There is always a back story that motivates people to create a long term care plan.
This couple’s story is one that plays out in families across the nation. Fortunately, they learned a valuable lesson from their experience.
Timothy and Kate, a young couple with one son and a successful, multimillion-dollar business, contacted me to help them develop their long term care plan. Kate’s family had been torn apart by the burden of extended care – an experience that drove their decision to contact me.
Kate’s mother had a stroke and because she lived across the country and had no long term care insurance, the responsibility fell to Kate’s siblings to care for her. Kate tried to be as involved as she could from a distance and would send money to help, but her siblings grew to resent the burden of taking time away from their work and families. They began treating her mother badly and stealing the money being sent by Kate and Timothy.
After five years, the mother passed away, but by that time, the family was torn irreparably apart.
The clients were concerned that their business would fail if one needed care and the other had to stay home to provide the care. They felt a responsibility to their son and their own future, but also to the future of each of their employees. They purchased LTC insurance so that in an extended care situation the healthy spouse could continue to run the business, while the disabled spouse was cared for at home.
There were no significant health issues.
To address Timothy’s and Kate’s main concern of an extended care event occurring during their working or early retirement years, we focused on creating a plan that was short on monthly benefit and long on duration, with a short elimination period.
They were well covered with life insurance and didn’t worry about the “use it or lose it” of traditional insurance. We focused on a traditional policy that allowed for long duration.
Gabrielle Gelo, CLTC
Gabrielle Gelo is a leading long-term care agent specializing in long term care planning for individuals and spousal/significant other discounts; executive carve out and employee/worksite applications providing underwriting concessions and group rates; and tax qualified and state partnership plans where available. She serves consumers and organizations in AL. AZ, CA, CO, DC, FL, GA, KY, MO, MS, NE, NH, NJ, NM, NY, OH, OK, PA, TN, UT, VA, WA, WY with colleagues covering all other parts of the country.
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