The One-Size-Fits-All Approach is Frustrating

The other day I met a young financial advisor who told me that her firm advises clients to look into Long-Term Care Insurance between the ages of 60 and 70. She also told me that they discourage the purchase of Long-Term Care Insurance for clients with assets less than $600k. This One Size Fits All Approach is frustrating. 

As I explained, long-term care plans are customized for all budgets (except the indigent). Everyone owes it to themselves and their loved ones to learn about Long-Term Care Insurance for their sake and the sake of their loved ones. If they decide to “Self Insure,” at least it will have been an educated decision.

Regarding the sweet spot about when to purchase Long-Term Care Insurance, anyone in their 40s can start looking into it (some carriers will cover people in their 30s). 

Hybrids have fixed premiums, so locking in at a younger age when a person is likely healthier can make a lot of sense. 

The sooner a person/couple purchases a Long-Term Care plan, the sooner the pool of money/benefit starts to grow. 

Traditional plans offer other options like Sharecare, where couples can share their benefits (pool of money). Many business owners also favor traditional plans because of the potential deduction of the premium (always check with your tax advisor).

Am I making your head spin? If so, please contact me to discuss your unique situation. 

Peace and prosperity to all.