David HaynesDavid Haynes, CLTC, is an independent insurance broker specializing in long-term care insurance planning. Contact David at 336-314-1698 or david@haynesltc.com.
“May your troubles last as long as your New Year’s resolutions”
There is much truth in the above catch line isn’t there? How often we fail to follow through on the very things that could make such a difference in our lives and the loved ones around us. May 2022 help you reflect on where you are and what you’ve done to plan properly for retirement.
Two words that could change your new year are “Extended Care.”
Extended Care is assistance provided to a loved one due to their inability to perform activities of daily living due to an illness, injury, or progressive or sudden or cognitive impairment such as dementia or Alzheimer’s. The words commonly used are home care or nursing care. We understand what long term care is when we see a parent going through the process, only then to learn how expensive it can be. An event requires much more than time and availability from family members – it requires many dollars that some have, but many don’t.
Let’s face it, we hope to live a long life – a happy, free life. But to be honest, we’re not planning to become ill or sick; and furthermore, we don’t want to admit it may happen to us.
The fact of the matter is we need to secure a safety net of some type of coverage to protect against unforeseen dollars that often deplete our retirement plan should an event take place. For many, a long-term care policy is the best source. Home and facility care can come at a high price if an insurance solution is not available. One of the most important retirement planning tools is a long-term care insurance policy. The question is, “Do you have a plan?”
Many of you reading this consider yourselves young and healthy, with some reluctance of admitting you need to obtain coverage now, but this is the most appropriate time – when you are young and healthy. You don’t need the benefit today, you simply need the coverage. The benefit of having a long term care insurance policy will come later when you need it the most. An unexpected event, whether it is an accident or an illness, can create a catastrophic financial setback to any retirement plan. If you are between the ages of 50 and 79 and/or a business owner, I encourage you that we have this conversation as you begin the new year. You hope to never use such a policy; and if so, you hope it comes at a much later time in life. Unfortunately, postponing the purchase of a policy today may prevent you from qualifying for one later due to your health. Please don’t make this all to often mistake of waiting. If you’ve read thus far and wonder if this is something to consider, then it probably is. I’ve been answering calls for over 28 years. I’ll be happy to answer yours. Happy New Year 2022!