Contact Our Specialist!
Local: (813) 875-6331
National: (800) 967-766
Every financial professional should have a conversation regarding long-term care planning with their clients.
Given the turbulent history of long-term care insurance, many financial professionals have steered away from the subject in fear it could jeopardize the relationship you have with your clients. Recent product advancements, such as, guaranteed level premiums for life, lifetime benefits, return of unused LTC benefits at death, and joint policies have helped address these concerns.
At MRW Financial Brokerage, we have a wealth of knowledge to help you address all Long-Term Care planning strategies including:
Fully self-funded long-term care policy
Partially self-funded long-term care policy with a stop loss
Partially self-funded policy without a stop loss
Fully insured long-term care policy
Leverage for individuals currently receiving care
MRW Financial is proud to offer the tools and expertise needed to easily incorporate long-term care planning into client conversations, and significantly increase your overall business.
Long-Term Care Carriers We Represent
Don’t let your clients be swayed by common misconceptions.
When it comes to long-term care (LTC), your clients might not know where the facts end and the myths begin. You can help set the record straight.
Americans age 65 and above have a 1 in 2 chance of needing coverage for a long-term care event.
If qualified, Medicare may only cover a portion of skilled nursing costs up to 100 days. And Medicaid is only available to those with limited assets and income.
Many Americans significantly underestimate long-term care costs, assuming the average annual cost of a private room in a nursing home is approximately $54,000 — roughly half the true cost.
The burden of caregiving usually falls on the women in the family. The overall cost to a female caregiver is estimated to be nearly $325,000 due to lost wages and diminished working hours.
What Care Costs: National Averages
The cost per month for a certified home health aide provided by a home health care agency.
The cost per month for a private, one-bedroom unit in a state certified assisted living facility.
The cost per year for a private room in a nursing home.
However, the cost of care can vary widely depending on your client’s local area.
Use this interactive map to calculate the costs of care, compare expenses, project future costs, see state rankings, and compare costs across state.
FIND CLIENTS WHO WOULD BENEFIT FROM LONG-TERM CARE WITHIN YOUR BOOK OF BUSINESS
Armed with this information, you can start looking for people who fit the profile. The easiest place to start is with your existing client base. These individuals already know you, trust you and value your recommendations. So they should be receptive to talking with you about long-term care. In addition, the profile will help as you prospect for new clients. Just be on the lookout for individuals or groups of people with these characteristics.
HIGHLY COMPENSATED PROFESSIONALS
Concern: “I want a plan to save for my future.”
Why: More leverage when they are young and healthy
INDIVIDUALS IN THE SANDWICH GENERATION
Concern: “I’m paying my children’s tuition and helping with parents’ LTC expenses.”
Why: An LTC strategy that fits their budget
CLIENTS THAT ARE NEARING RETIREMENT
Concern: “I’ve maxed out my retirement contributions.”
Why: Financial flexibility with annuity funding
RETIREES WITH CONCENTRATED TAX-QUALIFIED ASSETS
Concern: “I want to protect my retirement savings.”
Why: Spread out their tax responsibility
Concern: “Taxes are a big deal to me”
Why: Move tax-exposed assets to gain tax efficiencies
Concern: “I don’t want to be a burden to my family.”
Why: One step to financial independence
CLIENTS IN OR NEAR RETIREMENT
Concern: “Rising healthcare costs impacting my savings.”
Why: A single reallocation can help protect the portfolio
HIGH NET-WORTH CLIENTS
Concern: “I have enough money for LTC expenses.”
Why: Move some of the financial risk
Get In Touch
(800) 967-7661 or (813) 875-6331
310 S Dale Mabry Hwy., Ste. 210 Tampa, FL 33609
Feel confident talking to your clients about long-term care.
Contact MRW Financial’s Long-Term Care Specialist, Tom Vassallo, to discuss how he can help you incorporate it into your practice today.
PROVIDING THE SOLUTIONS YOU NEED TO SUCCEED
LOCAL (813) 875-6331 • NATIONAL (800) 967-7661
MRW Financial Brokerage has insurance licensed representatives in the following states:
MO, CA, NC, CT, NY, SC, AL, KY, LA, MN, MT, OH, OK, OR, PA, GA, WA, TX, CO, MD, MS, UT, WV, ID, NH, NJ, TN, AZ, MA, FL, MI, NM, VA.