Preparing For Tomorrow podcast

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 own LTC support system is there to help us stay independent.

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 I am re-posting one of my first episodes in which I share why I chose this profession and why I love helping people.  Thank you for understanding.

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.

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 place prior to July, 2021.  49 other states are watching to see if Washington's revenues increase with this new tax.  If this state found a way to increase revenue and help reduce Medicaid spending on nursing home care, you can be sure others will follow, without regard to what the people want.

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 protect those who already have coverage.  In order to keep the overall risk of a group of insureds (clients) "clean", and to keep their commitments to current clients, insurers need to carefully decide who is or is not a good risk.

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.  Planning ourselves allows us to design a plan we want and to receive care where we want.  With the state plan, coverage is limited, and you must use approved providers.  It's time to start paying close attention...

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 asking.