We believe a well-informed customer becomes a satisfied client. Step Four: Work up a financial plan for a worst-case scenario. Our business was founded on education, service, and integrity. This year, the number of men and women over the age of 65 who will need long-term care will hit nine million, or about 3 percent of the nation's total population. A study by the U.
Married with two children of special needs, he and his wife are actively involved with and support Autism Speaks, an advocacy organization dedicated to funding research into the causes, prevention, treatments and a cure for autism. Long term care events are a reality of life, and Long Term Care Planning exists to help families preserve their assets, standard of living and independence, while allowing the members of the family to make important choices for the financial, physical and emotional well being of loved ones. But where do you start? GuideVine is not affiliated with any Advisors. Starting with the funding of long term care, one of the most essential important factors to consider, the authors clearly explain the different options for self-funding, governmental programs such as Medicare, Medicaid, veteran s benefits, and the Federal Long-Term care insurance program, as well as other funding considerations. This, of course, is unwise.
Tables and figures make the details involved in these choices clear and accessible. He also is missing an opportunity to solidify relationships with new generations of clients and to make sure there are still family funds left to manage after a parent's long-term care needs are taken care of. How will the care be funded? Policyholders who utilize less than anticipated each day, month or year, may find that the actual period of time the policy pays may be beyond the initial Benefit Period factor. We want to solidify that trust when you need help afterward. The important thing is to be aware of each and every individual and to keep track of him or her as time goes on.
The content is developed from sources believed to be providing accurate information. They also need to decide what to do about their Florida condominium and come up with a plan for coping with new health problems. We help our clients file and manage claims. Next, the advisor should handicap each person's candidacy for long-term care. The children are able and willing to join in a sharing plan for the condominium.
This includes many, if not most, of your clients. A veteran of the insurance industry, Peter previously worked at Allstate Insurance. Of course, we are always available to answer your questions. Providing answers on how to financially prepare for these conditions is one way we can help. It helps you get a sense of what you can expect if you choose to connect with the advisor. Knowledgeable financial advisors need to help clients estimate their specific risk — including the risk for people that the client is financially responsible for.
This information should give rise to an estimate on what would be necessary to cover a worst-case scenario, which in turn should spawn a discussion on if and how the client wants to fund a worst-case plan. If your boomer clients are to become financially responsible for their parents' care, that information is best known today. He currently serves on the board of Age Options formerly The Suburban Area Agency of Aging. We tell you what you need to hear — not just want you want to hear. By 2020, the number is expected to rise to 12 million. One of the most important things to consider when determining your Long Term Care Insurance needs is covered services, and how those services are paid for from a policy. He really made us feel comfortable, like we could trust him! When it comes to long-term care, everyone brings their own stories and experiences: some know a little and some know a lot.
Over lunch, John and Jane's situation turns out to be less than unique. When another GuideVine user, or in some cases actual clients of the advisor, fills in the survey, it is automatically reflected in the advisor's score and on the feedback page you can see how many people have filled out the survey, were they clients, etc. Step Five: Establish if, and on what, the client wants to compromise if he is not willing to fully commit to funding a worst-case plan. Still, the advisor who fails to prepare his clients adequately for their health care costs is not fulfilling his duty to them. We help our clients file and manage claims.
The survey was not prepared to produce any pre-determined results that could benefit the Advisor and relies on the truthful and accurate responses of survey participants. We practice what we preach. It may not be used for the purpose of avoiding any federal tax penalties. Long-term care is a tough issue for families and their financial advisors to face. The Advisor's Guide to Long-Term Care looks at the full range of the topic, explaining how to best use it in the estate plan as a prudent risk-management choice. Some gentle questioning adds more: Jane is sick and tired of preparing meals she grew up with servants and still has a cleaning person, but a full-time cook is a long-gone luxury.
Not all of the products and services referenced on this site may be available in every state and through every advisor listed. This means venturing into touchy territory — a family's medical history. They miss some of their old life but enjoy their new friends, the restaurant-type meals and, most of all, the peace of mind of knowing that if either if them should need long-term care, it is guaranteed with no increase in their monthly payments. Over the years our Consumer Specialists have helped hundreds of people plan for a long term care event. Contents: Intro; Title Page; Copyright Page; About Summit Professional Networks; About The National Underwriter Company; Dedication; Acknowledgements; About the Authors; Table of Contents; Part 1: Current Trends in Long-Term Care; Chapter 1: Long-Term Care Partnership Programs; Chapter 2: Medicaid and Long-Term Care; Chapter 3: Combination Long-Term Care Insurance Policies; Chapter 4: Long-Term Care Insurance Plans at Work; Chapter 5: Recent Trends in the Long-Term Care Industry; Chapter 6: Other Key Long-Term Care Issues to Understand; Part 2: A Short History of Long-Term Care Insurance. Embracing the idea and perform of strategic foresight and illuminating how various colleges of idea regard its function in coverage making, Tuomo Kuosa describes how anything now not usually thought of an self sufficient self-discipline, is progressively turning into one.