A Roadmap for Long-Term Care Options

Long-term care needs and how they fit into financial and estate planning are examined in “The Advisor’s Guide to Long-Term Care.”

Advisers will find much assistance in addressing long-term care issues with clients. The book establishes the topics and trends for care, and covers critical matters in funding and planning for long-term care insurance. The full range of long-term care options is examined, and the book explains how to best address long-term care in the estate plan as a prudent risk-management choice. 

As Baby Boomers age, many will likely need extended health care at some point in their lives, statistics show, making the book’s release a timely one. Addressing long-term care needs at the time it is actually needed generally has a devastating impact on an individual’s financial situation. The ability to remain independent and the quality of life of the person’s loved ones are also affected.

Incorporating long-term care insurance into a financial plan can ultimately help protect assets, reduce the burden of care that would otherwise fall on family members and enable clients to receive care in the setting they most prefer, including their home. Advisers can establish a plan to place the family back to where they were—emotionally, physically and financially—as optimally as possible before an event requiring long-term care.

Starting with the funding of long-term care, the authors explain the options for self-funding, as well as governmental programs such as Medicare, Medicaid, veterans’ benefits, and the Federal Long-Term care insurance program, among other funding considerations.

The authors consider using long-term care for estate planning and wealth preservation. A discussion of an employer’s options and benefits in establishing long-term care coverage for their employees is included.

Topics include the definition of long-term care; the need for long-term care services; funding options; long-term care insurance; legislation such as the Health Insurance Portability and Accountability Act (HIPAA) and the Pension Protection Act (PPA) that affect such insurance; and estate planning and wealth preservation. 

The guide is the product of a partnership between the American Bar Association and M Financial Group, a financial services design and distribution company. The editors, Erik T. Reynolds and R. David Watros, are staffers of M Financial Group’s corporate benefits division.

The cover price is $79.95; the book can be ordered by calling 800-285-2221 or from the American Bar Association’s website.