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The Whys of Long-Term Care Insurance

Sponsored by Genworth Financial | Produced by SourceMedia, publisher of Financial Planning

To download the audio, click on the link below.

According to the Center for Retirement Research, two-thirds of today's 65 year olds are at risk of being unable to maintain their standard of living after retirement if health and long-term care costs are included in the formula. Indeed, Genworth's 2009 Cost of Care Survey—conducted by CareScout in April 2009—shows why this discrepancy exists. The survey, compiled from numbers across the U.S., found the average median annual rate for a private room in a nursing home to be $74,208, and the average median hourly rate for home health aide services to be $31 per hour. Given the high costs of long-term care—costs that continue to rise—long-term care insurance is a risk mitigation tool advisors may want to consider for their clients.

During this insightful podcast, financial advisors Cynthia Haddad and Dan Taylor share their insights on:

  • the financial planner's role in the long-term care planning process
  • the effect of legacy planning on long-term care choices
  • the benefits of long-term care insurance

Moderator: Jim Grote

Jim Grote is a Certified Financial Planner with over 25 years experience as a development officer. An award-winning journalist, he has published articles in numerous professional magazines and scholarly journals such as Financial Planning, Journal of Financial Planning, Journal of Practical Estate Planning,, NAEPC Journal of Estate and Tax Planning and Planned Giving Today. His articles have analyzed topics as diverse as annuities, business ethics, family business conflicts and opportunities, family office firms, the psychology of wealth and the estate tax. Jim has been an adjunct professor in business ethics and philosophy at several universities. His book (co-authored with John McGeeney), Clever as Serpents: Business Ethics and Office Politics, was translated and published in Germany and Indonesia. You can reach him at

Speaker: Cynthia Haddad

As a result of her own experience with an adult brother with special needs, Cynthia Haddad has dedicated her financial planning practice to helping other families address their unique financial planning needs. In addition to her new book, The Special Needs Planning Guide (co-authored by John Nadworny), Cynthia is a contributing author to A Special Needs Planning Guide for Families (Jewish Family & Children's Service), a collaborative publication between colleagues to aid families with special needs in the planning process. Cynthia has served on the Central Middlesex Area Advisory Board for the Massachusetts Department of Mental Retardation and was a member of the committee for residential quality control. She is past chair of the Family-to-Family steering committee and has served as an advisor to the MARC Trust. She is a graduate of Simmons College, Boston, and a Certified Financial Planner.

Speaker: Dan Taylor

Dan Taylor is an attorney, author, international speaker and 20 year veteran of the financial services industry. After his own experience of finding suitable long-term care for his father, he developed The Parent Care Solution, a unique process that helps parents and their children have meaningful conversations about all of the long-term care issues they may face in the future. In addition, as the creator of The S.E.A.LS. Program and Operation Advisor Freedom, Dan has provided a set of "Complete Capability Programs" for advisors of all disciplines to enable them to escape the commoditization, regulation and liability that complicate those professions. His "Future Practice" workshops, speeches and consulting are providing direction, confidence and capability to an ever-growing group of advisors who want to maximize their abilities and opportunities apart from the current regulatory environment.

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