It’s time to ponder what changes lie in store for our long term care insurance industry. Some  predictions are easy to make, while others require looking into a very cloudy crystal ball.


The economy: The most recent economic indicators would lead one to believe that the recession of 2008 has truly ended, at least for many of our better-off citizens. An increased consumer confidence level could lead to more willingness on the part of consumers to protect themselves with long term care insurance.


The government: Washington will continue to be in gridlock. Little will happen in 2015, and long term care issues will be relegated to committee conversations.


The products: Current products will be sold with shorter and richer benefits. But there will be an increase of new long term care insurance products   Many of these will contain elements that are common to current life insurance products. In addition, life insurance hybrid and linked products will become significant and varied.


The need: Another year has passed, and once again, the need has grown. Here come the baby boomers, now ages 51 to 69, whose parents are mostly in their eighties, getting sick and needing care. More and more baby boomers will learn from their parent’s experience that they need a long term care plan. If you are among these folks, please call us before it’s too late.


Unfortunately, we don’t have the crystal ball to know if and when you may need it.  However; you could need long term care at any point.  But the odds are that you will need the care later rather than sooner.  The age of greatest need begins in the late seventies.  The odds are greater for women.  The average period of needing care is longer for women than for men.

Remind your family and friends that  it does no good to put a long term care plan in place when you need the care.  You cannot obtain protection at that time.  It’s like buying fire insurance while your house is burning down…you can’t buy it then.  The best time to buy is now…while you’re young and the premiums are lower…while you’re healthy and can qualify for good health discounts.


It’s easy to make statistics hide the truth.  What really are the odds that a person will experience a long term care scenario?  In addition, at what point does care become “long term”…after three months?  After 6 months? Many say after 3 months.  Others might think after 6 months, but you can be the judge.


The U.S. Government says that people age 65 and older have a 70% chance of needing long term care at some point.  Therefore, at least 30 % will not need long term care.  In addition, at least 15 % will need care for less than a year.


You can infer from this that at least 55 % of people age 65 and older will need “long term” care at some point, even if you use the 6 month qualifier.  That’s a huge percentage.  For a couple, the odds rise further: over 70% chance that at least one of the spouses will need “long term” care.  That’s why it’s so important to have a long term care plan.



Just ask anyone that has been through it…….Your health can change in an instant.  If your recovery takes many months, or if you  will be needing care indefinitely, your long term care policy will be worth its weight in gold.  The good news is that more and more families are seeing the value in discussing care giving issues sooner than later.  Click on the link below to see an excellent article strongly supporting the purchase of long term care insurance.

USA Today 9-10-2014 Do Retirees Need LTC

Financial advisors and insurance agents are now increasingly wiser for their clients’ experiences. I know I am! They understand that a retirement stream of income can disappear due to a long term care scenario.  They understand that most people get sick and need care when they grow old and this places an enormous burden on their loved ones.  They know that insurance companies pay billions of dollars per year in claims. They understand the need.

People now understand that they could live into their eighties and nineties.  People are more and more worried about paying for health care during these years.  They increasingly understand the need to transfer some or all of this risk to an insurance company.