If you’re planning on paying for care yourself, it only provides money. Not resources.
When clients tell me they have more than enough money to pay for Long-Term Care I always ask: “What do you do with the money when it happens?”
How do you get questions answered, obtain access to where care is, and help to manage the bills? What are the tax consequences and impact?
That’s a goal, how to pay for it. What’s the strategy and tactics to accomplish the goal?
“Strategy without tactics is the slowest route to victory. Tactics without strategy is the noise before defeat.” Sun Tzu
When I talk to wealthy people. I am talking about people with millions in investable assets. Individuals in that asset class have purchased more Long-Term Care coverage than any other asset class.
They all share the same two things when I speak to them.
First, they are spending more than $25,000 monthly to have a parent in a top-notch nursing home somewhere. They ask me not to feel sorry for them, they are still eating steak.
But they all say, “I wish someone else was paying this. Even though I can afford it, it does not make sense. I could have planned better.”
They then share word for word without taking a breadth, “I never knew it would be this hard.”
They are not talking about money. It is access to the services and resources they need to now run two people’s lives and households. It is finding the proper care, getting complex questions answered no one can seem to help them with, replacing caregivers when they do not show or pan out, and on and on.
When planning how to take care of the threat of a future Long-Term Care Event, they defaulted to having money to solve the problem (ego), how hard could it be if I have money (ego), and with money I can handle any problem (ego).
A Long-Term Care Plan and Program gives access to people to guide them through the process and additional dollars to hire their own care coordinator if they need anything the company does not provide.
More access and control over the financial, emotional, physical, and spiritual impact of an event on family members, spouses, and loved ones.
I like to ask clients against addressing the issue of long-term planning or care, “What is the cost of doing nothing?”
Any plan must have strategies and tactics to respond to the actual needs and changing environment.
Long-Term Care Plans deliver the guarantees:
- Your spouse won’t face the prospect of a shorter life and health span form you due to the stress of handling the incident
- Your children will still be talking to one another after you die
- You live the life you envisioned for yourself, and your family, should you ever need extended care.
- Make sure you and your family have a plan.
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- Nick Chambers
- 931-291-6934
nick@ltcplanningconcepts.com