KIRKLAND, Wash., Feb. 13, 2013 /PRNewswire/ -- Until recently, long-term care financing has been offered to Americans primarily in the home; and the means of financing has been limited to LTC insurance, for the most part. That's no longer so with LTC Financial Partners, LLC (LTCFP), one of America's largest and most experienced LTCi agencies.
The company is expanding aggressively into the worksite market by forming alliances with employee benefit brokers. And in the consumer market, LTCFP now offers alternative products to support plan design -- products such as annuities, reverse mortgages, and life insurance with LTC riders.
The company is, in effect, increasing the size of its "store" and the breadth of its selection. The move, perhaps a bellwether for the industry, solves two big problems for millions of longer-living Americans.
First, LTC insurance has been much less available than regular health insurance, since only the latter is widely available as an employee benefit. "With our partners, we're starting to change that," says Cameron Truesdell, CEO of LTCFP. "We're out to make LTC protection a common benefit choice, just like medical or dental."Second, long-term care insurance isn't right for everyone, and not all can meet the health requirements. "Millions are left out," says Truesdell. "So we're becoming a one-stop shop with something for everyone." Truesdell points out that good health is not a requirement for reverse mortgages, which can be a tax-favored source of cash to pay for care. So can life insurance policies with long-term care riders, he says. And for people wealthy enough to self-insure, annuities can be a vital part of estate planning, with funds earmarked for care, if needed, or for other uses. LTCFP's reverse mortgage, annuity, and life insurance businesses are in their infancy but growing rapidly. Ditto for the worksite business, according to Truesdell. "By the end of 2013, we expect over half our volume to come from employee benefit programs."