Guide Clients Through Meaningful LTC Conversations this Thanksgiving
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Clarity and preparation turn a policy into peace of mind. Purchasing LTC insurance is just the first step; understanding how to use it is what makes it work. |
Five Things Clients and Their Families Should Know Now
1. Make Sure the Policy Is Known and Findable
Many policyholders never tell family members they have a LTC policy. When a care event hits, family members scramble, or worse, benefits go unclaimed. Advisors should prompt clients to share the policy’s location with a trusted family member or power of attorney, and to request a physical copy from their insurer to keep with other important documents.
2. Read the Policy Before It’s Needed
Benefit triggers, elimination periods, and covered care types vary significantly between policies. Clients and their families should know: What level of assistance triggers eligibility? Is there an elimination period, and is it measured in calendar days or service days? Are both home care and facility care covered, or just one?
3. Know the Benefit Triggers
Most policies require either a severe cognitive impairment (such as Alzheimer’s) or the inability to perform two of six Activities of Daily Living,bathing, continence, dressing, eating, toileting, and transferring,for a minimum of 90 days. Older policies may have different definitions. Families should know exactly what qualifies before a need arises.
4. Understand the Claims Process in Advance
Claims typically begin with a phone call or online portal submission. The insurer will ask questions and outline the next steps. If a policyholder cannot participate, a power of attorney can act on their behalf, but only if the insurance company already has the POA document on file. Advisors should encourage clients to set this up now, not during a crisis.
5. Know Who to Call
Clients should have the insurer’s phone number and online portal details stored with the policy. And they should know how to reach you, their advisor, when questions arise.
LTC Awareness Month is an ideal time to encourage clients to sit down with family and review their long-term care insurance plans. As a CLTC® specialist, you’re uniquely positioned to guide that conversation and to make sure the policy they paid for actually delivers when it matters most.