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WHEN THE RUBBER HITS THE ROAD:The Practical Benefits of Long Term Care Insurance
August 11, 2011
Parsipanny, NJ
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Families all over this country are grappling with the problem of long term care. Although we don't see it in the headlines, it can be a major life event not only for the person needing care, but for the people who care for them. We have a tendency to look at long term care insurance (LTCI) solely for the dollars in the policy. Let's not forget the very practical benefits of LTCI... from the point of view of the families and friends who are so often involved at claim time. It's Easier to Spend an Insurance Company's Money Sometimes, when one spouse needs long term care, there is a natural tendency for the couple to try to go it alone, and preserve money for the healthy spouse. That spouse often provides all care, 24/7! Long term care insurance can make it much more likely that a couple gets professional care and the relief it can bring more quickly. After all, human nature means that it is easier for us to spend the insurance company's money than our own. That's OK, that's why the insurance premiums were paid all those years! Sometimes, when there's multiple children, people needing care are reluctant to spend money on that care, in the name of preserving an inheritance. And, unfortunately, children (and their spouses) may not see eye‐to‐eye on care decisions. By providing money dedicated for exactly this need, the presence of LTCI can substantially mitigate this problem. LTCI can give the gift of the ability to make care decisions based on what's best for you and you alone. Care Coordinators Help Friends and Family Members Often, at claim time, it is close friends and family members who are researching care options and helping the insured make sometimes difficult decisions. Emotions can run high, and the process can be stressful. Virtually all modern LTCI policies include a care coordination benefit. A care coordinator has expertise in long term care. He or she can help you navigate the caregiving landscape, from initially lining up care to helping you regroup and make decisions when a change is needed. No longer do friends and family feel they are shouldering this responsibility alone! The World of Private Pay Options is Open to You The combination of an exploding elderly population and a decline in both public money and number of professional caregivers has led to an increase in private pay solutions. Unheard of a decade ago, nonmedical, private pay, home care franchises and businesses are booming. Continuing Care Retirement Communities abound, and are private pay only. Assisted Living Facilities, once a rarity, are abundant. They are primarily private pay. The bottom line is this: without the ability to privately pay for long term care, whether with personal funds and/or long term care insurance, your options for care are fewer. To put it bluntly, sometimes, in LTC, money talks. A long term care insurance policy can make a big difference, even beyond money, at claim time.
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Brigitte Bromberg, MS, CFP(R), CSA(R) is a long term care insurance specialist and president of Winning Strategies Group LLC, an independent insurance and risk management firm located in Parsippany, NJ. She is one of the first agents nationwide to become involved in the Association of Jewish Family and Children's Agencies affinity long term care insurance program.
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Contact Information ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
email:
brig@winstrat.com
phone:
973-244-9499
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