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In the recent go-go decades of the 1980 and 1990s, people used to say that money gave them “freedom” and “choices”.  Today people say the best thing about having money is “feeling secure.” The Silent Generation (ages 65-85) is twice as likely as any other segment of the population to say that “not being a burden on others” is the best thing about having money. This is a response that most of my clients make when I ask them, “Why do you think you need long term care insurance?”

A national survey overseen by Age Wave and conducted by Harris Interactive released this fall takes this a step further. The survey determined that the #1 retirement worry was uninsured medical and health expenses. This is underscored by the current financial crisis, which experts say will take years to work out. Savings and retirement funds have been drained and will not be recovered to benefit investors. Having money in the bank is more than having freedom and choices. It means security in our senior years.

When there is less money in the bank and a huge risk looms ahead, like the need to pay for long term care services, what can fill the gap and give us a sense of security? Buying insurance to cover that risk will.  I call it “assurance today for security tomorrow.” Clever saying, for sure, and I owe it a lawyer friend of mine, but it is more real today than ever. Federal support for future services is unraveling with huge budget pressures. And of course, the Baby Boomers’ demographic bubble is here. Is there need for any more discussion about the need to plan early on for future possible long term care expenses? I say no. What say you?