Advisors Discuss the Latest LTC Developments at Apex

Carroll Golden, CLU, ChFC, CLTC, CASL, LECP, FLMI, Executive Director of the NAIFA Centers of Excellence, kicked off NAIFA’s long-term care pre-conference workshop at the Apex sales summit with a review of how a shift in generational responsibilities is leading more clients to ask about extended and long-term care (LTC) options. Attendees participated in discussing the various methods for starting the conversation to unearth needs and objections to moving toward a plan. Golden shared statistics supporting the need for LTC in retirement planning.

The group also discussed the rising costs of care, especially for clients who wish to remain at home and age in place. They reviewed the basics of the professional and personal impact on the lives of clients who are or who may become caregivers. Golden, the author of How Not To Tear Your Family Apart, shared a Three Step Framework to help advisors kickstart these critical conversations and help clients and their multi-generational families create a more financially stable future. Different planning options are available for healthy, not-so-healthy, and uninsurable clients.

Steve Cain, Director of Sales & Business Development at LTCI Partners, LLC along with Golden reviewed the Washington Cares legislation, which is the first publicly funded LTC initiative. Signed into law on April 1, 2021, the legislation creates a mandatory payroll tax – 0.58% of all W2 income – without an income cap (bonus and stock options included). LTCI Partners is a sponsor of LECP.

Washingtonians were able opt out of the tax and program if they owned a

centers Employee & Executive Benefits Center

qualified private LTC plan prior to Nov. 1, 2021. The overwhelming sales volumes that resulted from individuals seeking private coverage caused LTC carriers to “pause” LTC sales in Washington. Working groups are looking at the program from a variety of policy angles.

Los Angeles resident Cain provided great insight into California’s Long Term Care Insurance Task Force, which on December 15 will send a feasibility report on publicly funded LTC program options to the insurance commissioner, the legislature, and the Governor. Those wishing to opt out of the state program will have to purchase qualifying coverage in advance of the enactment of the state LTC program. Based on work done by the NAIFA Limited and Extended Care Planning Center’s Legislative Working Group (LWG), Golden reviewed several other state initiatives, including those designed to provide some financial relief to caregivers.

Learn more at lecp.naifa.org.