Tuesday March 30, 1999
"In a world of uncertainties, there's one inevitable fact: You and your clients will age. Many people will live longer than they expected." Therefore, Ticker magazine urges its readership of 100,000 investment advisers that "long-term-care insurance buys freedom of choice" and that they should "check out this part of the retirement-planning puzzle." The article, authored by freelancer Jason Black, appears in Tickers' "Toolbox" column of the March 1999 issue on page 82.
After citing President Clinton's proposal to give $1,000 tax
credits to LTC caregivers, the article continues: "Given
the high costs of extended stays in nursing homes, this credit
is insufficient and doesn't replace private-insurance coverage,
says Steve Moses, president of the Center for Long-Term Care Financing,
based in Seattle.... While there's no rule about when to buy
an LTC policy, there are advantages to buying one at an earlier
age. If a client buys a policy at age 55 that won't be needed
until age 85, 'the total premiums will be one-third what they'd
be if the client bought the policy at age 75 and paid for it over
10 years,' Moses says. To be on the safe side, 'research [LTC
insurance] by age 40, and own it by age 50,' he says."
Congratulations to Ticker magazine for passing on this excellent
advice to brokers and financial planners throughout the United