Begin the Extended Care Discussion with Your Clients

By Skip Liddell, Long-Term Care National Sales Director

  • Originally published March 5, 2018, last updated April 2, 2018
  • Income ArchiTech, LTC, Long-Term Care

Have you wanted to start talking about protecting your clients’ retirement income and assets, but weren’t sure how to have the conversation? Senior Market Sales can help you initiate and complete the planning process.

The need for extended care coverage can be particularly sensitive. In many cases, it starts with having a critical conversation. Few people want to believe that they will need it, or that something will happen to them. But the numbers are clear. Statistics from the U.S. Department of Aging show that more than four in 10 people over age 65 will be admitted to a nursing home at some time in their lives.

Start the Planning Process
Once the need is clear, you can start a plan for protecting retirement income in the event the client needs extended care.  The reality is that most health insurance plans don’t pay for skilled nursing, assisted living centers, adult day care, or personal aides. Further, Medicare has very strict limitations on what it will cover and under what circumstances. How can you protect clients from this income drain?

SMS can help with an interview form that lets you get to the heart of the matter, and figure out what level of coverage your client needs and what funds they have to pay for care. The answers to these questions can help you identify the need for a potential long-term care (LTC) solution. Now there is a way you can show your clients exactly why they need this protection.

Don’t Just Tell – Demonstrate
It’s one thing for you to explain to a client that they have a potential hole in their retirement plan. It’s something else to visibly demonstrate the shortfall. Technology from SMS allows you to do exactly that. Income ArchiTechTM  guides you through the process of identifying gaps and positioning solutions.

This is particularly true with LTC solutions. Using the stress-test function built into Income ArchiTech, you can clearly show the potentially catastrophic impact an uncovered LTC need can have on retirement income. It also enables you to display how a proposed LTC coverage solution brings their retirement plan back to whole. Your expertise becomes clear with just a few clicks.

To learn more about how you can help clients solve the need for extended care coverage, contact the SMS LTC team. Our expertise can get you having the right conversations with your clients to unlock the potential in planning for retirement. We can also show you how Income ArchiTech helps crystalize the need for your clients and position you for success. Call 1-888-456-8884.