Long-term care may be unpleasant to think about, but that doesn't mean it isn't weighing on the minds of many clients. As more and more boomers retire, LTC planning is dominating the conversation between advisors and their anxious clients.
A new study from Merrill Lynch shows that near-retirees are more concerned about the unknown costs of health care than anything else, regarding it as the biggest threat to their retirement plans. However, key changes in the LTC insurance industry have had a profound impact on advisors options for helping clients plan for this unknown expense.
The number of providers offering LTC coverage has shrunk, as have benefits, while the cost of premiums continues to rise. Still, there are options available for advisors seeking a level of coverage that could protect clients if the need for home care arises.
Here are some of the most critical factors advisors must keep in mind. Financial Planning Staff
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