KIRKLAND, Wash., May 20, 2013 /PRNewswire/ -- Following a recent announcement, LTC Partners & Insurance Services, LLC, will be providing long-term care education to member banks of the California Bankers Association (CBA), one of America's largest state banking trade organizations.
The announcement, made by CBA on April 12, states that a long-term care benefit will be made available to employees of member banks throughout California, with education and policy options provided through an endorsed strategic partnership between CBA and LTC Partners & Insurance Services.
The long-term care insurance leader is known outside California as LTC Financial Partners, LLC (LTCFP).
"We think the CBA initiative is important," says Cameron Truesdell, LTCFP's CEO, "because banks are prime sources of financial advice; and their middle-aged and older clients sorely need such advice to protect themselves from the financial drain of uninsured long-term care expenses."
The long-term care field is one of growing importance as millions of baby boomers approach retirement age and the care needs of an aging population are magnified. About 70% of Americans over 65 will need long-term care services at some point, according to the U.S. Department of Health and Human Services. Few of the required services are covered by regular health insurance or Medicare. The un-covered expenses can quickly deplete retirement savings and investments. The average annual cost for nursing home care in the U.S. now exceeds $90,000, according to a MetLife survey.
"As California bank employees learn about long-term care protection for themselves, we think they will be better able to guide their customers," says Truesdell. Already many financial advisors, based in banks, act as bridges to long-term care policy options. "Now banks can become more solid sources of the necessary education."
Will the CBA initiative soon spread to banks in other states? Truesdell thinks it might. "Already we're seeing signs of interest in the East Coast, Midwest, and elsewhere," he says.
LTCFP -- www.ltcfp.com -- is a founder and sponsor of the "3 in 4 Need More" campaign, which seeks to alert Americans to the long-term healthcare crisis, and to multiply the number protected by long-term care planning. The company provides LTC education and policy options to companies and associations as well as individuals in all 50 states.
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*(Photo Caption: LTCFP CEO Cameron Truesdell)
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SOURCE LTC Partners & Insurance Services, LLC