Long Term Care

Define framework of Long-Term / Extended Care (LTC) insurance

Extended Care falls under the Risk Management category

What is Risk Management?

• Helping people define acceptable / unacceptable outcomes & consequences
• Using tools / products to manage the risks associated with those outcomes & consequences

Relating to Extended Care, here are examples of what people typically define as unacceptable outcomes:

• (1) People:
• They’ve worked hard for their $ and want to leave it for their kids. They don’t want it to go to an extended care situation
• (2) Married couples:
• One spouse goes into care
• They don’t want the other spouse to be left w/ no $ and forced to live off nothing
• (3) Kids:
• People typically don’t want their kids or grandkids to have to quit their job and take care of them
• They want their kids to be their kids and their spouse to be their spouse

How do you talk about Extended Care?

• Does Medicare cover Extended Care?
• “No, it doesn’t, and many of my Medicare clients don’t know that. That’s why I partner with Alex. He helps people define acceptable / unacceptable outcomes and backs into solutions with them.”

How do you open that conversation with Medicare clients?

• “I know we’ve covered Medicare and what it covers. Many of my Medicare clients don’t know that it doesn’t cover an Extended Care event, and they find that unacceptable. Is that something you’ve ever thought about?”
• If so, “Great, that’s exactly why I’ve added an Extended Care resource to my practice in Alex Schneider. I’ll connect you guys so that he can introduce himself and give you an idea of how he helps people.”