Long-term care insurance, a popular benefit with employers for many years, is undergoing a rapid transition at the worksite. Gone are the days of a broad one-size-fits-all group plan with guaranteed issue coverage. Those plans were designed for ease of enrollment but often had compromises. Today, the focus is on plan customization and targeting offerings tied to retirement planning, including new life/long-term care offerings.
We know why baby boomers are interested in planning for LTC and buying LTC insurance. Many have dealt with an aging family member who needed expensive care and ended up reliant on others.
Others boomers are well-educated on the cost of care and its impact on a retirement plan. They want to plan for LTC but don't know how to get started and are skeptical of insurance carrier promises.
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