Instead of paying premiums to an insurance company has anyone considered setting up their loved ones Provider services agreement earlier in life so that you can potentially qualify for LTC Medicaid with little or minimal penalty? Keep in mind these things need to occur outside of the lookback window. This would allow all the hard earned money that some parents worked their who lives for to be able to pass that to their children.
LTC Insurance Alternative
kpbdy99
Super Genius
- 162
One of the biggest reasons to plan for LTC is to avoid having your children become caregivers. I suppose if you're not concerned about putting them in that position, and you're not utterly horrified by the prospect of winding up on Medicaid, this is a good strategy. Personally, I don't want any of my kids cleaning my nether regions after an accident in my bed at 89 years old. I'd rather that not be their last memory of me. I was selling LTC insurance for 15 years before I found myself in the position of doing exactly that with my own mother, and that's the moment when I realized the benefit I was really providing my clients with.
I tell my clients if you give your money to your children too soon, you may never see your children again!!!
- Thread starter
- #5
I respectfully disagree, what levels of care are placing above homes that take Medicaid?
- Thread starter
- #6
johnny42
Expert
- 25
Perm life w/ LTC rider is the alternative I only use.
- 2,855
- 658
I sold LTCI for about 15 years. My wife was diagnosed with Frontal Temporal Dementia in June of last year. We moved into Assissted living on November 1, 2024.
Thankfully We have LTCI and it covers the tab. If I had plenty money, I would not enjoy spending my after tax dollars on an Assisted Living Facility for an undetermined length of time.
I chose to pay an Insurance Company to take a big portion of the risk off of me and onto themselves.
Best money I ever spent. I deducted the premium for years because I could since I was self employed. Now I am getting the benefits to pay for assisted living which are non taxable.
All prospects for LTCI need to make sure they talk with an LTCI professional that knows how this business works.
Thankfully We have LTCI and it covers the tab. If I had plenty money, I would not enjoy spending my after tax dollars on an Assisted Living Facility for an undetermined length of time.
I chose to pay an Insurance Company to take a big portion of the risk off of me and onto themselves.
Best money I ever spent. I deducted the premium for years because I could since I was self employed. Now I am getting the benefits to pay for assisted living which are non taxable.
All prospects for LTCI need to make sure they talk with an LTCI professional that knows how this business works.
My parents divorced and I lost contact with my father for 25 years. When I entered the business I wrote strong policies for my mother, my mother-in-law, my wife and I. My father never planned, and ended up on Medicaid with Parkinson's. His wife ended up on Medicaid with dementia. I would never want to purposely plan for a Medicaid facility. They are awful (from my personal experience). If there are assets available,wouldn't it be better to use them to ensure you receive care with dignity either at home or in a private pay facility? Whether that means private paying for care, or insurance, or a mix of each. Why subject yourself to Medicaid? Non-sensical for people that have the assets.
