Planning for tomorrow can be a difficult thing. Getting older is no cakewalk either! If there is one thing that is true for every living person on this planet, it is that everyone of us will get older and all eventually die.  No one (yet) has ever figured out a way around this fact of life.  

One of three paths lie ahead for all of us live a long healthy life, die too soon, or get sick along the way. The dream of living out our “Golden Years” in a state of contentment and happiness is only true for a part of the population. Disease, disability and dementia are real possibilities; planning for uncertainty is critical for everyone.

Americans are living longer. As more and more Americans continue to have personal experiences with loved ones needing care, or actually becoming a relative’s caregiver, the need to have a plan for long-term health care is becoming increasingly apparent.

We downplay the risk of needing care. A lot of momentum is being given to research, medication and anti-aging therapies, all of which will most certainly extend average lifespans across the globe. Plus, the belief that you will be the exception is just one way that Americans fool themselves and procrastinate on creating any type of plan. (A 2021 Gallup poll found less than % of Americans have a will!)

Three quarters of Americans believe that ‘living a healthy lifestyle is the answer’ – but living healthy may simply increase longevity. With longevity comes the perils of aging – and the staggering costs of health care, when we can’t do the things, we used to be able to do. 

More than half of Americans say ‘having a spouse provide for their care is their “plan’, yet very few spouses signed up to change diapers, nor could most adequately care for an aging or sick spouse, especially given their own possible health concerns. That burden then falls upon the children – 61% of which say ‘they don’t want to be someone’s caregiver’.  

The likelihood of depleting assets, or consuming assets intended for a spouse or legacy is strong, given that 2 of 3 Americans will need some type of long-term health care for at least 90 days during their later years. What’s your plan? 

The insurance industry has figured out a really great solution – it’s called Asset Based Long-Term Care. Like a bank CD, except this plan leverages up for healthcare. (Think ”moving money from one pocket to the other”, with the second pocket guaranteeing you can always return the money to the original pocket – but the dollars placed in pocket “B” are bigger than pocket “A”. )

Here’s how it works: position a lump sum in a specialty insurance contract: Quit / things change  and  you get of your money back. Never use care and get a tax-free death benefit. But, IF you need care, your own money gets leveraged up in value by 4 to 6 to 8 times (depending on age). This strategy guarantees that, no matter what, you never lose!  And you don’t have to buy anything.

Have the conversation with the people you love and make sure you have a plan for longevity and preserving your assets – and paying for healthcare. After all, its your life.

With longevity comes the perils of aging – and the staggering costs of health care, when we can’t do the things, we used to be able to do.