Long-term Care Insurance.  It’s a Choice…until it’s not.

We all have a lot of choices to make in life.  Some are whimsical and simple like choosing a new spot for lunch or deciding not to grab an umbrella on a cloudy day.  Maybe the restaurant fare was fabulous but we got caught in the rain.  Well, not bad…most folks wouldn't think twice about it.  Why?  Because it was freedom of choice…and the consequences were, at best, insignificant. 

Unfortunately, choices about acquiring Long Term Care Insurance is not so easy and not everyone can get it.

As I thought about how to contribute to June being National Alzheimer’s Care Awareness Month, I started thinking about this idea of “choice” and how no one chooses to have Alzheimer’s.  No family chooses to see their love ones fall to the beginning signs of dementia.  What’s more important to understand is in addition to the emotional and physical strain this awful disease can incur on families, the cost of care can also be debilitating.   

Insurance Companies Have Choices

Just as an insurance company won’t insure a home that is on fire, most won’t insure applicants that are showing signs of dementia or have been diagnosed with Alzheimer’s.  It’s their choice and a rational business decision.  It is our choice to be proactive and consider LTCI while our we are relatively healthy, preferably before age 65 when premiums begin to skyrocket.   As a financial planner with 30+ years working closely with families, I have seen the impact of this disease and the evolution of healthcare cost.  It’s always best to get out in front of the potential need for coverage.

Where Do We Begin

It’s not the most comfortable topic of discussion and certainly wouldn’t be a conversation starter at a dinner party.  Begin at home.  Talk to your love ones while you have a choice.  Then find a certified financial planner that is not tied to any one particular insurance company.  They instead will help evaluate your total financial footprint to better identify the many different options available in the market.

For More Information

Follow this link to get more information to better Understand Long-Term Care.  Securing LTCI is a choice we make to insure ourselves and our love ones that we have accounted for the potential of needing full time care in the event of debilitating illness or accidents.  It can be one of the most important decisions you make to influence the quality of your golden years and impact the viability of the financial legacy you planned for decades.

♠Eric Bailey is a registered representative of Lincoln Financial Advisors. Securities and advisory services offered through Lincoln Financial Advisors Corp., a broker/dealer (Member SIPC) and registered investment advisor. Insurance offered through Lincoln affiliates and other fine companies. Bailey Wealth Advisors is not an affiliate of Lincoln Financial Advisors. CRN-1883513-082917