- 7,790
Prospects waiting till the last minute
- Thread starter Crazy Rick
- Start date
- 9,744
Bob, what does "SW3" mean?
"somerco" told me it was part of a British postal code for London...
- 429
What?! So if you want to get old and sick move to Indiana? People can exempt millions in assets and get free nursing home care under Medicaid in IN? I wonder how long that will last. The cost for ON taxpayers could get insane.
If people have some money they still want to stay in thgeir home insetad of a nursing home. The only way, Ican see, they can stay in there home, have some independence, avoid a nursing home and avoid being a burden on their kids is LTC.
Of all the Partnership programs in the state, Indiana's is BY FAR the best.
New York also offers "Total Asset Protection", but the NY policies are not as flexible as the Indiana policies.
Freddie, in order to get the "total asset protection" under the Indiana Long Term Care Insurance Program, the Indiana resident has to buy no less than $239,000 in Lifetime Maximum Benefit AND it HAS to have a 5% compound automatic inflation benefit with no cap. So, if they buy a policy this year and go on claim 15 years from now, the policy will pay over a half million in benefits before they'd be qualifying for "total asset protection" from Medicaid.
Keep in mind, their income is not protected one they apply to Medicaid (and their choice of care providers can be more limited under Medicaid).
The "total asset protection" policies can be a great deal for the policyholder and their spouse and heirs. But, it's also a great incentive to buy LTCi and, in the long run, it will decrease Medicaid expenditures, not increase Medicaid expenditures.
Although the ILTCIP has been around for years, most Hoosiers don't know about it.
New York also offers "Total Asset Protection", but the NY policies are not as flexible as the Indiana policies.
Freddie, in order to get the "total asset protection" under the Indiana Long Term Care Insurance Program, the Indiana resident has to buy no less than $239,000 in Lifetime Maximum Benefit AND it HAS to have a 5% compound automatic inflation benefit with no cap. So, if they buy a policy this year and go on claim 15 years from now, the policy will pay over a half million in benefits before they'd be qualifying for "total asset protection" from Medicaid.
Keep in mind, their income is not protected one they apply to Medicaid (and their choice of care providers can be more limited under Medicaid).
The "total asset protection" policies can be a great deal for the policyholder and their spouse and heirs. But, it's also a great incentive to buy LTCi and, in the long run, it will decrease Medicaid expenditures, not increase Medicaid expenditures.
Although the ILTCIP has been around for years, most Hoosiers don't know about it.
No. It shows that you are doing things sensibly and not pressuring or terrorizing your clients.
If it weren't for the clients that I'd given up on, I wouldn't have a client base. You left a good impression and they came back to you, that's all.
Same with anything. The real estate agents that seem informed and intelligent, but forget about me, get my business. Those that stay in constant contact trying to "recruit me" make me want to run in the other direction.
Didn't Groucho Marx say " I wouldn't want to belong to any club that would have me as a member".
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The opposite is true. It is saving the taxpayers by encouraging people to be responsible for their own LTC insurance.
Here it is in a nutshell.
Bob is a middle-class guy. Has $600,000 in countable assets. If he purchases a policy with benefits of $239,447 or more in 2009 he will have unlimited asset protection. The policy must also be Indiana Partnership qualified.
He can go in an assisted living center, home health care OR a nursing home during his LTC policy benefits. Once he exhausts the funds he can choose to private pay OR he can qualify for Medicaid (would need to opt for a nursing home at that point) and all of his assets are fully protected. He can give them away or let his kids inherit them.
It saves the taxpayers money because FEWER people will end up on Medicaid if more people buy quality LTC policies. Most people won't outlive the benefits.
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Maybe partnership LTC will help, but if they don't have the means to pay for it, then they probably don't have too many assets to protect other than real estate. The well spouse can always stay in the house.
It is the folks that are cash poor buy real estate rich like farmers who have the most to lose.
It is the folks that are cash poor buy real estate rich like farmers who have the most to lose.
What do you find is the best way to suggest clients pay for LTC? Am I wrong to be wary of suggesting reverse mortgages? That's messing with someone home. I tend to stress the high cost of paying for LTC yourself to put the high LTC premiums in perspective and mention the tax deductions for premiums.
Last edited:
TDY418
Expert
- 31
Some Will Some Want Whose next is my Motto! We as professionals can only educate, present the products show the value and benefits and move on.
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