Long term care webinar

[sami]

This came up in an earlier thread so figured it is a topic that may be of interest. I’m hosting a webinar in May on long term care. Virtual event, about 20 minutes, partnering with one of my support providers that allows us to discuss various carriers and solutions. Goes into details like what care is, how it’s covered, solutions from self funding to LTC insurance with hybrid solutions in between.

Many people have personal experience or know of someone with a loved one requiring some level of in-home or nursing care. Whether you’re interested in working with me or not, invest the 20 minutes to learn about the topic and you’ll be better prepared regardless of your decisions.

May 20, 2021 @ 4PM EST

Register here

 

[Section112]

Important topic and certainly a lot of people need guidance on this due to the policy configurations and choices now. In the mid 90's I talked my parents into getting LTC policies. They were hesitant but it might have been one of the best financial decisions I ever made. Unfortunately both of my parents had difficult, long illnesses and required long-term care. We estimate that the policies paid out over $500k in total preserving a chunk of their assets and allowing my Mom who passed in August to stay in her home and receive care the last four years instead of having to sell it to pay for her care. The downside today is the current policies have more limits built in and don't cover as much as they did when I purchased them for my parents in the 90's. There are limits now. A LTC policy can be an important part of your retirement plan to consider once you hit your late 50's and above. Sami will help you think it through. Excellent topic and a conversation people should have as they plan their futures or to assist parents.

 

[HALL85]

It’s a topic people put off until it’s too late or options are limited. Sami is a great trusted source so it is worth the time IMO to check it out for yourself or your parents.

 

[Harty9]

I have my own plan in theory, but I think it would be worthwhile to listen.

 

[anon_ezos2e9wn1ob0]

It’s a topic people put off until it’s too late or options are limited. Sami is a great trusted source so it is worth the time IMO to check it out for yourself or your parents.

85- do you deal with PDMA or DSCSA in your position?

 

[HALL85]

85- do you deal with PDMA or DSCSA in your position?

We don’t as we are not involved in any aspect of Pharmaeutical supply chain.

 

[sami]

Thanks for the kind words guys. And you're right 85, many people don't think about it until they personally go through a situation with parents and see the strain. It's never too late to address and valuable to at least invest 20 minutes to learn a bit for yourselves, parents or other loved ones.

I know the webinar is some time off. Click register and you'll receive a reminder the week it is scheduled. Also, if you register and miss it, a replay will be sent to you.

If I can educate, great! If I can help you, even better!

 

[ed odowd]

I have had LTC policy for me and my wife since 2008. Fortunately we have never had to use the policy.The big issue from my viewpoint is the cost year after year as premiums often increase and it can become a drain on your budget.I am fortunate that there is no financial issue for me ,but I suspect for many it is and that is why more people don’t have policies.Webinar is a great idea and if you can afford these policies they provide a lot of comfort.Under current regulations there is a 5 year lookback on any transfer of assets being excluded for purposes of qualifying for Medicaid meaning if your spouse enters a nursing home and there are assets in their name in excess of 2k Medicaid will not cover the expense.If you have an LTC policy to cover nursing home care during the 5 year period you could transfer assets immediately on your spouse entering the nursing home and they would qualify after the 5 years and thereby avoid a total draining of family assets.

 

[sami]

I have had LTC policy for me and my wife since 2008. Fortunately we have never had to use the policy.The big issue from my viewpoint is the cost year after year as premiums often increase and it can become a drain on your budget.I am fortunate that there is no financial issue for me ,but I suspect for many it is and that is why more people don’t have policies.Webinar is a great idea and if you can afford these policies they provide a lot of comfort.Under current regulations there is a 5 year lookback on any transfer of assets being excluded for purposes of qualifying for Medicaid meaning if your spouse enters a nursing home and there are assets in their name in excess of 2k Medicaid will not cover the expense.If you have an LTC policy to cover nursing home care during the 5 year period you could transfer assets immediately on your spouse entering the nursing home and they would qualify after the 5 years and thereby avoid a total draining of family assets.

You know many policies today are fixed premiums? Many complaints on older style traditional LTC policies are “use it or lose it” benefits on LTC and increasing premiums. There are policies today where the LTC benefit might be a little less with the trade-off being fixed premiums and a death benefit or return of premium if the policy isn’t used for care.

I’ve done comparisons on exchanging policies. In many cases the LTC benefit is so good, it’s hard to justify changing it. But in others, especially when on a fixed income, the compromise of a fixed premium is worth the change in benefit structure.