Analysis Paralysis*

Yesterday, I received this in email:

“Hi,

I am back to reading about LTC. 

I am almost at the time where we need to talk.”

So, rather than try to answer all that via email, I called him.

The conversaton ran for almost an hour, but I took away a few key points that I thought would be helpful to our readers.

First, I told Mark that, while I certainly encourage my clients to be informed consumers, there’s a point where that becomes “information overload,” and one simply shuts down, unable to make an actual decision.

And that would be bad.

Why?

Well, to paraphrase a dear friend:

The best LTCi plan is the one that is in force on the day you enter the nursing home.

The worst plan is the one that you never bought, and so wasn’t in force when you needed it.

So ultimately, it doesn’t really matter which plan you buy, as long as you make the conscious decision to either pull the trigger or self-insure.

Now, one may quiblle as to which plan design represents the “best bang for the buck,” and I’m happy to have that convo, as well. But the bottom lime is that a well-designed plan, that fits one’s budget (both current and projected) is the goal, and how one achieves that will determine which type of policy (or policies) will achieve it.

It really is that simple.

(* Thanks, Jeff M!)