Long Term Care Insurance Month – A Personal Story

Nov 27, 2019

By Joanne M. Welker, CFA, Senior Vice President and Manager, Advisory Services

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When I read Dan Schulte’s blog last week about addressing Long Term Care denial, I was thankful my father didn’t experience such denial and it prompted me to want to share my personal long term care story with you –

My personal Long-Term Care Insurance Story

I first heard about Long Term Care insurance when I was in my mid-twenties and my dad was upset about the insurance company denying coverage on my mom.  My mother had a brain tumor removed a few years earlier and her short-term memory was never quite the same afterwards.  However, it was not the onset of dementia that the underwriter was fearful of and my dad was “all in” trying to fight for her to get coverage.  In the end, he was not successful – so they bought a policy on him, but not one for my mom.   As an avid and diligent planner, this caused my father much worry that a policy was not in place to protect their assets in the event she needed to be in a nursing home for an extended period of time.  Poetic justice won in the end.  My mom suffered various bouts with cancer and ended up being in a nursing home for a grand total of about two weeks of her life.  Whereas as my dad unfortunately had a stroke that paralyzed him on his left side and was in an assisted living facility for ten years!  The long- term care insurance policy was a godsend, paid off immensely, and in the end allowed for a decent amount to be passed along to myself and my four siblings just as my father had always dreamed of.

Moral of the story is no one knows what’s going to happen and insurance can often provide peace of mind and the desired outcome no matter what twists and turns life throws at us.