Preparing For Tomorrow podcast

I've heard so many stories from adult children who have parents that own LTC insurance and don't want to use it. Why? Our aging parents refuse to admit they need help getting through each day. Why? We're going to tackle these questions and more this week. I'm sure you have either experienced some of these situations, or you know someone who has. This week, we're going to teach you how to coach you...

A woman whom I've been encouraging to purchase LTC insurance over the last 2 years contacted me this week. She shared that she had a TIA (Transient Ischemic Attack) in December and wondered if that disqualifies her from buying a plan. This happens far too often. People explore LTC plannng options and then decide they want to wait to buy a plan for whatever reason they tell themselves is justifiabl...

Welcome 2024! The LTC industry is getting more exciting every day (for me anyway). In this episode I'll share some changes that have occurred in 2023 and also what we can expect in 2024 and beyond. We are heading in a positive direction... More people are aware of ther need to plan More employers are implementing worksite LTC plans along with more family caregiver support for employees More plannn...

Emily in MIchigan has a cash indemnity LTC plan. She asked, "Do they just keep paying until the benefits are all used or can she stop the payments mid-stream if care is no longer needed?" Indemnity plans simply pay the maximum benefit each month without any need for invoices to be submitted, so how will they know to stop paying? Diane shares some key differences in how both reimbursement and indem...

Nick asks if Diane will review his current LTC plan and help him to understand how it works and if it will do what he thinks it will do. Unfortunately, we find many people in this situation. They bought a plan several years ago and never again saw the agent who sold it. Too many agents don't think beyond the sale, while the clients really need their help many years, or even decades later. Too many...

Some of the information for this week's episode is from https://www.ltc-cltc.com/ Check out the "For the Public" tab. Then schedule some time with me to stop the cycle of family burnout at https://calendly.com/diane-p4t/60min This week's caregiver stress is physical. This stress is often the result of neglecting the other stressors we discussed this month - time, financial, emotional and social. C...

It's still LTC Awareness Month, and we're still focused on help for the family caregiver. It's very easy for caregivers to fall into the trap of social isolation and lonliness. The focus is always on the needs of the care recipient, and the caregiver may feel guilty for wanting things or activities for themselves. LTC insurance is all about helping the caregiver help us better and longer, without...

Caregivers get stressed out for many reasons and in many ways. Some of my information this week is from personal experience caring for my grandma, and also from stories my clients have shared with me over the years. Most comes from the Family Caregiver Alliance, https://www.caregiver.org/ who provides Caregiver Connections as well as resources to help family caregivers find answers to questions th...

Long term care is for the care recipient, but it's really about the caregiver, and far too many caregivers are spending their own income and retirement assets to provide for a parent, or an older family member or friend, because the care recipient ran out of money. You promised to never put them in a nursing home, and you are now sacrificing your own futures in your attempt to keep that promise. F...

LTC planning has little to do with the person needing care. It's really about protecting those we love most from the physical, emotional and financial consequences they'll face when a parent or loved one needs help to get through each day. This month, we'll focus on five stressors a family caregiver WILL face to some degree. The level of that strain depends on if there is a plan in place to manage...

Carmen asked if her LTC insurance plan that she bought in South Carolina can be accessed if she moves to another state or country. It can, but when you are in the planning stages, we need to consider how state Partnership protection differs in different states as well as the cost of the type of care you would like in the state or country where you will reside during retirement. FYI, the Partnershi...

Sherry in Texas asked if there is a time limit to use the benefits once her LTC policy is activated. That depends on how much insurance you own and how it is designed. You can use the Genworth Cost of Care website to help determine how much insurance will work best to both compliment and protect your retirement savings. You can find the chart at https://www.genworth.com/aging-and-you/finances/cost...

Joanne in Alabama wants to know what are the potential drawbacks to waiting to buy LTC insurance. There are several, but one has more severe consequences than the others. Ask your question from the Contact Us tab at www.preparing4tomorrow.com Schedule time with me to learn how to prepare today and avoid these consequences tomorrow. https://calendly.com/diane-p4t/60min

This episode is from 2022, and Diane shares stories from her family and from clients who have shared with her over the years. These are things our parents have done that caused much stress to the whole family, and they are things that could have been avoided if parents were really thinking about the consequences of their decisions (or non-decisions). We need to learn from the mistakes of others an...

When a traditional LTC plan's rates are increased, it's vital to seek out an expert to learn options rather than just get angry. This week, Diane shares how her clients, Jim & Linda, can avoid future rate increases and still keep meaningful LTC coverage. Protecting our family, assets and choices are more valuable as we hope to age in place during our final years. If you or a parent receives a lett...

Thomas in New Mexico wants to know why sharing his financial details is needed to run a quote for LTC insurance. Diane offers multiple reasons why it's important to understand how you expect retirement to be like in order to determine the best way to protect your family and your savings with LTC coverage. We may uncover a way to pay for coverage without impacting your monthly budget. It's importan...

Kevin in Colorado asked what a tax-qualified LTC plan is and wants to know how a tax qualified LTC plan can benefit his family. Diane shares when tax-qualified plans were put into effect and how they benefit consumers and business owners when both paying premiums and receiving benefits. Thank you in advance for sharing this with those you care about most. In 2023, 100% of LTC premiums are tax dedu...

Irene in Nebraska wants to know if she should include inflation protection on her LTC plan, at a significantly higher cost. The real decision is to either pay more for insurance by adding inflation growth or pay more out-of-pocket for care at claim time. Nursing home costs have averaged a 5% annual increase in cost over the last 30 years! Diane shares how inflation protection works and how plans w...

This episode was first published in 2022, after hurricane Ian hit Florida a couple of hours south of us in Tampa. As I work to republish this still very relevant info, hurricane Idalia is getting ready to pass Tampa and hit the "armpit" of Florida. Unless somethng causes a sharp right turn, we'll miss the worst of the storm again. There are coastal areas who are expecting over 6' of storm surge to...

Matt listened to last week's episode about using an annuiy to fund LTC insurance and wants to know if life insurance values can also be transferred to fund a long term care plan. The answer is yes, and Diane shares how a 1035 exchange can help reduce or eliminate premiums. With Matt's new plan, both the LTC benefits and the death benefits are 100% tax-free and won't impact any tax obligatio9ns or...

This episode was originally published in May, 2021. Diane shares how she helped Tom and Kay use a 20 year old annuity to design a long term care plan that pays tax-free benefits for care or pays your family back if care is never needed. If you recall, interest rates were much lower in 2021 than they are today after the Fed raised rates multiple times this year. There are more companies offering an...

Rick in Vermont will need to start withdrawing $50,000 annually from his IRA the year this was recorded. He already owns LTC insurance and wants to buy a plan for his wife. He wants options to use his IRA to pay for her insurance. Diane shares why they contacted her and how she's helping them prepare for tomorrow. Don't let an unscrupulous agent trick you into "seeing what you can qualify for" wit...

In this episode, Melanie Erb-Wokurka with Juice Plus in Tampa, Florida, wants to know how LTC insurance is different than the long term disability plan her company is offering. Listen as Diane shares how the products are different and where each fits into our planning puzzle. For asking, we'll send Melanie a gift to say thank you for helping listeners understand what to consider when preparing for...

This week, I ask you a question rather than the other way around. What consequences are there to waiting to buy LTC insurance that you may not have considered? Many people want to wait until they are at optimum health or until they fit in those old jeans before they apply, thinking that a better health and build will lower their premiums. Insurance companies can release new plans or adjust discoun...