What's Happening?
Holly Westervelt, vice president of sales for Krause Agency, emphasized the importance of modest long-term care insurance (LTCi) benefits during the National Association of Insurance and Financial Advisors'
long-term care impact day. Westervelt argued that even smaller LTCi policies can significantly aid individuals in managing care costs. She noted that many clients are deterred by the high costs associated with long-term care, often believing that they need extensive coverage to make a difference. However, Westervelt highlighted that a modest benefit, such as $2,000 per month, can effectively supplement a person's income, including Social Security and pensions, to cover care expenses. This approach allows clients to preserve their assets longer and provides families with more time to arrange care.
Why It's Important?
The discussion around modest LTCi benefits is crucial as it addresses the financial challenges faced by aging populations in the U.S. With the rising costs of long-term care, many individuals are at risk of depleting their savings. By promoting smaller, more affordable insurance options, the Krause Agency aims to make LTCi accessible to a broader audience, potentially reducing the financial burden on families and the healthcare system. This strategy could lead to increased adoption of LTCi policies, providing more people with financial security in their later years.
