Do You Look To The Facts Or Lead With Emotion?

Hearts and minds. Facts and feelings. Ever taken the Myers-Briggs Type Indicator? Are you a thinking person or a feeling person according to the Myers-Briggs personality type model?

The typical long-term care insurance (LTCI) buyer is female, age 55 to 64. She is married with adult kids, College educated and still working in a white-collar profession (probably remotely these days).

Two factors triggered her interest in long-term care insurance: retirement on the horizon and first-hand experience with long-term care.

The primary reasons she bought LTCI were to protect assets, provide peace of mind, afford quality care, not burden kids and she knew she would eventually need care. 

Sound like you or anyone you know?

Threats to retirement dreams, increasing life expectancy, outliving income and declining health concern many. Along with the fear that social safety nets that helped past generations cope with chronic illnesses may be diminishing.

Consider that 70% of people age 65 and older will experience a long-term care event in their remaining years. The need is risky. And the cost is expensive. But only 10% of Americans age 50 and older own LTCI. Why?

Primarily because people don’t understand long-term care. They don’t know the risk or cost unless they have had a personal experience with long-term care. This could be hands-on care or financial support for a parent, spouse, sibling or friend. 

We tend to think of long-term care as an issue when we are elderly and need assistance. But consider that 44% of people receiving long-term care today are working age adults between the ages of 18 and 64. The primary reason for their care is motor vehicle accidents followed by spinal injuries.

The need for long-term care can arise at any time. Just three questions can help you on your way to develop a plan for long-term care:

  • If you needed care, where would you want to receive the care? 
  • If you needed care, who would you want to provide the care? 
  • If you needed care, how would you pay for formal care?

Whether you are a thinking or feeling personality type doesn’t really matter. There are factual and emotional reasons for each of us to have a plan for long-term care.