LGBT Community

Acceptance doesn’t mean coverage

Although we all face challenges as we age, the LGBT community faces unique barriers that stem from programs and laws that treat same-sex couples differently from married straight couples. Due to these inequalities, if a long term care event happens, you or your partner may have less money in your retirement savings to cover the cost of care.

For this reason, it is particularly critical for those in the LGBT community to learn more about long term care insurance and how it can help protect assets and independence.

Despite paying into the system, Social Security does not treat same-sex couples equal to straight when it comes to paying benefits. You can be denied the spousal and survivor benefits that married couples are entitled to.5

When it comes to IRAs and similar plans, the LGBT community still doesn’t receive the same benefits as their straight peers. Additionally, some employee pension and defined benefit plans still deny the surviving partner the financial protection afforded to straight married couples.6

Generally when dealing with Estate Taxes the surviving spouse of a straight married couple can inherit the couple’s assets without any tax consequences, however in the LGBT scenario, they are usually required to pay inheritance taxes.7

Even the Veteran’s Benefits programs do not provide equality when it comes to pensions, medical care and home loan guarantees.8

Another concern for the LGBT community is having a more limited support network. With fewer children than heterosexuals, and a potential lack of acceptance by biological family members, the LGBT community may have a smaller number of family members available to provide emotional, financial and care giving support.

The Next Step Is Up to You

I specialize in providing education, advice and plan designs customized to meet the Long Term Care needs of the LGBT community. My passion and commitment will be essential to helping you and your partner make the emotional and financial decisions necessary to live the life you envisioned, together.
I invite you to call me for a confidential consultation.

 This information outlines my current understanding of the LGBT issues based on information available. Laws, rules and regulations are subject to change.
5 Same-Sex Couples Face Significant Disadvantages in Retirement, Echelon, 10/23/09
6 The Impact of Inequality for Same-Sex Partners in Employer-Sponsored Retirement Plans. Naomi G Goldberg.
The Williams Institute, UCLA 10/09
7 Improving Lives of LGBT Older Adults, March 2010
8 Institutional Inequality: Denying Benefits to Lesbian, Gay and Bisexual Veterans, Emily B Hecht, Spring 2008