LTC Awareness Fact of the Day

January 5, 2018

EssentialLTC LTC Awareness Infographic_Art-03

Fact of the Day

Completing the Retirement Planning Puzzle: Where Long-Term Care Fits In

December 21, 2017

By Dr. Sandra Timmermann Gerontologist

When we plan for retirement, many things are on our mind — replacing our income, growing our assets and setting aside money to travel and to enjoy a more flexible lifestyle. One thing that we generally don’t address in the retirement planning process, however, is the possibility that we may need long-term care someday or that we may end up being a caregiver for a spouse, parent or even a child.

Facing up to that reality can be hard, but without incorporating long-term care planning into a retirement plan, your financial future can easily be derailed. Getting a plan in place will enable you to stay in control of your life, determine where you will live and allow you to stay at home as long as possible, help to preserve your assets, and support your family and their caregiving responsibilities.

Ten suggestions for you and your family as you consider long-term care risk and where it fits into your retirement planning process.

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75 Must-Know Statistics About Long-Term Care

December 5, 2017
Sobering data on usage, cost, insurance products, and the toll on unpaid caregivers.
In my years of speaking to groups of retirees and pre-retirees, I’ve learned that there are a handful of topics that will send an event completely out of my control.
One is the long-term viability of Social Security; I don’t go there, but it sometimes comes up as a question. The other hot-button topic–and one that I do touch on in my talks because it has the potential to make or break a retirement plan–is long-term care.

People have lots of questions about long-term care: Is the insurance worth it, given how insurers have been jacking up premiums? If you’re going to raid your own coffers to pay for long-term when and if you need it, how much money do you need to have saved? And people have plenty of experiences to share, too–horror stories of insurers haggling over claims and foisting premium increases on seniors living on fixed incomes, as well as more positive tales of parents’ long-term care policies that paid for themselves many times over.

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Why LTC Needs to Be Included in a Retirement Plan, Pt. 2: Five Strategies for Communicating With Prospects

November 14, 2017

By Dr. Sandra Timmermann Gerontologist

How do financial professionals and sales associates talk to clients about the subject of long-term care in a way that doesn’t scare them and can help them think about an uncertain future? One person told me “I’m scared enough already, I don’t need to hear more statistics about how I will need long-term care.” Here are five ideas worth considering in helping clients understand the value of long-term care planning and why they should get started sooner rather than later.

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Why LTC Needs to Be Included in a Retirement Plan: Part 1

November 10, 2017

By Dr. Sandra Timmermann Gerontologist

Dr. Sandra Timmermann is a nationally recognized gerontologist and expert in aging and retirement. AXA is now working with her to provide you with information around aging issues and options to address the potential need for long-term care. As part of her work, she covers retirement finances, family needs and intergenerational relationships, housing and aging in place and other transitional topics.

When people transition from work to retirement, they are thinking about their new life stage holistically. The fun part is their new-found freedom—to play more tennis, to sleep later, to do some consulting on their own time, to travel.  They also think about their family and grandchildren, whether to move or to stay put, how to create a meaningful life after having focused on work, their legacy, and of course if they will have enough money to last a lifetime

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3 New Findings About Long-Term Care Planning Prospects’ Emotions

October 31, 2017

By Allison Bell Insurance EditorThinkAdvisor

Long-Term Care Awareness Month 2017

Bill Nash and Mike Hamilton (Photo: Allison Bell/TA)

Stand-alone long-term care insurance may still be going through tough times, but long-term care (LTC) planning is starting to become a standard part of any thorough financial planning conversation.

Bill Nash, vice president for insurance solutions distribution for Lincoln Financial’s MoneyGuard product, and Mike Hamilton, a Lincoln Financial vice president and head of MoneyGuard product management, talked about the shift recently during an interview in New York.

Lincoln offers MoneyGuard, a life-LTC hybrid product, and it also offers other types of life insurance and annuity riders that can help purchasers pay for long-term care costs.

Nash said he thinks financial advisors are much more interested in LTC planning now than they were even 10 years ago.

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Americans Worried About Long-Term Care but Have No Plan to Pay For It: Genworth

October 27, 2017

Half of consumers would let others worry about their care

By Michael S. Fischer ContributorThinkAdvisor

Genworth Financial has published new research on American consumers’ ignorance about long-term care costs and financing options.

Being able to pay for care is adults’ greatest concern when it comes to aging, Genworth said, but just one-fifth of the participants in a recent survey the company sponsored told pollsters they had taken steps to prepare for long-term care expenses.

In addition, only half of those surveyed said they would take personal financial responsibility for their own care as they age.

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