Hi everyone! I work for NW and this would possibly be my first LTC policy written, and it would be for my employee in my office so I definitely don't want to get it wrong. Her mother recently passed and left her with about $251,000 in inherited IRA's and she has a 100,000 in her own IRA. She is trying to figure out the best way to handle this money, since the inherited IRA's are going into RMD status soon.
She is 57 and has type 2 diabetes, and had a heart attack several years ago. She doesn't qualify for a LTC rider with Nationwide, but it looks like she might be ok to get the Carematters LTC which is considered a hybrid policy? I brought up the idea of using the 100,000 in the IRA from her prior job as the single premium for the LTC and after doing more research to make sure I understood LTC, it looks like it would actually save her assets in the future (RMD, social security, possibly military retirements and social security from 2 ex husbands), if she ended up needing long term care, since she would have to drain her income before medicaid stepped in. Am I looking at that right? It also looks like I would need to set her up with 5% compounding inflation protection, if she wants to still be able to use medicaid in VA, and the calculator says she would need to actually put down $129000, to make it work.
I know this reads convulated, but wasn't sure were to parse content. And just so you know this is all stuff I picked up in some online studying and reading of the product in the last 2 days, so let me know what I have right and wrong. Thanks for your help.
She is 57 and has type 2 diabetes, and had a heart attack several years ago. She doesn't qualify for a LTC rider with Nationwide, but it looks like she might be ok to get the Carematters LTC which is considered a hybrid policy? I brought up the idea of using the 100,000 in the IRA from her prior job as the single premium for the LTC and after doing more research to make sure I understood LTC, it looks like it would actually save her assets in the future (RMD, social security, possibly military retirements and social security from 2 ex husbands), if she ended up needing long term care, since she would have to drain her income before medicaid stepped in. Am I looking at that right? It also looks like I would need to set her up with 5% compounding inflation protection, if she wants to still be able to use medicaid in VA, and the calculator says she would need to actually put down $129000, to make it work.
I know this reads convulated, but wasn't sure were to parse content. And just so you know this is all stuff I picked up in some online studying and reading of the product in the last 2 days, so let me know what I have right and wrong. Thanks for your help.