Archive for December, 2010

Happy New Year!

First,

            I wish you all a Happy and Healthy New Year!

Here we all are the beginning of a new year with all that hope, optimism, and with grand expectations for a new start.

We all have made our New Years Resolutions:

  • Loose Weight/Join a Gym
  • Stop Smoking
  • Create a New Hobby
  • Lead a Healthier Lifestyle
  • Spend More Time With Family (Children/grandchildren)

We all start the New Year expecting to fulfill our resolutions, but as most of us realize, very few do. But now comes the New Years Resolution you can promise to do, and once it’s done, will last forever.

Having a Long Term care Policy not only gives you peace of mind, it is a gift to your spouse and family. No one wants or expects to ever become dependent due to physical or cognitive reasons, but unfortunately, 7 out of 10 of us will need that care.

When a family member needs Long Term Care, it can put a severe emotional and financial burden on the entire family, particularly women who make up 2/3 of the caregivers in our country.

When a spouse or a parent needs extended care, women in particular can lose lifestyle and the career they’ve worked so hard to achieve. Care giving responsibilities will crush the dreams of millions of women in the next 10-20 years unless families plan ahead with Long Term Care Insurance.

A significant number of younger people need Long Term Care due to strokes, accidents or debilitating conditions like brain tumor, Lou Gehrig’s disease, MS, and even early Parkinson’s or Alzheimer’s disease. If an event hasn’t occurred at a younger age, the experts tell us that there is a 70% chance that a 65 year old will need Long Term Care at some point in his or her life. The good news is that most people don’t need nursing home care as less than a third of Long Term care is provided in nursing homes. However, home care can cost as much or more depending on how much is needed.

While you may be used to thinking about Long Term Care Insurance purely as a financial protection product, consider this: a major consumer study conducted in 2010 said that Americans consider not being a burden to their families twice as important as protecting their assets. It also said they worry about being a burden to their children five times as much as death. We believe that first and foremost, Long Term Care is a family issue. Without Long Term Care Insurance, relationships can suffer irreparable harm:

  • Marriages are strained to the breaking point when care for a parent or in-law becomes too much or too long;
  • Sibling relations are damaged because the care giving burden for a parent is not distributed equally and often falls mostly on one;
  • Adult children wind up doing personal tasks for a parent such as bathing and dressing, a situation that makes both parties uncomfortable, and
  • Parents who thought the child-raising years were over find themselves faced with caring for a single adult child with a head injury or paralysis from a motor vehicle or sporting accident.

By injecting a meaningful Long Term Care Insurance policy into any of the above situations, the stress level is significantly diffused and relationships are preserved as family members retain their respective roles instead of becoming a primary caregiver. The son stays the son. The daughter stays the daughter. The healthy spouse gets enough rest which works wonders to avoid depression and stimulate a positive outlook.

Another frequently overlooked benefit of Long Term Care Insurance is that not only does it give the gift of money to hire caregivers; it also gives the gift of time. Today’s policies pay for care coordinators…registered nurses who help families find caregivers and manage the care. This task can be extremely time-consuming, and who among us has a lot of time to spare these days?

Since half of the 230 million Americans over age 18 are now over 50 years old (113 million, the United States is on the cusp of a care giving tsunami.

So again, I wish all of you a Happy New Year. Keep those resolutions so we all will have a Healthy New Year.

Abe Glickman, LTCA, LTCP

Member: AALTCI, NAHU, NAIFA, SOA

Abe Glickman Insurance Group

Toll-Free Phone: 877-298-5824

Email: AG@AbeGlickman.com

“It is better to create a plan 10 years too soon than one day too late.”

Questions or Comments? Give me a call!