High-probability uninsured risk: More than 50% of everyone age 65+ will need extended, non-skilled care to assist in daily living. This percentage is even higher for affluent seniors, whose life-long quality health care means they are more likely than the general population to live until they become frail and/or cognitively impaired.

Depending on wealth, the costs run from staggering to significant: The type of quality 24/7 care utilized by high net worth families is very expensive, and costs for a single care event can run into the millions. Because neither health insurance nor Medicare pay for long-term care, all these expenses come out of the investment portfolio and personal assets. Simply put, LTCi is designed to retain wealth by preventing large cash outlays for personal care.

Why insure young family members? Anyone, at any time, runs the risk of needing extended care. In fact, 40% of everyone needing LTC today is under the age of 40. Risks include injuries (sports, auto accidents, extreme activities) along with early onset of disease and the risk of stroke. LTCi can offer a lifetime of strong protection and good value with premiums that are substantially less for younger, healthier clients and family members.

Clients are under-served when long-term care is ignored: Client self-funding of extended care causes an erosion of funds for legacy and charitable giving purposes. In addition to the financial drain, there is decreased quality of life in the absence of LTC planning and care services, along with an unnecessary toll on family members and family caregivers. These deficits can be turned into assets when wealth advisors take responsibility for pro-actively addressing long-term care issues.