Panel summarizes long-term care insurance benefits
A handful of industry professionals gathered Feb. 22 in Columbia to learn the latest in long-term care insurance for the business marketplace.
The video training conference was hosted by the Central Missouri chapter of the Society of Financial Service Providers, a national professional organization of certified financial service professionals.
The presentation offered information to help providers connect with employers to purchase long-term care insurance for themselves or their employees.
“Projected costs for long-term costs are staggering,” said seminar co-host Steve Brooks, a Columbia business life insurance representative. “Making provisions for long-term care is a completing factor to retirement planning. Without it, you have an unprotected retirement fund.”
Participants heard from a panel of experts including Lisa McAree, president of the McAree Company insurance firm, which has focused on long-term care insurance and executive benefits planning for more than 15 years; Stephen B. Parrish, a national advanced-solutions consultant with the Principal Financial Group who specializes in business planning, executive benefits, estate planning and life insurance planning; and Debra Newman, chief executive officer of Newman Long Term Care, an agency she founded in 1990 to focus on long-term care insurance.
The panel addressed tax incentives being created to provide for financial resources for long-term care. Brooks said originally the idea of long-term care was for nursing homes. That’s changed, he said, and cited a study that showed the majority of claimants are younger than 65 and that long-term care is often provided at home.
The Central Missouri Chapter of the Society of Financial Service Providers offers video-training conferences four times a year.