Comments on: State of the American family http://www.washingtonblade.com/2012/06/14/state-of-the-american-family/ the gay community's news source Fri, 24 May 2013 23:14:05 +0000 hourly 1 By: Dan V http://www.washingtonblade.com/2012/06/14/state-of-the-american-family/#comment-52301 Dan V Sun, 24 Jun 2012 19:03:47 +0000 http://www.washingtonblade.com/?p=43248#comment-52301 What about those of us who are unemployed or underemployed, working for hourly pay and living paycheck to paycheck? Who are those making $162K a year? My partner is getting just $1400/month on disability and I only bring home $1600/month from my job… I’m barely able to put $40 a month in my savings; we are behind 2 months on mortgage. We were doing pretty good until 2008. Now just under 15 years to retirement, we are both in our 50s and actually hoping we die before we are forced into social security; because there is no way we can save enough for any kind of retirement. By the way, I have $202.63 in savings. Try living on THAT every month.

]]> By: Raymond Lavine http://www.washingtonblade.com/2012/06/14/state-of-the-american-family/#comment-50803 Raymond Lavine Thu, 14 Jun 2012 15:55:29 +0000 http://www.washingtonblade.com/?p=43248#comment-50803 These studies resonate with those of us who are in the long term care (extended care benefits) insurance business.

It is not resonating with the consumer because we are explaining the facts, figures, and statistics to people who feel and think emotionally.

It is my experience that many people are in denial, unconscious, or not emotionally engaged with the concept of care giving and the consequences. That is the operative word “consequences.” It is not the person who needs caregiving it is how caregiving effects a persons friends, family, money, and legacy.

When people come to terms with those issues, they will be more agreeable to do long term care planning. There are several other issues which are not brought forward to the consmer:

1. The consumer believes that all you need is a quote and then decide what plan to own. When they
are telephoned to explain that there are underwriting and financial considerations and choices in
plans they become annoyed and confused. This is not what they thought when they completed
the information from a mailing or web site.

2. Agents and financial writers comment that the affluent are fine to self-fund. They have sufficient
assets to spend if they need any sort of care giving services. If that is the case, why do they
own auto, home, life, property and casualty, health, umbrella policies, and other forms of insurance
they are unlikely to use? They own insurance to transfer portions of the risk. That is how people
retain and transfer wealth — they plan and have insurance plans to provide liquidity. Owning
a long term care plan is another form of extended care benefit (which you are likley to need) to
transfer the risk of care giving expenses to the insurance company. You then deploy your other
assets for additional wealth, life style, or legacy planning.

3. Caregiving. We are not doing as good a job in getting people to be aware of caregiving and how
it will effect the caregiver as much as it effects the person needing care giving.

Sometimes people do not realise they are in a caregiving situation until I ask them how much
time they are helping a parent or loved one. They then come to terms that they are care givers.

This is what care giving planning is about. Helping people to come to terms with 3 areas which arre important to them: their family, their health, and their money.

If this is not important to you — spend your money on your life style and hope there are family or governmental resources available should you need care giving services. It is not just those who need care giving — family or social benefits will become part of your caregiving. What is your plan?

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