If you don’t have a long term care insurance coverage, your “Plan A” is to self-insure…aka you will react to the situation when it happens. I’ve heard countless stories about the drama, the phone call that changes life forever. Or perhaps you are financially secure and assume you’ll be ok to self-insure this risk. When I ask the question, “Are you financial prepared to live a long life?”, I’ve heard every answer imaginable. Responses such as “I’ll die quickly like my parents did”, “I’m not going to need long term care”, “It costs too much to have a plan”, or “I’ll just pay for it”, just to name a few. Upon further questioning and assessment, the true answer comes. Most objections are due to the lack of understanding about this risk. If you don’t understand that this risk is real or that the consequences are significant, you most definitely will not seek a solution.
Plan B is a strategy I often present, both for the affluent that intend to self-insure or to those with other objections such as “it’s too expensive”. The Plan B strategy is equivalent to a “good” plan in the “good better best” model that I believe in. There is no right or wrong coverage amount. What is ‘right’ is what you are comfortable with. Personally I’d rather you (your family) have some coverage than none at all. If the affordability of moderate “good” coverage provides peace of mind, then this is the right Plan for you. A “good” plan also provides the catastrophic safety net for the affluent so their assets are not exposed to the entire risk.
As a LTC planner, I Ask questions first, and Listen to your answers before I present solutions for your consideration. I present more than one Solution because the risk can most often be solved by more than one plan design and more than one (carrier) product.
Embrace extended health care planning, it will provide Peace of Mind for Your Future.
I can be reached at 770-314-3705 or Peggy@LTchoices.com
“Expect the best, plan for the worst, and be prepared to be surprised.” — Denis Waitley