Long Term Care “Safety Net” in Trouble

Long Term Care “Safety Net” in Trouble

For those of us in the industry this is not a surprise but the crystal ball projections are coming true and it should only get worse.  Knowing what we know there is one conclusion guaranteed:

There is no better time to buy and sell Long Term Care insurance!!!

Here are a couple of the most recent examples:

6/12/2018, “Big state budget changes alter nursing homes’ outlook,” by Kimberly Marselas, McKnight’s LTC News

6/11/2018, “APNewsBreak: Nursing homes sue to halt Montana Medicaid cuts,” by Matt Volz, Associated Press

These cuts are inevitable realizing the supply and demand issue we are facing let alone the budgetary concerns that loom with governmental programs.  Every side is getting squeezed – governmental budgets, facility and caregiving services, and ultimately our seniors needing care.  This is the kind of news we usually only see in the depths of recession when states are cutting budgets to make ends meet.  Imagine what the news will be when the next recession does hit.

Something has to give – as the Medicaid $/person spent on care decreases something has to give:

  1. Quality of Care

  2. Families Economic Impact

The Way Out – Sell Long Term Care Insurance to your clients!  As I’ve said before:

There is no better time to buy and sell Long Term Care insurance!!!

 

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