LGBTQ+ Financial Planning: Healthcare & Insurance

David Treece, MBA, AIF®, CLTC® |

I have heard people say many times during COVID that we have never lived through a plague before. Well, that may be a little hard to hear for LGBTQ+ people who have dealt with the AIDS epidemic since the early 1980s. 

I have gay men as clients who are HIV+ and worry about things like health insurance options under Medicare or getting life insurance or even long term care insurance. 

Some of the biggest concerns for many older gay couples, or individuals who don't have children, are questions like:

“Who's going to take care of me when they’re older and possibly alone?”

“How will it be paid for?” 

“Who's going to provide the services?” 

That anxiety and uncertainty are definitely felt much more in the LGBTQ+ community than in the straight community. 

Many don't have the same family structure with children, usually not to the same extent. So, exploring long-term care insurance options is a key element of a comprehensive financial plan. 

I have some clients who are HIV positive, who I've gotten approved for long-term care insurance, just the same as somebody who is not HIV positive. I'm not talking about having to pay a ton extra or getting a small policy. It's the same. 

So that's not something you're likely to come across with a financial professional who doesn't have experience in dealing with the LGBTQ+ community. 

We have that experience and as things change, if there are new products and insurance for people who are HIV positive or whatever it may be that they're specializing in this, we want to make sure that we have it available we will find out about it. 

Another issue is that we want professionals, doctors, dentists, and specialists who are comfortable or inexperienced with the LGBTQ+ community — and especially within the trans community. You don’t want to be in a situation where somebody is going to be judgmental when you are in a vulnerable condition due to a health issue. 

And a lot of this has to do with being HIV positive. And this may be a privacy issue. It's interesting, I've noticed that sometimes even those who know I'm a gay man won't mention their HIV status right away. It may be even with me, they want to have a longer history or more of a comfort level, and then it will come up. So that's where it's helpful to work with somebody who's got some experience with this community. 

One thing you can do now … explore long-term care coverage options - from insurance to annuities. 

I am here to help you find the best solution for your needs. Schedule a time to chat now.

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