When Kevin Davis’s grandmother was diagnosed with dementia, it changed the way his parents thought about their own aging process.
His grandparents had not been prepared for what his grandmother’s care—and its cost—would actually involve. She went into a facility, not of her own choosing, but a place that Medicaid would cover. Davis said his parents wanted to have more control over their living options.
That led his parents, Jean and George Davis, to reach out to Pat Bennett, President of Longevity Planning, to find out about long-term care insurance.
“I always knew my parents had [long-term care insurance], but I didn’t always appreciate it,” Davis said.
After Jean was diagnosed with dementia, George initially cared for her at home. As her disease progressed, Jean was able to transition into an assisted living and later memory care facility, with help from insurance they obtained through Bennett.
During the years leading up to moving out of her home, Bennett guided Jean and George Davis through touring facilities, getting on waiting lists, and accessing their coverage when needed. Jean Davis passed away in 2020, while George Davis still lives on his own with clarity of knowing that his own long-term care insurance is ready when he needs it.
Kevin Davis secured his own long-term care policy about a decade ago.
“If you are a young person today, you can’t get this insurance soon enough,” he said, adding it’s less expensive to get a policy when you are younger.
For Bennett, her own family’s struggles with age-related illnesses led to her career path.
“My grandmother lived to 101, and both she and my grandfather had Alzheimer's for over 12 years. We saw the tremendous toll emotionally, physically, and financially on them,” she said.
With a background in psychology and finance, Bennett saw a way to support families like her own.
“I'm the type of person who couldn't sit behind a desk and crunch numbers all day,” she said. “I’m very passionate about helping people and advocating for them in different stages of their lives.”
While her agency offers life and disability insurance and can assist with transitioning to Medicare, Bennett’s specialty is long-term care insurance. She encourages people to explore their options in their 50s.
“That's not to say that 75 is too late, or 45 is too young. If you have the financial ability to consider coverage, you should consider coverage,” she said.
Often, people wait too long, not realizing that age and preexisting medical conditions can affect coverage. Younger people pay lower premiums and can also have a policy paid up by 65.
She begins by asking people to think about what kind of realistic plan they want for themselves when they need care.
“Most everybody says they want to stay at home, and that's great,” she said.
She suggested it can help to frame the conversation to avoid absolutes and say someone wants to stay at home as long as possible, knowing they may be better served by moving into a facility.
When she sits down with people, Bennett asks how their family will be involved with their care.
“A lot of times it's a family decision,” she said. “People are buying their policies, and they're doing it so that their children can oversee the care but not provide the care.”
Bennett encourages having ongoing conversations with one’s family so that everyone understands the outcome that’s desired.
“The conversation doesn’t have to be difficult. We approach it with a tremendous amount of humor and grace,” she said. “We make it so thinking about future care doesn’t have to be scary and overwhelming.”
Most long-term care policies cover home care and can be flexible enough to even pay a family member. When more care is needed, you can use your policy to pay for care in an assisted living or a continuing care retirement community. Bennett helps her clients evaluate how existing life insurance or annuities they currently own might fund long-term care insurance.
“Long-term care is no longer that ‘use it or lose it' type proposition that it used to be many years ago. Many of today’s policies have guaranteed premiums and a death benefit if you don’t end up needing long-term care,” she said.
She also addresses the emotional toll of caregiving, both for the individuals receiving care and their families.
“I had a client today say to me, ‘I didn't realize how vulnerable I am until I actually hurt myself trying to take care of my spouse,’” she said. “People think, I’m supposed to be a caregiver and give it everything I’ve got, but it is so hard day after day.”
For the Davis family, having Bennett as a guide through the process was invaluable.
“Because she was so good at it, my folks were completely ready at each stage,” Kevin Davis said. “At a time of your life when you really don’t want to be thinking of waiting lists for a nursing home, she gives you very clear, step-by-step guidelines. That alone is priceless. It makes your life so much easier in a really hard time.”
“I'm the type of person who couldn't sit behind a desk and crunch numbers all day,” she said. “I’m very passionate about helping people and advocating for them in different stages of their lives.”