Will LTC Insurance Be There When Your Clients Need It?

Opiela, Nancy
September 2004
Journal of Financial Planning;Sep2004, Vol. 17 Issue 9, p42
Academic Journal
This article presents the views of several financial planners in the U.S. on the viability of long-term care insurance and what clients should know about it. According to Marilee Driscoll of the LTC Learning Institute in Plymouth, Massachusetts, long-term care planning is loaded with misinformation, controversy, and emotional baggage like no other topic a financial planner will ever bring up. Driscoll insists that protecting a client's retirement assets requires that planners help clients overcome their aversion to talking about the day when they might need help dressing, eating or toileting. She says planners need to educate clients about the role long-term care insurance could play. Yet, according to Barbara J. Stahlecker, national marketing director at Northstar Network Insurance Agency in Burlingame, California, the complexity of long-term care insurance presents a major hurdle for planners themselves to clear. Charles A. Moran of SUNY-Cobleskill in Montclair, New Jersey, says the issues that worry him about the viability of long-term care insurance--whether the coverage will be there when clients need it--range from the continued consolidation of the industry to increasing longevity. Despite his concerns, Moran still feels long-term care insurance has its place.


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