David Haynes - Headshot David 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.

When is the best time to purchase a generator? Before or after you need it? The uncertainty can be uncomfortable because we don’t know the repercussions of a power outage should it last a long time. It certainly gets our attention and upon restoration we realize how important power is. So too is our concern when a illness or accident occurs, especially as we age. A generator is your power back up plan. A properly designed long term care insurance policy is your retirement safe guard plan. Both are similar because of the benefit and piece of mind they offer at a critical time. A long term care event can occur to anyone at any time at any age. We hope it will not occur but hoping is not a plan. Obtaining a policy is the only safe solution to protect that unknown.

This valuable insurance policy helps your family manage your care because of the dollars it will generate upon a claim. Let’s face it, the cost of care whether it be provided at home or a facility comes at a high cost. Extended care is assistance provided to a loved one due to their inability to perform activities of daily living due to an illness, injury, or a progressive cognitive impairment such as dementia or Alzheimer’s. Long term care is a personal issue. We begin to understand the buzz about long term care when we see a parent going through the process, only then to learn how expensive it can be.

A claim event changes the dynamics of a family in a way that cannot be rehearsed. Many have played the role of a caregiver only to learn that it requires much attention and comes at a cost – mental, physical, emotional, and financial. Most of us don’t save for a long term care event. We save for a long happy retirement. Part of a long term care plan is to protect your greatest investment – You!

An event requires more than just time and availability from family members – it requires many dollars which some have, yet most don’t. Typically a spouse or partner provides the needed care as long as possible until it is no longer manageable. Care is piecemealed because of lack of dollars. Have you wondered about the cost of an assisted living or memory care community and where the money comes from to pay for the resident’s care?

It may be time to consider a proper back up plan in the form of a custom-designed long-term care insurance policy that can turn pennies into dollars when called upon. I’m honored to share ideas and thoughts about long term care planning each quarter. I hope my information will help assist you and your family’s planning for the future. Three words that can change a family forever are, “Long Term Care”. Please don’t let it change yours. If you’re reading this article and wondering if this is something you should consider, then it probably is.