David Haynes - HeadshotDavid Haynes

David Haynes, CLTC, is an independent insurance broker specializing in long-term care insurance planning. Contact David at 336-314-1698 or david@haynesltc.com.

Part of the fun at the end of a meal is reading the fortune cookie. We can’t resist opening that small, floured, delectable cookie to reveal its messages of fortune, predicting success, a bright future, happiness, and pleasures in the days ahead.

What the cookie will not tell us is about some of the realities of life that are not so pleasurable. That’s why we plan for our tomorrows, and planning often involves the insurance protection that help us manage events that could otherwise have catastrophic financial consequences.

Extended care planning, also called long-term care planning, is a piece of the financial pie that most of us need to address but are not sure of the why, when, or what of making the decision.

It’s quite simple. As we age, our bodies begin to require certain assistance for us to function. Long term care is assistance provided because of the inability to perform activities of daily living due to an illness, injury, or progressive or sudden cognitive impairment as we age. We often think of long-term care as a nursing home; that is only a small part of it.

You expect to live a long and happy, healthy life, as the fortune cookie implies. An event that may or may not occur and could disrupt our future plans is not something that most of us will admit.

If you have personally experienced a care event with a family member, you have an understanding that the fortune cookie is not always correct. Let’s look at the why, when, and what of financial protection.

Why. With age comes issues. The statistics about needing care either at home or in a facility setting are alarming. With that event comes a cost that most people are not often prepared for. The best source of dollars is an insurance policy that will protect our nest egg. Most of my clients decide on a long-term care policy because of those they love.

When. If you are over age 50, you may be experiencing an event with a loved one now and realizing the high cost of care. Don’t let this happen to you. Obtain a plan now and secure its protection later.

Yes, it may not occur at all or occur years from now, but the reality is to prepare yourself for the unknown.

What. A long-term care policy is an insurance contract designed to provide dollars for care at an event that statistically may occcur in your lifetime. You must prove to the insurance company that you are an acceptable risk. Your personal health will be evaluated. That’s why it is best to secure a plan sooner than later.

If you have read to this point and are wondering if a long-term care insurance plan is something to consider, then don’t ask the fortune cookie. Having a simple discussion with a qualified advisor may be your best option to obtaining a solution. Part of your good fortune is the content in this magazine. Enjoy!