Home Health Care Friendly LTC

[Arthur Rudnick]

"sao's not such an s.o.b. after all"

Hey, I never, ever, ever, ever said that!
(I may have implied it, but I never said it)

 

[Mr_Ed]

"sao's not such an s.o.b. after all"

Hey, I never, ever, ever, ever said that!
(I may have implied it, but I never said it)

ROTFLMAO!!!

 

[billberry12]

sao's cool. my problem is that i have a low threshold for bs, guilty as charged retread. I'm just not a nice guy sometimes.

 

[retread]

What's interesting is that CLASS Act is offering a $50/day benefit and every agent on the planet is complaining that $50/day is worthless.

I agreee. $50/day is worthless by itself. However, as stated previously by Rick, if it's in addition to some other LTC benefit, (in his case MoneyGuard) it may be enough.

In NY, the minimum daily benefit available is $100/day. And, if someone had a policy with $100/day in benefits, they could not purchase another policy for less than $100/day.

The reality is, we should be looking to sell a comprehensive LTC policy, covering every level of care. And, LTC-101 will teach you that the benefits sold should be based on the costs of care in the area where the policyholder will be receiving it. Subtract from the cost of care the amount that the policyholder can co-insure and there's your benefit.

If all someone can afford is a policy paying $50/day, they are probably not financially qualified to purchase any type of LTCi in the first pl;ace.

I agree with you, but not completely.

Having said that, I am trying to prepare for the client who desperately wants an LTC policy, but just can't quite swing the funds for a top-notch plan. No one yet has addressed the question in my original query... that is: How about a policy that covers HHC 100% at a low benefit of $50/day, in cash, and allows family to provide that HHC? I thought MedAmerica was able to fulfill that plan... don't know and never got an answer. I am not completely satisfied with the conclusion you propose. Do we just say "Sorry, fella. You're outta luck."?

I thought of another scenario: How about the client that has had an LTC policy for many years, perhaps did not choose an inflation protection, but now retired and realizes he needs to supplement his benefits? Adding a plan with a $50/day cash benefit might update his policy to his current need.

Anyway... I have spent all the time I wish on this brainstorm. I think I need an umbrella.

Thank you all for your comments.

 

[Arthur Rudnick]

Retread,
After all of this time, and after all of these posts, you still don't know what to do?
How about reading this thread over from the begining, very, very slowly?
After doing that, if you still need advice, I'd suggest buying & reading a book on long term care insurance.

 

[billberry12]

Arthur, They call that a slam dunk in basketball.

 

[Arthur Rudnick]

"Arthur, They call that a slam dunk in basketball"

Bill,
Thanks,
It was an uncontested one too...........

 

[billberry12]

yep, it surely was.

 

[retread]

Retread,
After all of this time, and after all of these posts, you still don't know what to do?
How about reading this thread over from the begining, very, very slowly?
After doing that, if you still need advice, I'd suggest buying & reading a book on long term care insurance.

I never said I didn't know what to do. I reported what my panel of experts at my FMO support suggested to me. I just wanted to vent a little I guess. You guys talk like you have a corner on the LTC info. I am saying that there are others who are "experts" in the field and don't exactly share the same advice.

I do appreciate the discussion, but make no mistake... I don't take everything said here as gospel. I value your comments, but must recognize that there may be some room for disagreement among others as well talented as you. That tells me to continue to think for myself... I'm not stupid, just new at the LTC business.

--------------------------------------------------------
One last note before closing this discussion. I'm not exactly ignorant of what is involved with LTC. My mother-in-law is in an assisted living facility and I am watching the situation first hand.

She has two daughters, one of which is my wife. She is not exactly what you would call "well-heeled", but is funding her own LTC through the final sale of her home through the assistance of family. So far, family members have not had to contribute much financially, but both sisters tend quite a bit to routine needs... washing laundry, fetching prescriptions, shampooing her hair, etc.

I see a deterioration of her mental faculties and we all recognize at some point she will have to be admitted to a nursing home. About that point, she will be placed on Medicaid. She barely recognizes her daughters now, confusing between who is who... so it won't be long before she knows nothing. It is sad. However, just how much better would care be in any nursing home that accepts Medicaid? The facility she is in accepts Medicaid, but she doesn't qualify for Medicaid yet. So when her assets are gone, Medicaid will step in. This doesn't mean the end of daily care by her daughters. They will continue as they do now until she passes on. Frequent visits will allow them to monitor the care provided by the facility.

None of us ever expected to benefit from her inheritance... we all have made our own financial provisions. Sometimes I think people see LTCi as protecting THEIR INHERITANCE rather than use the elder parents money for what it is there for: her subsidy.