Long Term Care Understanding

csalter

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First, I want to thank all of you who have contributed to my posts concerning long term care. I have greatly appreciated readinig all of your thoughts and suggestions regarding this matter and have enjoyed participatiing in some of the discussions concerning longterm care. It is obvious to me that many of you are true experts on the topic.

I have shared that I am just an average consumer. A regular person who just was looking for information. I got lucky and landed on this forum and have learned so much. What I truly want you to understand is that after all of my reading on this subject and my discussions with you, I am just now truly understanding the nuances of longterm care and its policiess. Now maybe I am just not that smart and out of the norm, but I have got to tell you that I don't believe I am that far from the norm.

When you come into someone's home to discuss longterm care, I bet they may have some exposure to it due to a family member who should have had it but did not or they had heard about it from some friend and was looking into it. Even if they knew of it, they don't know all of the major components and how they work as far as price. I am sure you folks do what I experienced a full analysis of finances and assets, a discussion at some point of the need for longterm care insurance and then providing with the definition and understanding of benefit periods, monthly vs daily benefits, service days versus calendar days, inflation information, elimination periods, and benefit amounts. Of course, the ratings of the various companies with and what the ratings mean from Moody, A&M, Comdex scores, etc., etc., etc., have to be reviewed. This is all done usually in a sitting and after speaking with a couple of my friends, they like me were asked to make choices after the first meeting. Now, these choices are of course pending the health analysis that will come with the underwriting from the insurer.

That to me is a lot of information in one sitting. Then there are the apples to apples price comparisons between the different companies.

Of course once the policy gets there you have about a month or so to review it. Your agent may review it with you, but your head is spinning during that process with all of the exclusions and definitions and benefits.

ABSOLUTELY OVERWHELMING!!!

I know that for me after I bought the policy I still had some questions after I bought it. I understood what was told to me, but i still was not certain. I don't believe that average person does. I believe it takes time to fully understand. In fact, in all of my expertise as a teacher, I am sure after three of fours sessions with an agent, regardless of how good he or she may be, the average person does not have a full grasp of what they have bought. I believe they know they have a policy with certain benefits, but still have question marks.

Any thoughts on this or do you care?
 
previously posted by csalter

Any thoughts on this or do you care?

You need to understand that you are far from being the "average consumer". You've spent almost a year on the LTC Forum and probably have more knowledge about all of the aspects of LTCi than 99% of the public. You could probably go out and sell this stuff yourself.

But keep in mind that when an agent is in front of a prospect explaining LTCi and all of the ramifications, he/she does not get into the nitty-gritty. If I had to explain every aspect of LTCi in 1 or 2 appointments, I'd be in the home for 20 hours. And, at the end of the day the prospect will be left in a sea of confusion. History shows that a confused prospect will never make a decision to purchase a policy.

It's an agent's job to earn a prospect's trust. If you trust your agent, you'r more apt to go long with his/her recommendations.

You're unique because you've had a long time to be educated about the subject and you're intelligent enough to absorb the information.

You've had the benefit of learning about the differences of many policies. It's equivalent to giving someone a policy from 10 different carriers and expecting them to read and understand each one. You, on the other hand have attended "LTCi School" over the past year. That's a lot different than the average consumer.

One of the conceived problems about LTCi is "it's difficult to understand". It's difficult for the average person to understand only if it's not explained properly. I (and most LTCi Specialists) can sit with an uninformed prospect for 60 minutes and when we leave the house the prospect will have a pretty good understanding of what this is all about. Certainly enough of an understanding to make an intelligent decision as to whether the purchase of a policy is appropriate or not.

It's our job to keep it simple as possible, and that's what we try and do.

As a consumer and a LTCi policyholder, we appreciate your insight and the contributions you've made to the forum.
 
You have entered the land of paralysis by analysis.

Just to put this in perspective. You go to the doctor and he tells you that you need a hip replacement. Your hip has really been bothering you and has made walking difficult.

Now, do you ask some questions of your doctor and get an idea of what it entails and if your doctor really thinks this will improve your situation?

OR

Do you go and find all the documentation relating to that particular type of hip implant? Do you read the FDA approval on it, do you research the anesthesia that will be used and even research down to the type of sutures that will be used and gauge of needle?
 
You have entered the land of paralysis by analysis.

Just to put this in perspective. You go to the doctor and he tells you that you need a hip replacement. Your hip has really been bothering you and has made walking difficult.

Now, do you ask some questions of your doctor and get an idea of what it entails and if your doctor really thinks this will improve your situation?

OR

Do you go and find all the documentation relating to that particular type of hip implant? Do you read the FDA approval on it, do you research the anesthesia that will be used and even research down to the type of sutures that will be used and gauge of needle?



that's a terrible analogy....and a typical response by a salesperson who doesn't want someone to read the fine print.
 
that's a terrible analogy....and a typical response by a salesperson who doesn't want someone to read the fine print.

Hardly, I wouldn't have a clue what half the stuff meant when looking at a hip implant. I lack the knowledge to understand it. Sure, I can go acquire it, but that is what I'm paying the doctor for.

Same with insurance. I didn't begin to understand half of it until I got into it and acquired the knowledge I needed. And in some areas there are still things I don't understand. Fortunately now it is in areas I don't handle so I don't give advice about them.
 
Hardly, I wouldn't have a clue what half the stuff meant when looking at a hip implant. I lack the knowledge to understand it. Sure, I can go acquire it, but that is what I'm paying the doctor for.

Same with insurance. I didn't begin to understand half of it until I got into it and acquired the knowledge I needed. And in some areas there are still things I don't understand. Fortunately now it is in areas I don't handle so I don't give advice about them.


It's a lousy analogy because human anatomy is much more complex than a long-term care insurance policy.

The surgeon who performs the implant went through 4 years of pre-med, 4 years of medical school, then internship and residency, etc...

You and I had to take a whopping 40-hour licensing course. And after that it didn't take more than about another 40 hours of study to learn everything you ever needed to know about LTC insurance.

The hard part about LTC insurance is not understanding it.
The hard part is selling it.

Please don't put yourself (or me or any agent on this forum) on par with a medical doctor. We are NOT that important.


:yes::yes::yes:
 
It's a lousy analogy because human anatomy is much more complex than a long-term care insurance policy.

The surgeon who performs the implant went through 4 years of pre-med, 4 years of medical school, then internship and residency, etc...

You and I had to take a whopping 40-hour licensing course. And after that it didn't take more than about another 40 hours of study to learn everything you ever needed to know about LTC insurance.

The hard part about LTC insurance is not understanding it.
The hard part is selling it.

Please don't put yourself (or me or any agent on this forum) on par with a medical doctor. We are NOT that important.


:yes::yes::yes:

I never said I was. Of course most doctor's aren't as important as they think they are. ;)

It is an analogy designed to be able to understand. But I'll give you one you might like better.

You go to get your taxes done. Tax preparer looks at your taxes and tells you that you can deduct A, B, X and Y, but not C or D.

Do you ask him why and accept his explanation or do you start researching each and every IRS publication to see what can and cannot be deducted in your situation?
 
Previously Posted by Mr_Ed

It's a lousy analogy.
The hard part about LTC insurance is not understanding it.
The hard part is selling it.

Actually I think it's a perfect analogy.

I'm in the LTC business for 17 years. Do you expect me to convey to my prospect everything I've leanrned about the products, carriers and industry in a one hour conversation?

If you've focused on LTCi for any length of time, it should be easy for you to present an easy to understand synopsis on everything the prospect needs to know in order for him/her to make an informed decision.

Again, this is all about the prospect and the trust with the agent. Just like the doctor & CPA. If the agent has the prospect's trust, the decision will be what product to purchase, not what bells & whistles are important.

Contrary to your claim, this is not a hard product to sell. With a motivated prospect, it's a pretty easy slam dunk.

However, getting a motivated prospect is the hard part.
 
I know that for me after I bought the policy I still had some questions after I bought it. I understood what was told to me, but i still was not certain.

You say you understood what was told, can you be more specific as to what you were still not certain about?

I don't believe that average person does. I believe it takes time to fully understand. In fact, in all of my expertise as a teacher, I am sure after three of fours sessions with an agent, regardless of how good he or she may be, the average person does not have a full grasp of what they have bought. I believe they know they have a policy with certain benefits, but still have question marks.

Can you be more specific as to what "full grasp" means to you?

I believe you have a Partnership policy. The California Department of Health Care services has the Partnership dedicated specifically to help educate consumers.

You can ask your agent as many questions as you want. You take an application, it takes 2 to 3 months to get accepted, during that time you can research all you want. After you get the policy, you have another month "free look", even after that you can cancel at any time.

I can't see how it is "absolutely overwhelming". I think thats a bit dramatic.

Since a few analogies have been used, I'll go there.

I had shoulder surgery and the Dr. spent 15 minutes with me after MRI.

He went over MRI results. At then end, I said, "what is that jagged part"?

He said, "oh that is a tear of the labrum".

I said, "could that be where my pain is coming from"? He said, "I don't know".

So he told me my options and the procedure he could do. I did my research and decided I needed surgery.

Not sure this analogy applies, but interesting the contrast between the two decisions to me.
 
Last edited:
Since a few analogies have been used, I'll go there.

I had shoulder surgery and the Dr. spent 15 minutes with me after MRI.

He went over MRI results. At then end, I said, "what is that jagged part"?

He said, "oh that is a tear of the labrum".

I said, "could that be where my pain is coming from"? He said, "I don't know".

So he told me my options and the procedure he could do. I did my research and decided I needed surgery.

Not sure this analogy applies, but interesting the contrast between the two decisions to me.


bravo!
right on!
:biggrin::biggrin::biggrin:
 
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