When most people think of November, they think of Thanksgiving: a time when you look forward to seeing loved ones and give thanks for what you have. Along with the theme of thankfulness, November is also National Long-Term Care Awareness month.

Did you know that 70% of men and women over the age of 65 will need some kind of long-term care services? This kind of care can be very expensive, and can take a financial toll on family. Stresses such as as figuring out payments, roles of family members, and other logistics of making long-term decisions for a loved one.

When taking care of someone long-term, it usually means assistance with feeding, personal care, bathing, and other daily tasks such as the Activities of Daily Living, (or ADLs). This type of custodial care is typically not covered by Medicare or other healthcare services, and can be very expensive without LTC insurance.

Most Americans don’t even own LTC insurance: 78% of adults who are getting long-term care at home rely solely on family and friends for their needs. Over 90% of family caregivers had to alter their work schedule permanently, due to caring for their loved one. Many people have to relocate or change jobs to help care for family members needing long-term assistance. This underinsured risk is a huge opportunity for agents, and National Long-Term Care Awareness Month is a great time to discuss Long-Term Care planning with your clients!

As the LTC landscape has changed, there are several different types of plans clients can choose from to cover the risk of a Long-Term Care claim. One option is to purchase a stand-alone LTC policy, or look to one of the Hybrid Life or Annuity products with LTC benefits. As each client’s situation is different, picking the best solution is important.

To learn more about picking the right plan for your clients, reach out to a Pinnacle Financial Services representative today for a solution that fits!