Preparing For Tomorrow podcast

This week, Lisa in Arizona asks about long term care services vs. hospice care services. Diane shares details of three types of care, custodial care, acute care and palliative care, where we see these and how they can work together in some scenarios. Each type of care can be funded from different sources, so it's important to understand these key differences.

Even if you don't live in the state of Washington, this is relevant as other states are watching and learning. This is the first state to implement a mandatory tax for all w-2 employees in the entire state. This tax will fund a trust that will pay up to $36,500 for long term care provided in the state by state approved providers. The only way to opt out of this tax is to have your own LTC plan in...

This week, Kim in Illinois asks what kinds of health risks will cause someone to be rejected for LTC coverage. Just like with most kinds of insurance, we need to be at an acceptable risk in order to qualify for coverage. If we are in average good health, we are likely to be approved, but there are some potential risks that LTC insurance companies won't accept. Their primary obligation is to protec...

Two questions about taxes this week: Barbara Sekely with Waddell & Reed in Tampa, Florida, wants to know about tax benefits and issues with LTC insurance, and Tina in Washington wants to know why her state will start taxing her in 2022 for a state funded LTC plan. Other states are likely to follow Washington if state revenues increase, so we may be paying for LTC coverage one way or the other. Pla...

This week, Bill asks if he can avoid paying taxes on 401 (k) withdrawals to pay for LTC insurance. Diane shares how tax-qualified accounts can be used to build tax-free long term care benefits. There are a lot of numbers in this episode, so you may want to listen twice to take it all in. The concept is more important than the numbers.

This week, Dawn Hudson with Bliss Wellness Market in Tampa, Florida, asks what happens if we still need help after our LTC insurance has been exhausted. Diane shares both what happens and how to be prepared if we outlive our coverage. For asking, we'll send Dawn a gift to say thank you for contributing to help us help others who don't know what to ask.

This week, Jackie in Pensacola, FL, asks how to select the right home care agency for her mom's needs. Diane shares several questions that need to be asked when interviewing agencies. Having LTC insurance allows us to choose where we live when we need help living. Most of us would choose "home" if given the opportunity. LTC insurance provides that opportunity.

This week, Steve in North Carolina wants to know if all LTC insurance companies use the same underwriting guidelines to determine eligibility. Listen as Diane shares how LTC underwriters use our health history to make decisions.

This week, Cindy asks how to go about opening a claim for her parents LTC needs. When is the right time to contact the insurance company? What happens when a claim is opened? For asking, we'll send Cindy a gift to say thank you for contributing and asking questions that provide the answers we need when life throws a curve ball.

This week, Carmen Palogruto with Cruise Planners asked what LTC options are available for people rebounding from a loss of income or a job loss due to the pandemic. Listen as Diane shares some ideas on how to build plans over time.

This week, Norman in Florida shared that he and his wife recently updated their revocable trust and wants to know if that will protect their estate if long term care is needed. Listen as Diane shares some insight about trusts and LTC plans. Full disclosure, Diane is not an attorney, but she works with many when designing plans for her (and their) clients. As a thank you, we'll send Norm a gift for...

Diane shares what's changed in the LTC industry in 2020. How are consumers responding to these changes? How does the Secure Act affect our LTC planning and funding strategies going forward?

This week, Sharon and her daughter Michelle want to know if there are any insurance options for a healthy 81 year old. Listen to Diane's reply and ask your questions so we can continue to help others learn how to Prepare For Tomorrow. Merry Christmas to you and all whom you hold dear in your hearts.

This week, Joy asks if she can use her LTC plan to pay for home care if she lives somewhere other than the home where she currently resides. Specifically, she wants to move to a Continuing Care Retirement Community (CCRC). Diane shares how LTC insurance pays for home care services. What questions do you have? When you ask, you are helping us to help others who also want to learn how to protect the...

This week, Quint Bodine with Heartland Payroll Service asks when is it too early to buy LTC insurance. Please like, review, subscribe and share so others can learn how to protect against this immeasurable risk. We'll send Quint a gift to say thank you this week, and we can send one to you if we use your question in a future episode. Ask at www.preparing4tomorrow.com

This week, Diane continues answering Jennifer's question from last week and discusses single pay linked benefit or hybrid plans. There are multiple companies that offer these plans, and they all look a little different. For time's sake, we only discuss one company and one combination of benefit options here. Go to www.preparing4tomorrow.com to request a free consult from the Contact Us tab to lear...

This week, Jennifer in Illinois inquires about the value/benefit of a single pay LTC plan. There are a few advantages to paying a lump sum up front, which Diane shares in this week's episode. For asking, we'll send her a gift to say thank you for helping us help others. Ask your question at www.preparing4tomorrow.com and we'll send you a thank you gift as well.

This week, Don wants to know if there is an LTC plan that can help his wife, who is not eligible to buy her own policy. Diane shares options that can help Don's wife when he is on claim so that both of them can access his benefits. For asking, we'll send Don a thank you gift. Ask your questions at the Contact Us tab at www.preparing4tomorrow.com and we can send you a thank you gift as well.

This week, Brenda wants to know how much long term care costs. She wants to know what financial risk her family would take by not having a plan and a funding strategy in place. For asking, we'll send Brenda a thank you gift. Ask your question from the contact us tab at www.preparing4tomorrow.com Please listen, subscribe, comment, like and share

This week, Mike in New Jersey asked how the elimination period works. Is it cumulative? Do I have to pay it every time I access LTC benefits? Diane affirms that many people are confused by the elimination period in a long term care insurance plan, and she shares how it is different than other deductibles used in other types of insurance. We'll send Mike a gift to thank him for bringing important q...

This week, Liann in Tampa, Florida, askes why she has to wait to apply for LTC insurance because her doctor recently adjusted the dosage of a medication she takes. Diane shares why stability is important to the insurance companies and why waiting a few months can help us obtain a favorable decision, ie: approval for coverage.

This week, Diane talks with Dr. Tommy Lane with Lane Family Wellness & Chiropractic. He shares that pain is the motivator for people to come see him. We wait until life is disrupted and then want a quick fix. Wellness care involves maintenance to prevent acute pain from becoming chronic. Planning for future LTC needs is similar in that we naturally want to wait to spend money on something we hope...

This week, Trish asks how much is enough insurance when LTC is needed. Diane shares some planning ideas she works through with her clients to determine just how much is enough. For asking, we'll send Trish a thank you gift. Ask your question at www.preparing4tomorrow.com using the Contact Us tab.

This week, Mary asks how COVID affects her ability to buy an LTC plan and how the industry may be changing. As a thank you for asking, we are sending Mary a thank you gift. Ask your question at www.preparing4tomorrow.com so we can thank you as well.

This week, Diane shares her process to understand her clients and help them navigate through a somewhat confusing assortment of options when designing a long term care plan. She interviews Renee Brunelle with Pathfinders Downsizing Solutions and explores how to best transition from home to a senior living environment that still feels like home.