Using a Specialist to Prepare Financially for Long Term Care

Long Term Care Insurance Specialist

Increasingly we see insurance agents or financial advisers that are specializing solely in the sale of long term care insurance. Not only is long term care insurance a complicated product but companies are constantly coming out with new products as well.  A person selling long term care insurance also needs to have an understanding of what long term care is in order to make suitable recommendations to people buying the insurance.

 

Most insurance agents and financial planners simply don't have the time to keep up with these issues and that is why some practitioners have specialized exclusively in long term care. Here are the advantages of using a specialist.

·       The specialist often represents more than one long term care insurance company and can find the company with the best benefits and the best price.

·       The specialist often has experience with a number of companies and can recommend those that are good at paying claims, are expected to continue selling long term care insurance or are prone to rate increases.

·       The specialist has experience with medical problems involved in the issue and underwriting of long term care insurance and he or she can find the right company for underwriting or help to get the insurance through the underwriting in a chosen company.

·       Specialists are generally experts in understanding long term care issues, especially those specialists certified to sell partnership policies. Because of this knowledge, the specialist can recommend the best coverage to dovetail with the insured's assets, income and desires for care settings and services.

·       Many specialists work with a team of eldercare advisers such as care managers, pre-need funeral planners, elder law attorneys, home health providers, retirement financial planners and reverse mortgage specialists. This allows them to help the pre-retirement generation with long term care insurance and retirement planning and also help the parents of those people with elder care needs.

Elder Financial Adviser

A financial planner or adviser who works with the elderly is going to understand how to invest assets for that age group. This person will also understand how to use assets and income when there is a need for long-term care.

This person will work closely with an estate planning or

elder law attorney to make sure all arrangements for the estate, for disability, for loss of capacity, for medical treatment and for long-term care are covered.

An elder financial adviser is also likely to work with a team of eldercare advisers such as care managers, pre-need funeral planners, long-term care insurance specialists, reverse mortgage specialists and home health providers.