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.

Diane shares what's changed in the LTC industry in 2020.  How are consumers responding to these changes?  How does the Secure Act affect our LTC planning and funding strategies going forward?