Few people know as much about reading caveats and fine print in long-term care policies as Don Burkhead. For the past several years, the Senior Village Forms and Documents team has utilized Don’s extensive knowledge to interpret these policies for members.
Before moving to SaddleBrooke in 2013, Don and his wife, Jeanne, lived in southern California, where he worked as an independent contractor for companies like General Electric, John Hancock and Met Life. Don explains the passion that drove him to be so successful, “I was trying to help people find a path to relieve the burden of cost, emotionally and financially, for long term care.”
It did not take Don long when he moved to SaddleBrooke to find a volunteer niche that allowed him to continue what he most enjoyed about his notable career: helping people understand the benefits of their long-term care policies. Once members retrieve their policy, Don takes the policy home with him where he pours over the details. When finished, he writes a comprehensive review for the members which includes: daily benefits for long-term care, how to activate their policy, important riders, possible spousal benefits and requirements of the elimination period.
Policy holders often ask Don what to do about rising premiums. Should they decrease benefits to lower annual fees? Should they pay the increase or even drop their policies? Don’s answer is simple: “Choose the premium option least likely to affect your lifestyle.” If you can afford to pay the increase, do so; you will be thankful in the long run. Even decreased benefits are a better option than dropping your policy. Don reminds policy holders that “70 percent of the population will need this type of long-term care during their lifetime.”
If you own a long-term care policy and are now in need of additional care, Don advises initiating benefits sooner rather than later. Become informed about how to activate your policy. Many policies require you pay the first ninety days of care at home or in a facility. Other policies carry “riders” that avoid this out-of-pocket expense.
Don encourages people in their 50’s to consider one of the new versions of long-term care policies that include life insurance. Called “hybrid” policies, these flexible versions can be more affordable and allow you to use the policy for long-term care expenses or leave a death benefit for heirs.
The Forms and Documents team is looking for someone to serve as a back-up to Don and help with policy reviews. This qualified person might have sold long-term care policies or been similar to a financial advisor who dealt with policies when counseling clients. If you or someone you know has this background and would like to join the Forms and Documents team, please contact Senior Village Volunteer Coordinator Mary Toth at (520) 314-1042.
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