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.
I interviewed a local college football coach recently and asked how his team was successful. Without hesitation he said, “Off season and pre season practice is the key. It’s often what you do when no one is looking. Gametime is not the time to practice. It’s a time to perform.” Aside from the similarities of sports, we know that true victory is achieved not on the field but rather in the discipline of planning and practicing for the game that we call Life. If you think about it, many of the articles and ideas found in Retirement Resource Guide are simply tools for planning, not delaying.
I’ve had the honor of sharing quarterly articles in the wonderful planning guide for many years now. Its design is to help one plan. My column highlights long term care planning and the idea of securing insurance. I am proud to be a trusted advisor to those who believe in planning for the unknown health risks that comes with aging. Insurance helps family members manage the care and it’s costs. Some readers have ample funds set aside to pay for care, but many don’t. There lies the financial risk of depleting a sound retirement plan if an insurance policy is not in force at a time when it is needed the most. As Carole King’s 1971 hit song titled, “It’s Too Late” has much meaning for the thoughts of many that echo, “I wish I’d planned earlier.”
“Long term care” – Three words that can change a family forever. Long term care is not a place. It is an event that can happen to anyone at any age, at anytime and anywhere. Long term care is assistance provided to loved ones because of their inability to perform activities of daily living due to an illness, injury, or progressive, sudden, cognitive impairment such as Dementia or Alzheimer’s.
The best time to obtain a long term care policy is when you are young and healthy. A properly designed policy can have many valuable features that compound over time. Unfortunately, many buyers are declined by waiting too late to apply. Many insurance carriers provide premium discounts to “couples”. The IRS has favorable tax deductions on the premiums in certain cases, especially the self-employed and business owners. Design flexibility on creating your own policy is very flexible.
If you’re reading this now and wonder if having a conversation about extended care planning should be considered, then it probably should. My phone number is listed for a reason. I answer it. I don’t share “sales pitches,” I provide “advice and solutions.”
When you think of Long Term Care; “Don’t Hope for the best, plan for it.”