialists who want to network with you.

Here are some questions for you to address:

Is your client asking how and when to sign up for Social Security? Maybe they mentioned that they are not sure of when and how to deal with Medicare.

Do they qualify for veterans benefits?

Can they use a reverse mortgage as a retirement fund buffer or a long-term care funding vehicle?

How do you make sense of traditional vs. hybrid vs. life with riders? Which is the best one for which client?

Do clients have, or even know, which legal documents are needed? How do you safeguard that personal information?

As a P&C agent, do you need to offer Worksite solutions to your business clients so that they can see you more than a product distributor?

Are insurance carriers modifying their processes and products because of technology? How will they make you more comfortable with new platforms and apps?

As an advisor, can you find articles at the NAIFA LECP Center written by the sponsors to help you know their areas of expertise before you contact them?

If you want to do some self-studying leading to a certification and earn CE credits, is that available at a discount?

Is there a sponsor who is comfortable talking about technology? Will they agree to be a resource for you?

If you are thinking about exploring extended care needs as a possible specialty, can you find a mentor at the LECP Center?

There are so many stories about people who know people who need advice. Are you in personal or professional denial? Make sure you have developed your LECP network to enhance your professionalism and qualify as an outstanding advisor.

Carroll S. Golden, CLU, ChFC, LTCP, CASL, FLMI, CLTC, is the Executive Director of the NAIFA Limited and Extended Care Planning Center (LECP). Golden has an extensive background in business development, solutions selling, risk management and insurance distribution. Working with the LECP Founding Sponsors, Golden and NAIFA have put together the LECP Center to rethink extended and long-term care. Contact her at cgolden@naifa.org , or call her at 817-709-6859. You can also visit her at https://www.linkedin.com/ in/carrollgolden/.