Living longer and staying healthier are gifts to many. However, with increased longevity comes a need for thoughtful planning, especially for long-term care. Traditional long-term care plans offer a straightforward solution, but a growing array of hybrid plans and annuities with long-term care riders presents a more comprehensive solution. Navigating this landscape requires a strategic approach for both advisors and clients.
In this episode of Advisor Revelations, Amy and Logan discuss the options available for long-term care planning. They explore the differences between traditional and hybrid options and the benefits of having a long-term care plan in place. Amy and Logan also address the importance of starting these conversations early, and provide valuable insights for financial advisors and their clients looking to navigate the complexities of long-term care planning.
Key Takeaways
- [01:18] - The differences between traditional and hybrid long-term care.
- [03:15] - Increase in life insurance and long-term care policy reviews.
- [04:27] - The differences between self-insuring retirement plans and other long-term care options.
- [06:18] - What Amy learned from the dollar savings strategy for long-term care.
- [08:26] - The ideal time to discuss long-term care with clients.
- [10:10] - Supplementing long-term care with a health-activated multiplier.
- [15:04] - Logan's experience with long-term care.
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