033: Learning the Language: Long-Term Care Insurance

Who needs to think about long-term care? That’s something for down the road. Or maybe you’re healthy, you have your wits about you, and you just don’t think that is something you will ever need. Well, believe it or not, 70% of people over the age of 65 will need long-term care at some point while aging. Unfortunately, health insurance doesn’t cover it, and Medicare and Medi-Cal may cover a small portion of care, but only if certain conditions are met.

Joining us on the show today is long-term care insurance expert Patrick Johnson. Patrick has been in the financial planning marketplace for over 30 years and holds advanced degrees in life insurance and long-term care planning. In this episode, Patrick helps provide clarity about why people need long-term care coverage, the types of options that are available, and how they fit into the bigger picture of your future planning. Patrick also shares insights into the costs of long-term care and the next steps you should take to get the process of obtaining coverage started.

We get it, long-term care insurance is a confusing topic, but today we unearth the answers you’ve been waiting for and share why everyone should think about planning for tomorrow today.

Big Three from Episode #033:

  1. Do your homework and do your research to help determine the best solution for your needs.
  2. Seek a qualified professional who can help.
  3. Have a plan!

Time-stamped Show Notes:

3:30 – Why do people need long-term care?

4:30 – What types of care do long-term care insurance policies cover?

5:22 – What qualifies someone for long-term care in terms of a policy kicking in?

6:12 – Patrick discusses what an elimination period is as it relates to your policy.

8:05 – Patrick lays out the different types of long-term care insurance.

15:40 – What is a long-term care rider?

18:45 – When thinking about insurance, it’s important to clarify that you are talking about these two categories

21:43 – You could still qualify for long-term care insurance at an older age

22:55 – What is an annuity, and how could it help with long-term care?

26:38 – Patrick shares insights on one other financial vehicle that could be used

28:17 – Bottom line: What are the costs of long-term care?

30:14 – How do you find a new long-term care facility in California?

32:00 – What are the next steps in obtaining long-term care?

Episode 033 Freebie: What’s Your Plan Brochure

Have you planned for your future? Have you thought about how you would finance long-term care if you were to need it? You have options, but you need to do your homework. Today’s guest and long-term care insurance expert Patrick Johnson is giving listeners exclusive access to his “What’s Your Plan” brochure. This document is a valuable resource to have on hand because it not only breaks down all the options available, but also, it compares the various solutions and explains who would benefit from each. Click here to download your free copy now!

Resources/Tools/Links Mentioned in This Episode:

[AD] Planning for long-term care can be confusing, but with the right guidance, it doesn’t have to be. We understand the solutions available and can help ensure that you have control over your financing options and your plans. Click here to schedule a FREE pre-consultation to get started today. Let’s protect you and your needs.

If you’re someone who needs to include Medi-Cal planning in your estate plan, we can help. For more information on what Medi-Cal planning should look like, visit https://absolutetrustcounsel.com/practice-areas/medi-cal-planning/ for even more resources to help get you started.