Love the One Your are WithHow many remember the song “Love the One You’re With” by Crosby Stills Nash? Some of the lyrics from this song are appropriate for my February – aka ‘The Month of Love’ – conversation and my first ever BLOG.

I’ve been a passionate believer in transferring the risk of a potential extended health care event for over 20 years – – because it’s all about LOVING your Family (the one you’re with).

(Here are my song lyrics…to be sung to the tune “Love the One You’re With”)
“If you’re down and confused
And you don’t remember who you’re talking to
Concentration slips away”

(Due to early signs of dementia???)

“Don’t be angry, don’t be sad
Don’t sit crying over good times you’ve had
Sometimes you can’t be with the one you love, honey
Love the one you’re with”

All jokes aside, market leader Genworth reports that 51% of their claims are paid to those with mental/nervous disorders including dementia. The AALTCI (American Association for Long Term Care Insurance) reports that Alzheimer’s claims are the most frequent, longest and most expensive. Also, the AALTCI reports that Alzheimer’s is the leading cause of claims from age 65. But we don’t stop loving or caring for our spouse/loved one because they become confused, or are diagnosed with a dreaded dementia such as Alzheimer’s – or any other cognitive disease or physical illness or injury.

I’m a believer in transferring ANY risk that could hurt the ones we love.

It is true that – once we turn age 65 – our odds of needing long term care are 70%! What are the consequences of needing care? The consequences are the emotional and physical well-being of those you love and the financial viability for your family. How do we mitigate these consequences? We establish a PLAN. When we realize the consequences are TOO GREAT, we choose to transfer the risk.

This is a serious issue and requires a serious emphasis on the need for a PLAN. Don’t give up the fight.

If you are a financial professional, don’t be afraid to push through the initial objections your clients give you. Keep initiating the conversation until they listen!

If you are someone planning your own retirement, don’t put off long term care planning for another day (or year!). The longer you wait, the more expensive coverage will be, and if your health changes before you buy a policy, you may not be able to get coverage at any price.

Putting in place a long term care funding plan (such as long term care insurance) is one of the best ways to take care of the ones you love. Happy Valentine’s Day. Happy Month of Love!