On Friday (5/31/2019) I was honored to present an industry update to the policy leads in Washington D.C. for Senator Jones. They graciously provided a video conference opportunity from his office in the Federal Courthouse here in Birmingham. I was able to share with them my concerns about the direction of the extended care conversation in our country. While other nations are mandating an LTCi plan of all their citizens, we are sticking our collective heads in the sand while pretending that everyone will remain perfectly healthy.
His staff was knowledgeable regarding previous attempts to mandate an LTCi plan for U.S. citizens. I explained how Americans are nothing if not independent! We don’t like being told what to do, but in this case (as with seatbelts and cigarettes) maybe we could find a better way to educate them on 2 very important things:
- Yes, it is very likely to happen to you or someone you love, regardless of what you think.
- For the vast majority of Americans there is no other insurance, plan, government program, or policy that will pay for their care.
Hopefully we can make a difference in the lives of those we will never meet. Families who create a plan after learning how Filial Support Laws are placing the burden of payment or care on children won’t be decimated by financial ruin or in-fighting over who will care for mom. Average everyday people in their 40s and 50s will wake up and realize that you buy an LTCi plan as much with your health as you do premium dollars. If you wait until you have been diagnosed with something uninsurable – it’s like going to State Farm and asking for homeowner’s insurance when you house catches on fire…it’s too late!!
The best time to make a plan is the month before your health changes. Just like the best time to buy life insurance is a month before you die so that you may be able to best leverage your premium dollars and really stick it to the insurance company! How about waiting to get automobile insurance until just before that guy slams into you while texting and driving…that way you have maximized your return on investment! Of course that would be ridiculous. You can’t predict when bad things happen, just plan ahead so the impact on your family won’t be catastrophic.
