Preparing For Tomorrow podcast

This week, Erin can't qualify for traditional or hybrid LTC insurance due to health. We share her background and financial position as well as the solution we designed together to help cover potential long term care needs. All the numbers shared are hypothetical as there is no way to predict actual future returns. If you've been declined for LTC insurance, alternative options may be available

We're making some changes. We'll still answer one question each month, and in the following three weeks, Diane will share case samples of client's she has helped, how LTC insurance is really not for us but for our families - to help them navigate our LTC crisis, and we'll bring back one guest in a related field each month. This week, Carla was declined by a company recommended by her bank and want...

This week, I want to thank all our listeners for your support and especially for the great questions you asked all year long. It's because of you that this podcast is helping families to learn how to prepare for the enormous risk of needing extended care from an accident or illness, or when we simply live long enough to get old. The best gift you can give your family is a plan to protect them when...

This week, Diane shares that assets don't pay for LTC needs; income pays this as LTC services create a bill, or invoice that must be paid weekly or monthly. If we don't have enough income, we need to sell assets to create income. Diane shares some of the financial consequences when we rapidly start selling assets to fund an extended care need.

This week, Diane discusses why covering the "average" 2.5 year LTC need may not be enough to protect your family. 500,000 families will be hit by Alzheimer's disease in the next 12 months, turning their whole family upside downin an instant. People with Alzheimer's live anywhere between 3-11 years, and sometimes for 20 years or more. Today, dementia care can cost more than $10,000/month. How long...

This week, Susan in Minnesota wants to know how the Alternate Plan of Care clause works in a long term care policy. Diane first shares what a Plan of Care is and then shares some examples of when the alternate plan of care clause helps both the carriers and the policy holders. Some contracts include this clause and some don't. It depends on what type of plan you have and when it was placed in forc...

It's been a rough couple of weeks since Paul's mum went to be with the Lord, but we're both getting through this and getting from this season. Diane shares how the last several months have been and how having a long term care insurance plan in place helped the whole family as we worked to honor Doreen's desire to live at home to the end...it almost happened because she had a plan and two goals - t...

We're having a rough time this week, and likely for several weeks or longer as Paul's mom died last Thursday. She made it to 90, and thanks to her LTC plan she was able to live at home with help until the last month or so. Don't know how long this funk will last, but my goal is to be back to answering your questions next week. Thank you for listening and for your commitment to learn how to protect...

LTC insurance is not like any other insurance as we need to work with so much uncertainty when designing a plan. With property insurance, we assess and insure the value of the property. Health insurers have tremendous negotiating power to keep costs down when we go to the hospital. LTC insures and pays what we as individuals have contracted them to pay. Diane shares what decisions go into planning...

Welcome to season 3!!!! Steven in New Jersey asked about contingent non-forfeiture. He wants to know if every LTC plan has it. Diane shares what both the contingent NF rider is as well as the optional NF rider that you can add to a traditional Tax-Qualified LTC plan. Hybrid or linked benefit plans have a cash surrender value rather than non-forfeiture. Listen and learn how they differ, and how thi...

Although Maria's husband has used over $393,0000 on LTC benefits over the last 5 years, it wasn't enough. He still needs help with dementia, and they will need to start spending down assets until he qualifies for Medicaid. With Alzheimer's disease in his family, they know now that spending another $40,000 on LTC insurance would have saved them not only $100K+ today, but also would give them more c...

There are optinal benefits with many LTC plans. How do they work and which are more useful and useble than others? Diane shares optional benefit options that used to be offered and also which ones to consider seriously if you are planning today. Please join us on Thursday, Sept 9th at 10 AM pst/1 PM est for a Zoom webinar "Women and Long Term Care" we will be addressing many questions that women h...

Nicole wants to know how using the LTC benefit will affect the death benefit in a life/LTC combo product. Diane shares some different ways the insurance companies design these plans and how they pay. Plans and benefits need to match the goals of the policy owner and their family. Let's discuss what kind of plan will work best for you.

I'm amazed at how many people in the last week have told me they wish they would have taken the new Washington tax, or WA Cares Act more seriously sooner, when more options were available from insurers. Today, in Washington, there are only a few companies offering limited LTC coverage options. Other states are watching to see if the WA plan will work, and several are already developing drafts for...

After last week's episode on tax deductibility of LTC insurance premiums, we received multiple inquiries about taxes and C corporations paying for LTC insurance for some key employees. This is apparently a HOT TOPIC!!! Yes, corporations can often deduct premiums paid for employees, the employees receive LTC coverage with tax free benefits, and the employee's gross income is not increased by this e...

Maggie wants to know if she can place assets into a trust and qualify for Medicaid to pay for LTC needs. That is a complex question, and Diane shares how that strategy compares to using LTC insurance to pay. Every strategy has advantages and disadvantages, and we need to carefully consider each when making these important decisions that can protect our family, assets and choices.

When life throws a curve ball, and completing common tasks becomes complicated, having a plan in place to help us live independently in our own home is more important than ever! Diane shares some of what she is going through personally and how people can be prepared for that tomorrow when help is needed. With LTC insurance,, we can honestly tell our families they can maintain their lives while our...

Beth with the Community Food Pantry in Tampa, Florida, wants to know how to be sure that a company today will be her best option for LTC coverage in 20-30 years. Diane shares some history in the LTC industry that will help people be confident with their choices.

I've had some circulatory concerns for the last week or so. I'm working with my medical providers to determine the cause as I have tingling in my fingers and toes and some numbness there and in my mid section. I'm doing better today after some acupuncture yesterday. I've also had many additional clients ask me for help recently. In light of all of this, we didn't have time to record this week, so...

Instead of answering a question this week, Paul and I share how his mom is doing at 89, with Parkinson's disease and 70 hours of home care help every week. We are all so thankful that she owns LTC insurance and that she has choices. Listen and learn how that has helped all of us be prepared for this tomorrow.

Washington state has a mandatory LTC tax, and to opt out you need to have your own LTC insurance in place by 11/1/2021. LTC insurance companies aren't accepting applications under age 30, so what tools are available for a 28 year old? Diane shares details on the tax, why insurers are concerned, and what young people can do to both avoid the tax and protect their families from extended care needs.

This week, Janna in Kansas wants to know how to qualify for the best rates available for LTC insurance. Diane shares how insurance carriers view our health histories and our potential for needing LTC services in the future. She also shares stats of how many applicants qualify for the best health rates.

This week, Jonathan in Kansas asked Diane to tell him how much LTC insurance costs so he would know how much he wants. Insurance is different from most other products in that we need to decide what we want before we determine the cost. It's not a cost per unit like a grocery product. Diane shares decisions that must be made to customize a plan to protect your family, choices and savings.

This week, Gayle in California is asking how long people typically live in a nursing home. Diane shares that how care is funded often determines this answer. Whoever is paying the bill decides where we live. When that person is us or our own insurance, we can decide. When it's the state paying, we lose control and live where we're placed.

Jane wants to know if Medicare and other health insurance payments for skilled care services will count toward meeting her LTC insurance elimination period (EP). Listen as Diane describes the EP, how it works and who can pay it. Some EPs are set by the insurer, and some are selected when we apply for coverage.