Hi, I’m new here having just joined the other day. I’m heading in the direction of getting my licenses back. I was dumb and let them fall by the wayside. I had a Life Accident and Health license for 19 years and just let it go. I was inactive and don’t know what I was thinking.
Anyway, I was in the LTC sales arena in its beginning. I marketed for one of the first two companies that offered it. Then everyone jumped in the game and things got competitive and for some reason I got side tracked.
Without a doubt, the best commissions I made were in the LTC market. I only did it part time and didn’t sell thousands of policies, but I did maintain 100% persistency in what little I did sell. Even though it was small, I was kind of proud of it. That’s all history though and I’m thinking of jumping back in the game and need to get up to speed and of course get the licenses back.
I ran into a guy’s wife I know Friday. He lives about a mile from me. He was never one of those friends you stop by or call everyday. I haven’t seen the guy in eight or nine months and had no clue what had happened to him. I’m going to tell this story because it may help some of you agents or people in Insurance Land that are contemplating LTC coverage.
You agents know what I learned way back and that is that stories help you sell. You potential LTC buyers, stories have to be used to paint you a picture that no brochure or computer presentation can paint. So, this is a real, true story that is still unfolding right now.
Paul, the guy I know, was not in the best of health. He has some kind of degenerative neurological disease, I couldn’t tell you which one, but it isn’t ALS. I have watched him go down hill the past few years, but he was not in a wheelchair, just slowed down to a shuffle in his walk and naturally couldn’t do anything anymore.
Last August, Paul wound up in the hospital with Pneumonia. His wife had a particular type that was new to me. Anyway, Paul went into a coma for 20 days and he became Septic and his organs started shutting down, kidneys naturally. He came out of the coma and is on Kidney Dialysis and bedridden. He has been in a nursing home for the past, almost 90 days.
You agents know where I’m heading, but for your prospective insurance buyers on Medicare particularly, 90 days is all you get initially out of the hospital, then you’ve got to go somewhere. In Paul’s case, he’s coming home and unfortunately his wife and family are going to attempt to take care of them. General Public, it can’t be done and the doctors have told her, she will wind up down with him, and she admitted that to me in her story.
I heard the horror stories back in the day and nothing has changed. It can and will happen, but in this case Paul’s wife has no choice. He’s going out the door, if it’s on the nursing home curb, bottom line. Why, they can’t afford to pay cash and have no LTC coverage.
Paul was on Medicare due to his disability and I watched their assets dwindle over the last few years. He is now on Medicare/Medicaid and that’s all. Paul was not a freeloader in his life. He had a college education and worked in an industry where he made good money, He invested his money and due to his disease, has nothing much left and now this.
Now, I want to cover the cost. Now, remember this, we are located in Podunk, USA. These numbers might be much higher depending on your location. I know you agents know this, that was for the General Public. The hospital stay, I can’t remember how many days, totaled up to, the wife told me, $660,000.00. Now, Paul, I would imagine, will be covered and the hospital may write off the difference in what Medicare and Medicaid pays. To be honest, I don’t have a clue of the reimbursement rate today. The nursing home was adding up at a rate of $5,900.00 per month. Back in my day $1,700.00 a month was about the norm around here.
I’ll plug something in here and you agents can correct me. The Medicaid rules were change back in my LTC business days. I don’t know where they are today, but then they began a look back period, I think it was called. One couldn’t transfer their assets to another to become eligible for Medicaid. If caught you could be in a bind. Five years, pops into my mind in the look back period. Then, when the recipient and his or her spouse are both deceased, they will come and take you estate, whatever is left. Then if a balance is due they still look to the children. Am I correct? Is it still the same?
I know you agents have heard it and I have too. People say they will just put aside money and pay their own way. General Public you can’t self-insure if you are not the mega rich like Buffet or Gates.
General Public, whether you have one of the “Junk Policies they are calling them now, or Medicare, or a PPACA plan. Check out what you have. Don’t believe me, or anyone else. Investigate it for yourself. READ YOUR POLICY if you have one and remember the large print giveth and the small print taketh away.
Now, for my other question, where does LTC fall in this PPACA thing. I have the law in a PDF file, but I don’t have another lifetime to read it and seek legal interpretation if needed. Can y’all get me up to speed on this?
Sorry I wrote a book, but while I was here I thought I would give you agents another horror story to tell and give the public a real life situation.
Anyway, I was in the LTC sales arena in its beginning. I marketed for one of the first two companies that offered it. Then everyone jumped in the game and things got competitive and for some reason I got side tracked.
Without a doubt, the best commissions I made were in the LTC market. I only did it part time and didn’t sell thousands of policies, but I did maintain 100% persistency in what little I did sell. Even though it was small, I was kind of proud of it. That’s all history though and I’m thinking of jumping back in the game and need to get up to speed and of course get the licenses back.
I ran into a guy’s wife I know Friday. He lives about a mile from me. He was never one of those friends you stop by or call everyday. I haven’t seen the guy in eight or nine months and had no clue what had happened to him. I’m going to tell this story because it may help some of you agents or people in Insurance Land that are contemplating LTC coverage.
You agents know what I learned way back and that is that stories help you sell. You potential LTC buyers, stories have to be used to paint you a picture that no brochure or computer presentation can paint. So, this is a real, true story that is still unfolding right now.
Paul, the guy I know, was not in the best of health. He has some kind of degenerative neurological disease, I couldn’t tell you which one, but it isn’t ALS. I have watched him go down hill the past few years, but he was not in a wheelchair, just slowed down to a shuffle in his walk and naturally couldn’t do anything anymore.
Last August, Paul wound up in the hospital with Pneumonia. His wife had a particular type that was new to me. Anyway, Paul went into a coma for 20 days and he became Septic and his organs started shutting down, kidneys naturally. He came out of the coma and is on Kidney Dialysis and bedridden. He has been in a nursing home for the past, almost 90 days.
You agents know where I’m heading, but for your prospective insurance buyers on Medicare particularly, 90 days is all you get initially out of the hospital, then you’ve got to go somewhere. In Paul’s case, he’s coming home and unfortunately his wife and family are going to attempt to take care of them. General Public, it can’t be done and the doctors have told her, she will wind up down with him, and she admitted that to me in her story.
I heard the horror stories back in the day and nothing has changed. It can and will happen, but in this case Paul’s wife has no choice. He’s going out the door, if it’s on the nursing home curb, bottom line. Why, they can’t afford to pay cash and have no LTC coverage.
Paul was on Medicare due to his disability and I watched their assets dwindle over the last few years. He is now on Medicare/Medicaid and that’s all. Paul was not a freeloader in his life. He had a college education and worked in an industry where he made good money, He invested his money and due to his disease, has nothing much left and now this.
Now, I want to cover the cost. Now, remember this, we are located in Podunk, USA. These numbers might be much higher depending on your location. I know you agents know this, that was for the General Public. The hospital stay, I can’t remember how many days, totaled up to, the wife told me, $660,000.00. Now, Paul, I would imagine, will be covered and the hospital may write off the difference in what Medicare and Medicaid pays. To be honest, I don’t have a clue of the reimbursement rate today. The nursing home was adding up at a rate of $5,900.00 per month. Back in my day $1,700.00 a month was about the norm around here.
I’ll plug something in here and you agents can correct me. The Medicaid rules were change back in my LTC business days. I don’t know where they are today, but then they began a look back period, I think it was called. One couldn’t transfer their assets to another to become eligible for Medicaid. If caught you could be in a bind. Five years, pops into my mind in the look back period. Then, when the recipient and his or her spouse are both deceased, they will come and take you estate, whatever is left. Then if a balance is due they still look to the children. Am I correct? Is it still the same?
I know you agents have heard it and I have too. People say they will just put aside money and pay their own way. General Public you can’t self-insure if you are not the mega rich like Buffet or Gates.
General Public, whether you have one of the “Junk Policies they are calling them now, or Medicare, or a PPACA plan. Check out what you have. Don’t believe me, or anyone else. Investigate it for yourself. READ YOUR POLICY if you have one and remember the large print giveth and the small print taketh away.
Now, for my other question, where does LTC fall in this PPACA thing. I have the law in a PDF file, but I don’t have another lifetime to read it and seek legal interpretation if needed. Can y’all get me up to speed on this?
Sorry I wrote a book, but while I was here I thought I would give you agents another horror story to tell and give the public a real life situation.