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Thursday, January 29, 2015

What To Do When Long Term Care Rates Increase


Despite of 8.6% increase compared to last year, long term care advocates and advisors are still not yet discouraged to let their clients use it.

According to Stiles, Slome and planner Paul Jarvis, of United Capital in Fargo, N.D, Here are steps to consider when advising clients as the costs of policies increases:

1. Put the cost of coverage into perspective.
2. Don't try to offset all costs of long-term care.
3. Consider employer policies.
4. Buy in the sweet spot.
5. Shop around.
6. Give your clients options.
7. Negotiate with insurers.
8. Consider hybrid life insurance and long-term care policies.
9. Go with 30- or 60-day elimination periods.
10. Address the disconnect.
11. Prepare to teach.