Senator Tim Scott (R-SC) knows the importance of the insurance and financial services industry and the role of agents and advisors in the wellbeing of Main Street Americans. He gained much of this understanding in his pre-political career as an insurance professional and NAIFA member.
A recent article in ThinkAdvisor highlights the senator’s five ideas for supporting home care, which he shared at a Senate Special Committee on Aging hearing. These include efforts to encourage home care planning as part of a comprehensive financial plan. Scott said “a critical piece” of achieving this goal includes expanding the market for private long-term care insurance, according to the ThinkAdvisor article. “The earlier you purchase this insurance coverage, the cheaper it is and the longer it will last for most American families,” he said at the hearing.
There appears to be bipartisan support for home-care and long-term care legislation, and ThinkAdvisor says such a law “could create opportunities for financial professionals and their clients.”
Knowledgeable lawmakers, like Senator Scott, can make a meaningful difference in people’s lives by promoting policies and passing laws that strengthen the financial security of American families and businesses. NAIFA’s advocacy centers on working with lawmakers and regulators at the state and federal levels to help them understand how public policy affects consumers and communities. Our extensive grassroots network is in frequent contact with lawmakers, providing them expertise, insights, and stories about how advisors and the industry care for clients.
NAIFA Influences Financial Security and Long-Term Care Policy
NAIFA’s Congressional Conference, May 23-24 in Washington, D.C., is the premier association grassroots fly-in for insurance and financial professionals. Open to NAIFA members and anyone else in the industry, it provides high-level advocacy training, issue briefings, and opportunities to meet with and educate lawmakers. It is a high-impact, highly influential event that benefits every financial professional. It helps elected officials have a better understanding of NAIFA members, their professional services, and their clients’ needs.
NAIFA’s Limited and Extended Care Planning (LECP) Center was created specifically to provide resources and expertise for insurance and financial professionals who work with consumers on planning issues including home care and long-term care. NAIFA’s Government Relations team has pioneered a Legislative Working Group within the LECP composed of a wide breadth of industry experts, including LECP sponsors, insurers, NAIFA members, third-party administrators, distributors, and more. The Legislative Working Group explores issues important to LECP participants and enhances NAIFA advocacy positions and government relations efforts, engaging directly with state and federal policymakers. NAIFA’s century-old strong grassroots tradition of working with Congress gives this effort an especially powerful opportunity for our industry to be heard.