Homework Assignment

In this week’s LTC Coffee Break, I shared with you 3 take-aways going into the Thanksgiving holiday.

LTC Coffee Break Espresso for 11/15/2022

If you didn’t feel like watching the episode, they are pretty simple:

  1. join me on November 29 for a conversation with Jen Wagoner about state-sponsored LTC plans,
  2. check out the OneAmerica Consumer Survey Results, and 3
  3. “start at home” by looking at your long term care plan.

The most important one of these, of course, is to review your plan. No one knows you better than you do. Your wants – your needs – your goals … you know it best. And, you have the added advantage of product and market knowledge to complete the planning cycle.

This past year, one of my favorite people Mike died after a long period of failing health at the age of 85. I can’t say enough great stuff about him and how much he influenced my perspective on many things. He and his wife were like another set of grandparents for my kids and their son Dan is as close to me as my brother.

While they were preparing for his funeral, Lonnie, his wife of 60 years asked me “what now”.

My response was simply – “where is the box?”

This box was his “emergency box” only to be opened when there was a healthcare emergency or when he died. They both had one. It included healthcare directives, a copy of his will & trust, his life insurance policies, instructions for his son, and a love letter to his Lonnie.

It was touching to hear how much he loved and cared about Dan and Lonnie. But, what really accentuated this was his thorough plan. He planned for virtually every contingency including an extended healthcare event.

Mike wanted to stay at home as long as possible. He did not want his wife, son, or his family to be his caregiver. And, he planned for that by purchasing a long term care insurance policy when he and his wife were both young and healthy in their early 60s. Mike had his act together – he is the exception to the rule.

Mike’s LTC policy paid for over $150,000 of home care in less than 12 months. During his lifetime, it paid for almost $250,000 of home care. The money that was retained helped pay for both of his grandchildren’s college education as well as a new red Mercedes SL convertible that he drove “one last time before it’s too late.”

I share this long-winded story with you as an example of what planning coupled with a funding strategy can do to preserve, protect, provide, and plant a seed for the future.

To wrap up – do yourself and your family a favor – review and revise your plan. Then, share that plan (or at least where they can find it). And, know that you have everything in order.

As always, thanks for taking time for me.

See the results of the OneAmerica Consumer Survey by scanning the QR code or by chcking out the survey page at https://bit.ly/LTCSurveySalesKit … you will be able to download the full survey and more.

If you have questions about the survey, OneAmerica, LTC products, or an active case, please contact my internal Justin Fox at (844) 658-3725 or via email at justinfox.isp@oneamerica.com.

I can be reached via email at kevin.fisher@oneamerica.com or you can call me at (678) 512-9627.

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