Three Macro Trends Impacting Long-Term Care — and Why It’s Time to Talk About It
No one enjoys picturing a future that includes failing health. We’re hard-wired to avoid it. In behavioral psychology, this tendency is known as the Dunning-Kruger effect—a form of overconfidence bias that causes people to overestimate their abilities and underestimate their risks. When it comes to long-term care (LTC) planning, that bias can leave a significant gap in a client’s financial plan.
According to the U.S. Department of Health and Human Services, nearly 70% of today’s 65-year-olds will need some form of long-term care. Yet, very few have prepared for the financial and emotional impact that can accompany it.
Our new eBook, “Three Macro Trends Impacting Long-Term Care,” explores the demographic and economic forces shaping this looming challenge—and offers practical ways advisors can help clients overcome the behavioral barriers that often derail planning conversations.