Ep #150: A Resurgence of Long-Term Care Insurance – with Bill Dyess – Part 1

After a market contraction due to a low interest rate environment and its effects on reserves as well as challenges understanding the pricing on a relatively new product, Long Term Care is poised for a comeback.On this first of a two-part series on the ShiftShapers Podcast, we’ll investigate a resurging need for long-term care insurance. There is a 75% chance that those who reach the age of 65 will need long-term care at some point in their lives. Our guest, Bill Dyess, is President of Dyess Insurance Services. He is one of the country’s foremost experts on long-term care.Getting hurt or becoming sick and needing long-term care as a result of a chronic condition can happen at any age. While long-term care is primarily associated with the needs of an aging population, though anyone at any age can face this challenge. Bill will help explain the differences and the need for disability vs. long-term insurance.In the 1980s and 1990s, there was an explosion of long-term care products. As the costs associated with long-term care exploded, the availability of products disappeared. The population is aging and surviving previously fatal diseases at a higher rate which makes an interest in long-term care insurance a new opportunity. There is a resurgence in the number of carriers in the marketplace and today we discuss what this means for advisors.What You’ll Learn From this Episode:A history of the long-term care product and why there is a resurgence of product offerings in the marketplace.Typical costs associated with various categories of long-term care assistance.Strategies for minimizing the costs of premiums and what effect that has on out of pocket expenses.