For the last month, I’ve been leaning into the AI discussion about what AI will say if someone asks about how to pay for long term care.  As you would expect, the results differ slightly but the general consensus is that asset-based (linked-benefits) policies are a good way to fund a long-term care event.

Here’s the problem – despite what AI will say, there are plenty of people who will take the path of least resistance and embrace the default plan of hope.  If you don’t know what that is, I shared it a few months ago.  And, it is something that we all possess at birth. 

The only way to change that default plan of hope is to make a conscious decision to define your plan.  It’s really that simple.

One thing that I have noticed as more carriers jump into the asset-based (linked-benefit) LTC arena is that they focus on screaming about how important a cash plan is.  “It gives you control”, “you can spend it how you want”, “you don’t need to submit receipts” … you know the pitches that they make. 

You know what’s missing here?

Carriers talking about the importance of having a plan.  The importance of developing a plan then funding that plan.  I see no carriers entering the space talking about the need to plan … NONE!

My friend, Kevin Baldwin, always says that until your clients realize that they have a problem, it is no use showing a solution.  It is a fact.  That is why I always talk about the importance of having a plan then funding it.

People, we have a problem … according to a report from the Leonard Davis Institute for Health Economics, “between 13 & 15 million peopleutilize paid or unpaid long-term support services across home health, nursing facilities, and assisted living communities.”  And, “LTC is likely the largest uninsured expense most of us will ever face.”

There’s more and I encourage you to read the report.

I say all of this for one simple reason – we know what the problem is and we know how to address that problem.  We need to take the initiative and start the conversation with our clients. If you are uncertain about having that conversation, we can help you.  Give my internal Kelley Hilliard a call at (844) 623-4251 and ask her for the OneAmerica Financial Plan for Care worksheet.  At a minimum, this will give you a track to lead your conversation.