My most memorable experiences are the relationships that I develop with the families who come to us to help them navigate their long-term care (LTC) options.
In the early 1990s, I started working with the adult children of a family’s matriarch—a hearty, independent Italian woman. Although she was in good health the family came to me, the family’s health history caused the adult children to worry about the possibil
ity of the mother developing memory issues in the future.
After discussing their long-term care insurance (LTCI) options, I urged the family to purchase an unlimited policy and to forego the inflation protection.
The family had paid into the policy for just under two years when the mom was diagnosed with Alzheimer’s. Two years after that, she had to be moved to a nursing facility, where she lived for nearly 10 years.
My policy recommendation made an enormous difference in the family’s out-of-pocket costs over those 10 years. The policy I recommended provided unlimited benefits at $120 per day, which left them with only minimal out-of-pocket costs. If the family had chosen another plan, they would have been responsible for a much heavier financial burden. Out-of-pocket costs in the first year alone would have been in the $6000 to $7000 range. But under the policy I suggested, the total claim payout over 10 years was more than $420,000.
This family’s experience has really stayed with me. I communicated very often with the mother’s adult daughter and developed a relationship with the entire family. It was a long, hard ordeal, but they were grateful to have a policy that allowed their mom to maintain her independence and be cared for in the best way possible. I was proud to have helped them take the finances out of the equation so they could focus on their mom’s care.