Long Term Care Planning Your Aging Clients Best
Long Term Care Planning: Your Aging Clients’ Best Friend (Yours Presented Too!)©by: Karen Henderson Aging/LTCI Specialist LTCI Power Group NBBN February 2016
The greatest threats to your clients’ wealth is…?
Agenda 1. 2. 3. 4. 5. 6. 7. The Dream The Reality The Need The Challenges The Solutions The Summaries The Resources
The Dream • • • It won’t happen to me My spouse will look after me The kids will look after me The government will look after me We’ll sell the house I won’t run out of money
The Reality • Every day, for the next 16 years, 1000 Canadians -- your clients -- will turn 65 (one every seven seconds) • No one wants to talks about aging/care (56% are entirely unfamiliar with LTC costs in their province) • Governments don’t have your back • Insurance companies fear losing money so don’t market the product • Advisors are afraid of it - with justification
So why are we surprised that we all plan for everything else…except for getting old?
The Need • The odds a 65 -year-old will require long term care at some point are 49% for men and 65% for women • 74% of Canadians don’t have a financial plan to cover LTC costs • According to Leave-a-Legacy Canada, it’s estimated 70% of Canadians do not have a current/valid will.
The Need A few consequences of failing to plan for care: • Going without bathing, showering or cleaning • Making a mistake when taking medicine • Having difficulty moving around in your home • Becoming isolated inside your home • Ending up living in wet or soiled clothes • IN OTHER WORDS: Living out your life with no independence, dignity or control.
The Challenges For You 1. Client needs vary widely 2. Care and insurance solutions vary widely in cost
The Solution 1. Do a quick assessment on every client over 50 to help you predict the need for long term care HOW?
The Solution - ASK QUESTIONS • How long do you expect to live? (livingto 100. com) • Where will you live? • How is your general health, medical history; current health problems? • What illnesses run in your family, including Alzheimer’s? • Have you been, are you or do you think you will be a caregiver? • And finally: Who's going to take care of you when you need it? What will happen to your family?
The Solutions • • • TFSA RRSP/RIF Health spending account Annuity Long Term Care Insurance
A Solution: LTCI • A misunderstood product • Can be customized for most budgets • Earlier application = lower premiums and greater chance of application success • Accurate pre-qualification = huge placement success rate.
The Solution - Best Prospects • Women - single, self employed • Family caregivers • Clients with a family history of dementia.
The Solution - Timing • Worried clients: The stock market is going up and down like the proverbial toilet seat • A client in in the middle of an eldercare experience WHY? • Helps provide a sense of security for your clients
The Solution: How Karen/Alex/LTC Power Group Can Help • Provide relevant, compelling seminars for advisors/clients A call to action • Provide age friendly content for newsletters, web sites • Provide coaching for you • Provide consulting services for your clients • Provide a template for the long term care planning process • Provide guidance on how to make your practice - environment, web site, marketing materials - senior friendly • Provide a quarterly long term care marketing campaign • Co-sell LTCI.
The Summary Part One: How To Approach Aging/Long Term Care Planning 1. ASK QUESTIONS! 2. Use a defined approach every time…ask me for help 3. It really isn’t rocket science; it takes a little study, commitment 4. THE LTCI GROUP is here to support you and your clients.
The Summary Part Two: Why Do It? 1. Your clients are aging - expecting you to guide and support them 2. Alzheimer’s disease/related dementias are a threat NOW to your clients’ ability to plan for later life 3. Governments provide minimal care/support; any benefits should be looked at as a gift and not counted upon 4. Care planning is a must for all clients; clients should start care planning in their 50’s while they are physically and mentally able 5. It’s your fiduciary responsibility
Your Tools And Resources: Part One Karen’s Educational Resources For Advisors/Clients • Long Term Care Planning Network www. ltcplanningnetwork. com • The 10 - Step Long Term Care Planner • It’s never too early to start the care conversation…A Guide For Adult Children & Their Parents • Long Term Care: A Practical Planning Guide For Canadians • The Critical Illness/Long Term Care Planner • LTC News And Views - E-Newsletter
Other Tools And Resources: Part Two (A very Short List ) • Creating your own LTC plan to support clients by Karen Henderson www. advisor. ca/insurance/livingbenefits/creating-your-own-ltc-plan-to-support-clients 3818 • Long Term Care Facility Costs Across Canada www. senioropolis. com/article-general. asp? ID=41 • The Alzheimer Society of Canada www. alzheimer. ca (2010 Report: Rising Tide)
Your Presenter Karen Henderson Hon. BA, CPCA, CHS Speaker, Educator, Writer, Publisher, Consultant Founder/CEO - Long Term Care Planning Network NBBN Long Term Care Planning Specialist Cell: 416. 526. 1090 karenh@ltcplanningnetwork. com www. ltcplanningnetwork. com Specialists in helping professional advisors, consultants and their clients understand the implications of long term care on financial, personal and family well-being.
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