In a Time of Health Improvement Some LTC Policies May Not Fit Your Needs
June 25, 2021
Considering Long-Term Care Insurance? In a Time of Health Improvement, Some Policies May Not Fit Your Needs
"Get Advice from a Knowledgeable Agent," says Denise Gott
Lakewood, OH June 25, 2021 — Both Washington and the private-sector are targeting the diseases that plague seniors: cancer, Parkinson’s disease, diabetes, Alzheimer’s disease, and more. R&D success could yield healthier seniors who need long-term care later in life and for different durations. "Today’s insurance buyer needs to be prepared for this," says Denise Gott, a OH-based agent with ACSIA Partners LLC, one of the nation’s largest long-term care insurance agencies.
The impact could be big: Significant better-health innovations may be just around the corner — less than a decade or two away. For example, two pharmaceutical companies have already made notable progress toward Alzheimer’s treatment. Between now and 2050 or 2060, when many of today’s insurance buyers start claiming benefits, a lot of good things may happen, Gott asserts. "For example, many forms of cognitive decline could be slowed or prevented."
CAVEAT: This may be an optimistic view. As we’ve all learned in the last 15 months, there’s no guarantee of healthier times, and a change in health can occur quickly in unforeseeable and unprecedented ways. "Maybe we’ll need care sooner and longer," says Gott. "So our care planning should be broad and based on personal judgement."
"In any case, all of us, at any age, can experience disabilities," says Gott. "There will always be a need for LTC planning."
Avoiding two big mistakes: "It’s a mistake to buy yesterday’s LTC policy based on yesterday’s health information," Gott emphasizes. "But it’s a bigger mistake to put off planning until it’s too late to prepare properly."
The wise course of action, he emphasizes, is a third path. "Reach out to an independent advisor who knows the trends and offers multiple options," Gott says. "I am one such advisor and there are many others. Just avoid ‘captive’ agents or advisors, who represent a single carrier or two and may be biased."
In addition to traditional long-term care insurance through multiple carriers, Gott’s agency offers these alternative solutions:
- "Hybrid" policies (typically life insurance with long-term care riders)
- Worksite long-term care (portable individual voluntary plans with group advantages)
- Annuities with tax-advantaged long-term care features
- Critical illness insurance
- Additional protections, including long-term care education and referrals to top care services
As a licensed long-term care insurance agent, Gott advises on the full range of alternatives listed above.
"When people come to us," Gott says, "whoever they are or whatever their situation, we like them to know that help is at hand, whether it’s an LTC policy or something else.”
In California the company is known as xACSIA Partners Insurance Agency; in other states, as ACSIA Partners.