Preparing For Tomorrow podcast

There are many professionals from whom you can purchase LTC insurance, but an LTC Planning Specialist is going to have the most knowledge and training about all the options that can be available based on unique needs of each person or family. This week I'm sharing what to watch out for when you work with different kinds of professionals. I'm not saying that every representative who does not specia...

Several people are asking if they can use their life insurance policies for long term care needs. Some newer life insurance plans include a chronic illness rider that let's you use the dealth benefit while still alive and needing help living through your day. Those plans don't consider that needing care wil cost much more in the future, however. Older life insurance policies generally don't allow...

Teresa wants to know what happens to any LTC benefit money she doesn't use. There are plans that pay your family back if no care or little care is needed, but that's not why we buy insurance. Insurance by definition is a guarantee against the risk of loss or harm. We buy insurance in caswe we need it. Any help our family gets will more than likely be accepted with gratitude. Without outside help,...

Alicia's insurance agent told her she was too short for her weight and no LTC insurance can be offered to her. Turns out that agent only represented one company. Other companies will consider her build (height/weight). Many people are either very small or very big. There are alternative solutions to planning for future care needs that can help those outside of the weight limits of most companies....

We have a lot of new listeners, so I'm taking you back to one of our earliest episodes to share my "Why". I became a long term care specialist because my heart yearns to help you not go through what I and my family went through in the same degree. Currently, there is no way to prevent Alzheimer's disease from overtaking a person's brain, but there are ways to make it just a little easier on the fa...

This week, you just need to listen and learn from my mistakes. Some I made as a kid, and the most recent was over the last few years. I didn't want to seem intrusive when that is exactly how I should have been. Now, I am just sad. Sad that I didn't do what I've been encouraging you to do. I tried, but I didn't try hard enough. If you need caregiver support, go to https://www.tcare.ai/about/about-t...

To deepen our look into LTC annuities, this week we review how Danny 1035 exchanged a $160,000 variable annuity to a LTC indexed annuity with tax-free benefits for extended care needs. His cost basis (amount he originally deposited) was only $54,000. He has a lot of liquid assets and doesn't need the $160K to live on today. He is also an uninsurable health risk for almost all LTC funding options o...

This week, Diane shares how the PensionProtection Act passed in 2010 makes it possible to 1035 exchange non-qualified annuities into various LTC plans that generate tax-free income for extended care needs. Not all annuities are tax-free for LTC. LIsten and learn how different rules apply to different annuity forms. If you or somone you know has an annuity that they don't want to use due to many ye...

We think we can beat the insurance company by waiting as long as we can to purchase LTC insurance. In truth we're just beating ourselves up. Every year that we wait is one more year of no increase in benefits. By waiting just 5 years, we could eliminate over $100,000 in future benefits. I'm sharing two stories today. One client decided not to wait, and she'll have more than $100,000 in added benef...

This week, I'm sharing updates on the four clients with LTC claims that we shared on February 22nd. I have been walking with these families as they prepare for and begin extensive caregiving needs for their moms and wives. I can't imagine how hard it would be to navigate the claims process without guidance from an LTC Specialist. Some phrases I've heard along this journey are: "Everything changes...

This week, I enjoyed a great interview with Dr. Jay Zigmont with Childfree Wealth. Their website is https://childfreewealth.com/ I learned that 25% of U.S. adults don't have kids. That's a huge part of our population that is underserved in the retirement planning community. Many planners consider that with our without kids, your plans should be similar, and that's simply not accurate. When we dont...

We need to start planning now, 30 years before we think we'll need help living. It'a hard to believe that care could ever cost that much, but in 2001, when I started working in the LTC industry, nursing homes were $1000/month. People I spoke with thought that was so unfair. Use Genworth's Cost of Care report to view projected future costs here https://www.genworth.com/aging-and-you/finances/cost-o...

If we want to make sure we can stay home when long term care is needed, we need a plan. We need to afford the care we want. If costs of care continue to increase every year like they have been, this is not something most of us will self-fund without bankrupting ourselves or destroying family relationships. The first thing we need to do is admit that we'll probably need help living at some point. B...

In other words, why shoud I trust the insurance company? All insurance companies, and especially LTC companies are heavily regulated and watched closely by all 50 states. States monitor complaints to ensure compliance. Regulators work with the consumer and company to assist with payments. Often, regulators explain to consumers why a claim isn't being paid and advise the consumer what they need to...

We live in an "I want it now" culture except when it comes to planning for extended care needs. Why do we feel the need to wait as long as we can to consider and design our LTC plans? Once someone learns that there is a need for LTC insurance in some form, it takes 5-7 years on average for that person to contact someone who can help them purchase coverage. I get that we don't want to plan for when...

This week, Diana wants to know what she needs to do to be sure she can live out the rest of her life in her owm home. I know we're all asking this question, because we want to stay home no matter what as well. That really depends on how much support and assistance we can rely on from our family. Do they live nearby? If they say they will help us, are they actually able to do so? If we own LTC insu...

Employers are seeing their employees reducing hours or leaving work to care for parents, spouses and other family members. They're searching for strategies to help keep employees at work.. Group LTC plans are again becoming popular, and they look different than they did in yesteryear. Listen and learn what is available as an LTC worksite solution. If you own a business or you are an employee of a...

In last week's episode, Diane shared a boatlod of questions we need ot be asking when planning for extended care needs (LTC needs). This week we cover the questions that can't be answered until that need invades our family. Although, we may not know what, when, where, or how long , we still need to plan early so we can be prepared for whatever happens. How can we do this? Listen, learn, and schedu...

Long term care planning is about more than the insurance or funding for care. This week, Diane shares important questions we and our families need to be asking today. Regardless of where you will live, who do you want helping you? Do they know this? Are they able to do what you need? What do you want to have happen when extended care is needed? Where do you want to live? It's much easier to have t...

This week, Mark asked if he can expect his traditional LTC premium to double every 12 years. Many older traditional LTC policies were priced inaccurately and are now receiving increases to match today's expected risk. Listen and learn what has changed since these policies were offered. Learn how the regulators and the insurers are working to keep rates more stable. Learn what you can do to secure...

It's February and spring training season in Florida. Listen to Diane compare different types of planning strategies to the A, AA, AAA minor leagues and to Major league Baseball. Different levels of plans can be designed to meet each family's unique needs and budget. Just like in baseball, we need to Prepare today to be ready for a strong season, carry the playoffs and make it to the World Series o...

I have four clients opening LTC claims this week. Three are for memory care, and one is for hospice care for teminal cancer. All are women in their early 70s. I wish no one ever needed to use the LTC plans we've developed, but I am so glad that I have answers and can assist when their family memebers ask for help and guidance. All of these women were in great health when they bought their plans, m...

Peace - Love - Joy- Hope These are things we want for our kids and those whom we love most. Love is having a plan, when life doesn't go as planned, to not disrupt our family more than necessary. We need to plan for our future so we don't steal our kid's futures from them. Almost everyone who asks me about LTC planning does so as an act of love for their family. We don't want to burden our kids. We...

Most of us want to stay home when long term care services are needed. Often, we can if we have a strong family support system. Sometimes, it's safer to move to assisted living for more hands-on assistance. Pathfinders Downsizing Solutions can help you resize your living arrangements when you move into a smaller space. https://pathfindersdownsizing.com/ Reimbursement LTC plans can't pay for a home...

This episode is all about words. Words that your doctors enter into you medical charts... Words that you use when attempting to open a long term care claim... Words your doctors use on your LTC Plan of Care when opening LTC caims... Words you share with your doctor that get added to your medical records... We need to be aware of how helpful or how damaging words can be in each of these situations....