Tom is a licensed health and life insurance agent who has been educating families across the country for over 22 years on ways they can protect themselves from the potential financial and emotional impact of long term care. He first became aware of the importance of long term care when he experienced firsthand the financial and emotional impact that many families live through when his grandmother, Elizabeth, needed care in a nursing home. Since then, he has also utilized a policy for the needs of his parents, which has been instrumental in their long term success and his family’s peace of mind. By having a policy on his parents, Tom and his siblings do not have the financial burden associated with the care of their parents and it has afforded them more choices with how they want care delivered and when.

Tom currently has over 2,500 clients with more than 350 who have had to utilize their policies, so he has an acute understanding of how policies work when clients need them most. In addition to his passion for educating others on long term care insurance, Tom is an active member of organizations such as the Park Nicollet Successful Aging Initiative and also participates in community events and fundraising for the Alzheimer’s Association.

Q&A: What Concerns People the Most When it Comes to Long Term Care Insurance?

Concern #1: Is it too expensive?

It is important to understand how large a policy you need so you don't overbuy long term care insurance. When meeting with clients, Tom works to understand whether they will have other revenue streams in retirement, such as a pension, in which case they may not need to apply for as robust of a policy as they may think. Basic long term care solutions can be designed for just about any budget.

Concern #2: Will my policy go up in price?

Although no one can guarantee that premiums won’t increase on typical LTCI policies, according to the Society of Actuaries, there is less than a 10% chance of a price increase on the products being sold today. Additionally, clients can always drop the policy if there is a price increase and then receive a paid-up policy equal to the premiums paid. Hybrid life or annuity solutions do offer guaranteed premiums, if that is a concern.

Concern #3: What if the policy never gets used?

Although there is no cash value, the newer hybrid life/long term care policies act in a way that if you never use it, you get your money back. Return of premium riders are also available on some policies. The reality is, we all have auto insurance and homeowner’s insurance, but we never hope to never suffer a loss requiring claim on those. Long term care insurance exists to help protect you and your loved ones from the consequences of an extended care event. Hopefully you will live a long and healthy life, requiring little care.

Next Steps:

If you are searching for an in-home care provider or other senior service for a loved one, it's important not to overlook one very significant question - how will they help your loved one do what they love?

Our partners at Lifesprk share their thoughts on how you and your loved ones can start aging magnificently by living life to the fullest.