Research: Consumers' Long Term Care Knowledge is Lacking

"My mom was 64 when the doctor diagnosed her with Parkinson's disease, and, at that point, it was too late for long term care coverage," Nitchen said. "Or perhaps your parent is 69 when he or she suffers a stroke. When a person is diagnosed, it's typically too late and, at the point the care falls on the children, it can be physically, emotionally, and financially draining."

Nitchen said he often has Medicare clients call him with the news that their spouse has suffered a stroke but that they'd like to keep them at home; they're calling to ask him how much Medicare and/or their Medicare supplement policy will pay for such care. The unfortunate answer, said Nitchen, is that Medicare does not pay for long term care.

Regardless of what type of insurance you sell, which carriers you represent, and how long you've been in the business, the best way to begin to help your clients is by asking the question: Who do you have your long term care protection with?

"That then gives you an opportunity," Nitchen said. "If you are certified in long term care, set up an appointment – or, if not, refer your client to someone who is. You don't need to know how to sell long term care insurance; you just need to know someone who does sell it."

Nitchen said that the biggest objection he faces when trying to convey to his clients the importance of planning for the future is their belief that it will never happen to them. But Nitchen has his own family story to share when that objection arises.

"Mom worked her entire life and golfed two to three days a week," he said. "She was very active. Out of the clear blue, she was diagnosed with Parkinson's disease. Dad cared for her until he was physically and emotionally exhausted. Now, at age 71, dementia has set in, and Mom's in an assisted living facility. The quality of care is wonderful, but it runs $50,000 annually. And my parents don't have long term care coverage to pay for it."

Paul Hogan is co-founder and CEO of Home Instead Senior Care. Hogan is also the co-author, along with his wife, Lori, of the book "Stages of Senior Care: Your Step-by-Step Guide to Making the Best Decisions." He can be reached at 888-484-5759.