If your agency isn’t already accepting Long Term Care Insurance as a payment option, buckle in and prepare to learn more!
There are 8 million LTCI policies that have been bought in the US, and only 300,000 of them have been activated.
That’s 3%. Or, flipped, this is a 97% market share opportunity for you and your team to tap into.
What’s more, is that of those 8 million, 4 million qualify to be able to use those benefits. Many policyholders think that they have to be bed-bound or in worse health in order to use their policies.
These are people who made a conscious choice earlier on in life that they wanted to ensure that they could get the care they need, when they need it. This is your chance to help them.
Before you start offering this as a payer source, make sure that you take the time to understand what you have to do to process and submit claims, and how to explain your involvement to families—beyond your regular spiel.
When you’re able to do the below with confidence, start adding this to your list of payer sources:
Read on to understand the opportunity that lies ahead.
There are a few challenges that stand in the way of most families to activate a long term care insurance policy, and the great thing is, you have an opportunity to make an impact.
WATCH THE WEBINAR RECORDING: Marketing Moments Episode 7:
Making The Most of Long Term Care
You won’t be able to make large changes overnight, but you can take the first step by making a plan. It starts in increments. You can start by asking on inquiry calls if someone or their loved one has an LTCI policy, if they’ve used it before, and what they’re eligible for.
Next, you could try adding a page on your website or add a bullet on your marketing collateral that promotes that you accept Long Term Care Insurance (LTCI) policies.
Important pieces of information to arm yourself with as you market this payer source to other referral partners and families:
Long Term Care Insurance (LTCI) is a huge opportunity that is going to increase with time, as more adults turn to plan ahead for aging in place.
Start by preparing your team for this shift and how your agency can add this as a payer source.
Then, start thinking about various education and marketing opportunities that can position your agency as every family’s home care agency of choice when they need it. What step is your agency going to take toward diversifying your payer mix?