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.

“Changes” written in 1971 by Englishman singer-songwriter, David Bowie has been called his official United States debut song into American pop culture. The song struck a cord in the ‘70’s and personifies that change is all around us, then and now. Our respond to change can have lasting implications on us and those we love. Our financial future can be somewhat secured in the midst of change when we acknowledge our ability to protect what we love. This article and others within this Resource Guide provide ideas how to plan and protect against the unfortunate side of change.

My 29 years in the insurance industry has taught me; Change will occur. Planning accordingly will protect those we love. A long term care event is not something we plan for. We hope to live a long and happy life. We are not planning on some unfortunate consequence, and for that reason many will not be prepared. Believe me, you need to have a protection plan in place.

Long term care insurance provides dollars to pay for needed care in the home or facility settings in the event of an extended illness or accident. It is assistance provided to loved ones because of their inability to perform the normal activities of daily living due to an illness, injury, or progressive cognitive impairment, such as Dementia or Alzheimer’s. Many are aware of such an event but hope it won’t happen. Spoiler alert:  Health insurance and Medicare do not pay for long term care costs. It’s cash!

A properly designed long term care insurance policy provides the cash financial assistance when one needs care. The decision is more for those who love you, for they will be the ones that will ultimately be affected by your planning or lack of. The dollars will help your family manage your care and provide options that otherwise might not exist.

It’s easy to look back at the prior year and hope you won’t travel some of those 2020 roads again. A decision to approach a conversation about long term care may be at the very crossroads of your financial plan. It costs nothing to research and ask questions. However, the price of not responding could cost you everything.

If you are over age 50, you may be experiencing an event with a loved one and understand the high cost of care. Obtain a plan now to secure protection later. It may not occur at all or occur years from now, but the best plan is to prepare yourself for the unknown change.

If you have read to this point and wondering if a long term care plan is something to consider, then it probably is. Having a simple discussion with a qualified advisor may be your best option to obtaining a solution. “Don’t hope for the best, Plan for it.”