Here's another example of information marketing. Instead of trying to sell clients and prospects, provide them with valuable information from your area of expertise. Instead of being perceived as a pesky salesperson, you become an ally, an advisor, a partner with expert advise.
 

Long-term care (LTC) insurance is increasingly popular among today’s active and affluent Americans. Not surprisingly, more and more medical professionals are opting to purchase these policies. But are they really a smart investment for physicians? As a specialist in long-term care planning for physicians, I’d like to offer some facts for consideration.

Better health care means higher demand. Thanks to the improved health care provided by today’s medical professionals, people are living dramatically longer lives. Diseases and conditions that killed previous generations are now routinely treated, controlled and even cured. As our life expectancy extends into our 80s and 90s, we’re more likely to need long-term care at some time in our lives.

More and more of us will need LTC. Statistics show you’re much more likely to receive the benefits of an LTC policy than your homeowners’ or even automobile insurance. In fact, two out of five Americans will require some period of long-term care during their lifetimes. And it’s not just the elderly. Half of those receiving long-term care are under age 65. No wonder over four million Americans now hold LTC policies. Buyers are getting younger, too. As baby boomers assume responsibility for their parents’ care, the average age of a policyholder is now 58, down from age 72 in 1990.

Today’s policies deliver greater value. Many now allow partners and family members to share the benefits of a single policy. Instead of covering only nursing home expenses, most of today’s LTC policies also pay for assistance with routine daily activities like eating, bathing and dressing. Plus, the insured receive care wherever they prefer: at home, in an assisted living facility, adult daycare center or nursing home.

Costs of care are soaring. The skyrocketing cost of long-term care is another factor driving the popularity of LTC insurance. The average stay in a nursing home now lasts about 2-1/2 years. The average annual cost is $58,000, although in some states it’s already over $90,000. Those costs are expected to grow five percent a year.

As the costs of long-term care rise, the true value of a good LTC policy becomes apparent. Savvy shopping and expert advice can locate plans that are completely paid up after just ten years of premiums—a lifetime of protection for a relatively modest investment. Imagine the peace of mind a paid-up LTC policy will provide when it’s time for you to retire.

An LTC policy mitigates risk. But is it a good investment for a physician?

Most doctors would never be without the protection of disability insurance, to safeguard their income during their working years. Taking that same careful attitude into retirement means having long-term care insurance, to protect the assets you accumulated while working. The funds in your retirement plans will produce the majority of your retirement income, so they must be protected. Few things threaten your nest egg like an untimely illness. Even a short stay in a nursing home could wreak havoc on years of careful saving and prudent investing. Insightful physicians have their LTC protection paid in full prior to retirement. Why jeopardize your portfolio, lifestyle and retirement when a solution is so affordable?

Many financial planners now recommend LTC insurance as an essential element in a family’s financial plan. After all, the younger you buy, the lower your premiums. It’s easier to qualify because you’re probably healthier. The premiums may also be tax deductible. Most importantly, your present and future assets are protected immediately.

So where do you begin?

Think about your priorities and what you want for your children. Seek expert advice from an experienced insurance professional, ideally someone who specializes in physicians and medical professionals. They’ll help you understand various policy options and guide you to the best decision for your particular situation. Finally, be sure to investigate your LTC insurance carrier before making your selection. Moody’s, S&P, Fitch ICBA and A. M. Best rate most LTC insurance carriers on their financial strength and stability.

Once you’ve done your homework, you’ll feel more comfortable, whatever decision you make.

Frank Smith, LUTCF, is an investment advisor representative with the AspenCross Financial Group in Westboro, MA. His specialty is assisting physicians and medical professionals with retirement planning, estate planning and wealth management. He welcomes questions and comments from readers at 1-800-XXX-XXXX or email him at name@company.com.

Home  |  Services  |  Clients  |  Portfolio  |  Free Advice  |  About  |  Contact  |  Privacy Policy