Why buy long-term care insurance

What young people need to know about long-term care insurance, and reasons why young people should purchase long-term care insurance.

Introduction

Long-term care insurance is a type of insurance designed to cover the costs associated with long-term care, such as custodial care, home health services, and nursing home expenses. It’s an important coverage for seniors, but it’s also something that young people need to consider. Here are some reasons why young people should think about purchasing long-term care insurance.

1. Affordable premiums: Long-term care insurance policies are more affordable when they are purchased at a younger age. That’s because younger people are less likely to make claims and therefore pose less risk to the insurer. As a result, premiums can often be significantly lower than those of someone who waits until later in life to purchase a policy.

2. Peace of mind: By purchasing long-term care insurance early on, you can rest assured knowing that if you ever do need long-term care services in the future, you will be covered. This peace of mind can be invaluable for young people who may not have the financial resources to pay for long-term care out of pocket.

3. Tax benefits: Depending on where you live, purchasing long-term care insurance may qualify you for tax deductions or credits which can save you money down the line. This can be especially helpful for young people who may already have limited disposable income and need all the help they can get when it comes to managing their finances responsibly.

Conclusion

Long-term care insurance is often seen as something that only older people need to worry about, but this isn't necessarily true. Purchasing a policy at a younger age has many benefits including lower premiums and potential tax savings down the line. Young people should consider speaking with an experienced investment advisor or financial planner before making any decisions regarding long-term care insurance in order to ensure they make the right choice for their individual situation.

Essentials of an effective strategic plan

Essentials of an effective strategic plan

Aaron S. Robertson, MSM

Purpose of strategic planning: Strategic planning is employed to maintain the relevance of an organization and keep it on track to effectively fulfilling its intended purpose.

Mission statement
• It is essential to create a robust, overarching statement that gets to the root of why the organization exists and how it fills a certain need or needs for a particular customer base or audience.

SWOT analysis
• Identifying strengths, weaknesses, opportunities, and threats helps the organization take stock of current and potential challenges facing it, as well as areas that it can capitalize on in the marketplace.

Goal setting
• The identification of key goals assists the organization in fulfilling its mission.

Strategies that align with each goal
• Effective strategies help make the goals of the organization realistically attainable.

Action plans for goal success
• Plans to implement each of the respective goals and their associated strategies with clear timeframes and needed resources identified.

Monitoring and occasional updating
• It is imperative to continue to revisit the strategic plan and update it where appropriate in order to continue driving progress and aligning the plan with current realities, so that the plan truly becomes a living, breathing document.

Communicating the plan
• In order for the plan to be successful, it is critical that it be continuously communicated to all stakeholders and that “buy-in” is established.

Reference

McNamara, C. (2006). Field Guide to Nonprofit Strategic Planning and Facilitation.