Who Should I talk to about Long Term Care Insurance in Massachusetts?

There is not a particular line of work, professional designation or personal accomplishment that qualifies someone to give you the best advice on LTC Planning.  Many people who are well versed in investments or life insurance do not understand the contemporary implications of Long Term Care and don't understand how LTC Insurance works.  Professionally, people usually seek advice about Long Term Care from one of the following:

Financial Planners- The term Financial Planner includes such a wide range of financial professionals that it is difficult to make any general statements about them.  Most Financial Planners have some area of focus or expertise.  If this focus is Long Term Care Planning or the equivalent there of, they may be an ideal resource.  However, many financial planners do not focus on Long Term Care or Long Term Care Insurance, limiting their understanding of the options that are available.  If you are going to consult with a Financial Planner about LTCi, it makes sense to ask them about their personal experience and background on the topic.  How many policies have they written?  Have they ever assisted someone with a claim?  Do they partner with a specialist?  Do they recommend Long Term Care Insurance to their clients for whom it may be appropriate? Why/Why not?  If a Financial Advisor recommends against Long Term Care Insurance, ask them if they are willing to put their recommendation in writing.

Estate Planning Attorneys- Most Estate Planning Attorneys will encourage clients to investigate Long Term Care Insurance if appropriate.  Many have the ability to write LTCi Policies or partner with one or more individuals that does.  One of the biggest potential pitfalls with Estate Planning Attorneys is that a small number of them still advocate Medicaid Planning.  As previously discussed, this is the practice of manipulating your finances by transferring assets and other means to appear to be impoverished in order to qualify.  It is difficult to understand the justification for this form of planning given that there is no way to know what legislative changes may take place between now and when a Medicaid "Plan" is enacted.  As government deficits increase, it stands to reason that future legislation will close the few remaining loopholes by which people of means qualify for coverage intended only for those that are financially destitute.

CPAs  and other tax professionals- As the tax incentives from both federal and state governments increase, more and more tax professionals are recommending Long Term Care Insurance.  Generally they do not offer the coverage themselves, but may encourage clients to investigate Long Term Care Insurance and/ or recommend they speak with someone.

Insurance Agents, Property and Casualty, Life Insurance etc.- Once again, the first issue to address is to determine if the individual you are working with has adequate experience in this area to be able to look out for your best interests.  There is no special licensing required to sell Long Term Care Insurance over and above those required to sell Life Insurance and/or Health Insurance.  Many states don't require any special certification or specific continuing education.

Long Term Care Insurance Agents/Specialists- These are generally people that focus exclusively on Long Term Care Planning.  They can be independent or have an affiliation with a specific carrier.  One of the advantages of working with a specialist is that there is a good chance that their focus on LTC will give them a broad understanding of the available programs and help them make appropriate recommendations.  As is always the case, it is important to know who you are working with and to understand their background and experience to determine if you are comfortable seeking advice from them.

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