Make a New Year Resolution

If you are reading this it means the Mayans were wrong and the world did not end. 

Is that anything like the "Fiscal Cliff"?  Probably not.  That's the good news. 

Of course now you have one less excuse as to why you have not taken responsibility for your future long term care needs.  This time of year our thoughts are on family, friends, holiday celebrations, followed by New Year Resolutions. 

Here is one to consider:  Plan now to not be a burden on all of those folks you are spending quality time with this week and next.  Using one of our long term care insurance plans will make it possible for you to leave a legacy to your loved ones or a charity while assuring you of getting the best care where you choose.  Most folks want to stay at home when they are unable to care for themselves.
 
Fact Check: The cost to receive care at home ranges from $3,000 - $20,000  per month.  Would you rather have that check come from the insurance policy as tax free dollars or from your hard earned savings after taxes?  Even my clients that have incomes and savings in the top 1% understand that is better to leverage their money and they choose to insure. 

Procrastination is a terrible affliction.  You will never be younger or healthier than you are today.  Tomorrow any change in health could make you instantly uninsurable.  The time is now to do the responsible thing.  Schedule to meet with a licensed LTC professional and get informed.  Then you will have all the facts. You know that a responsible, informed adult can make a better decision in the New Year.

How will the election affect my ability to get long term care?

I have been asked this question by everyone I met this week. Hundreds of millions of dollars were spent on advertising messages and no one is any clearer on the important issues.
Folks, the changes that will be coming due to the PPACA (Obama Care) will reduce funding for Medicare and Medicaid. More of the cost will be shifted to States and individuals. This makes the decision to plan for your future needs even more important. For those who think of themselves as conservatives, the watchword is self reliance. If you have not secured LTC insurance how will you be "self reliant".
Dave Ramsey, a nationally sydicated writer and radio host recently addressed the question of long term care insurance. He advised that unless you can fund 20 years of care for you and your spouse out of savings, get the insurance. Today one year of care runs $30 - $100,000. In the next 15 years it could easily double.  Most of the population will experience signifigant health changes before they turn 60.  I assert that you need to address this in your 40's and 50's while you still can health qualify.  Don't sit and sulk about it.  Do something.  Call an expert and get educated so that you can decide how to best prepare for your future.
http://www.foxbusiness.com/personal-finance/2012/11/20/do-really-need-long-term-care-insurance/ 

What me plan? I am still young and healthy!

In the October issue of the Health Insurance Underwriter, I noticed an article about how younger adults are not only purchasing long term care insurance but are also needing to use it.  Many of the folks that I speak with tend to ignore the possibility of a more current need and have only considered needing long term care as an end of life experience. 
This is contrary to our experiences.  I have family and friends that have needed care for 6 months or longer and then recovered.  They went on with their lives and some needed care again years later.  As young active adults, our need for care is typically due to unforeseen and immediate events such as car collisions, motorcycle accidents, or being thrown from a horse. 
The article quoted a study by the American Association for Long-Term Care Insurance (AALTCI) about how 20 and 30 year olds fortuitously purchased policies and then needed to use them within just a few years.  We all know someone that needed care at a young age; but do you know what their family went through to take care of them?  The cost when the medical insurance stopped?  Who had to quit their job to stay and be the care giver?  Medical insurance pays for acute care but will not pay for someone to care for you at home.  Disability insurance is salary replacement.  That pays for your mortgage, electricity, and groceries.  Who pays for someone to care for you at home or at rehab when your medical insurance stops?
Shoudn't we all be optimistic about our future health and longevity?  Absolutely!  Medical science and a healthy lifestyle will prolong our lives.  We should also plan for needing some care along the way.  You never expect your home to burn down or your roof to blow off but you would not go a single day without home insurance.  Why would you risk your savings and your family on a more probable catastrophic event?  Your need for care.
Get informed and protect yourself.  For a free copy of my booklet click HERE