The Silent Discussion About Long-Term Care

We are a society attuned to success — traditionally trained to plan for achievements, milestones and all the splendors life has to offer.

Financial advice flows generously about savings, investments, buying homes, and preparing for dream vacations. The narrative predominantly fixates on accumulation and enjoyment.

However, there’s a side of the journey we’ve been tiptoeing around for far too long: the unknown.

As we collectively move beyond the aftershocks of the COVID-19 pandemic, there’s an awakening realization about the need to integrate long-term care planning into our financial narratives.

The Problem

At its core, long-term care insurance ensures coverage for personal and custodial care for those struggling with daily tasks due to chronic illnesses, disabilities, or other conditions.

It’s not merely about nursing homes or assisted living facilities; it’s about providing care in familiar environments, maybe even at home. Its essence lies in granting peace of mind to both the insured and their families, safeguarding against unforeseen, often substantial expenses.

You might ask why. Why is it essential to talk to your clients about what seems like a morbid subject when they’re young, and perhaps in their prime?

Recent data from the U.S. Department of Health and Human Services states that nearly 70% of those turning 65 will require long-term care. The need is real, with women typically requiring 3.7 years of care and men 2.2 years.

But age can’t be the sole factor in this discussion.

Coming out of a global pandemic, where the virus did not discriminate by age, the conversation around planning for care has evolved.

People now recognize that long-term care isn’t solely the domain of the elderly.

Accidents, sudden illnesses, or a myriad of unexpected events can prompt anyone, at any age, to need support and care for an extended period.

Empowering Though Knowledge

Many companies are looking for ways to help your clients understand the importance of long-term care planning. At my company, OneAmerica, we believe that true empowerment springs from knowledge.

Our recent studies, in collaboration with Hanover Research, underscore that understanding long-term care starts not with product specifics but with a conversation.

The aftermath of COVID-19 has cast a spotlight on long-term care, elevating its importance across all demographics.

Young adults, who once viewed this as an age-distant necessity, are now seeing its relevance.

Conversations in coffee shops, university halls, and workplaces are gradually shifting from just careers and dreams of the future to the importance of health, care and long-term wellness.

However, while the dialogue is changing, there remains a considerable void in tying it to financial planning.