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Can you believe it is August already?

Actually, with what 2020 has brought us thus far, maybe the sentiment is, “Is it only August?”.  August brings the Back-to-School/Back-to-Work vibe, but this year will most likely be different. The kids will go back to school, but it might be a different approach and that means some of you will remain full-time work, part-time teachers. I want to remind you that we are fully equipped here at Producers XL to bring you the tools and resources to assist with whatever the remainder of 2020 can throw our way.

In regards to long-term care insurance, we’ve seen the industry experiencing an increase in traditional sales. I personally believe it 


Angie Hughes 

LTCi Marketing Manager

is due to the confidence that our agents have to introduce the conversation of long-term care. Or maybe, it’s just become top of mind for more consumers in light of the pandemic.

Don’t miss your opportunity during this downtime to invest in yourself. Let me bring you to a comfort level that allows you to add this valuable product line to your consumers and community. With the “Selling LTC in Reverse” campaign, several of you been able to bridge that gap from Medicare sales into an open dialog about long-term care planning with your clients. Start with ‘Yes’; Then ask if they want more.

Some other industry trending news, the Federal Interagency Task Force on Long-Term Care Insurance, created in July 2018, recently released new ‘Long-Term Care Insurance: Recommendations for Improvement of Regulations’. This report was in response to recommendations in Treasury’s October 2017 Report on Asset Management and Insurance, wherein it identified the challenges of financing long-term care as a matter of national interest.

Here's The Summary

The Task Force organized its analysis and recommendations into four subject areas:

  • Innovation and Product Development – product development and other innovation in the private market, including policies that combine LTCI with other types of insurance products or features offering alternatives to traditional, stand-alone LTCI.
  • Regulatory Efficiency and Alignment – improvements in regulatory efficiency and alignment with respect to LTCI, including inflation protection requirements, harmony between federal and state laws and regulations, and cross-state subsidization and other issues relating to state regulatory review and approval of premium increases.
  • Financial Literacy and Education 
    The appropriate federal role in financial literacy and education relating to LTC needs and LTCI.
  • Tax Incentives
    Current tax law treatment of LTCI and proposals to provide additional tax incentives for the purchase and use of LTCI.

One staggering fact to take note: Based on data from the National Health Expenditure Accounts (NHEA), the Medicaid program was the largest payer of LTSS expenses in 2018 (total payments of $159.1 billion), followed by out-of-pocket spending by individuals ($55.0 billion). By contrast, based on industry data, private LTCI paid $10.3 billion in claims in 2018.*

What this tells me is that long-term care is not dead but rather requires a bigger voice. It’s not a matter of If I’ll need care but When. Agents need to educate customers and communities as to what long-term care insurance is specifically and more importantly, what it is not. Consumers cannot make an informed decision if they don’t have the applicable, specific information.

Help me be the voice for extended care planning. Call today and let’s talk strategy. I’m here to help.

Tomorrow is not a day of the week; Today is the day to start planning!

* Per the Report of the Federal Interagency Task Force on Long-Term Care Insurance