As a financial professional, it is very important to take a realistic approach when having a conversation with your clients about long-term care insurance. Most people know they need to talk about it, but the general lack of knowledge about LTC has some unaware of the cost of care, which can be pricy. Therefore, it is imperative to make sure you do not dissuade your client from pursuing the coverage they might one day need due to sticker shock.
If you ask any of your clients where they would want to receive care, their responses will never be “in a nursing home.” Yet some advisors make the mistake of only quoting for the average cost of a private room in a nursing home. The cost of care in a skilled nursing home can be staggering, with the average monthly cost for private room care being more than $10,000 and growing each year. Some individuals might need/want complete coverage if full-time nursing home care is needed. In reality, about 70% of LTC claims are made for home health care rather than private nursing homes. With the average monthly cost of in-home care being closer to $6,500, presenting options for home care coverage will make conversation easier when considering policy premiums. Make sure you understand your client’s budget and needs before running quotes.
Remember, having LTC insurance in place allows your client to dictate the location where they receive care and the type of care. Give the experts at Wholehan Marketing a call to ensure you are fully equipped for your next LTC conversation!