As part of your client’s retirement strategy, you may want to have a conversation about whether their retirement planning has incorporated some protection against the potential high expenses of long-term care.

According to a recent Cost of Care Study by Mutual of Omaha, the national average cost for long-term care services for ONE person averages $55,000/year for home health care, $91,000/year for a semi-private room in a nursing home, and $108,000/year for a private room in a nursing home. How high could these LTC costs be in five, 10, or 20 years?

Most people also believe Medicare and Medicaid are synonymous with long-term care insurance, but these two government-run programs may not cover day-to-day custodial care and have limited benefits. Medicaid also is for individuals with limited resources and income, which means most people won’t qualify for those benefits.

That’s why we’re talking long-term care insurance (LTCi), as November is National Long-Term Care Awareness Month. This month-long observance highlights the long-term care needs of men and women over the age of 65 and how they should be assisted in their daily lives.

During the last couple of years, LTCi has evolved into many different options for consumers. Standalone LTCi policies were traditionally the norm, but more insurance carriers have developed their life insurance products and annuities to include LTC riders and accelerated death benefits.

Each person’s situation is different – and their life insurance or annuity may take into consideration the long-term care expenses already. Most consumers haven’t planned for LTC and could end up liquidating their assets (401k, home, vehicles, etc.) if a long-term care situation occurs. Unplanned healthcare bills plus losing potential income for a specific amount of time could make things difficult for their loved ones.

AIP Marketing Alliance has created a new LTC in a Box marketing resource to promote LTCi’s benefits, which includes two agent training pieces and a full consumer-approved marketing schedule with four email blasts, 10 social media posts, and a new video. The agent modules explain the three main LTC options and how to position long-term care with your clients and prospects. The consumer pieces focus on how LTC protects your clients in the case of a long-term care situation.

Our marketing team can customize the graphics and resources for your use. We can also provide the Mutual of Omaha Cost of Care Study and other AIPMA-contracted carriers’ resources to help you during the discussion with your clients and prospects.

AIPMA will also have access to a new EquiTrust fixed indexed annuity (launching in mid-November), which has long-term care benefits and a wellness program. AIP Marketing Alliance will host an agent-approved webinar on Tuesday, November 8th at 2 p.m. EST with EquiTrust’s Jeff Barnes to review the highlights of the new Bridge product.

If you would like AIPMA’s new LTC in a Box resources, please contact our Business Development team at (800) 783-5206 Press #2 or marketing@aipma.com. We can also provide multiple options for long-term care insurance (standalone, hybrid life insurance, annuities, etc.) that could fit your client’s situation.