In this conversation, Alex, Wade, and Jason discuss the importance of incorporating long-term care into financial planning. They share a real-life example of a client who unexpectedly needed long-term care earlier than anticipated and how having a long-term care policy helped preserve their assets. They also discuss the different types of long-term care insurance policies, such as hybrid policies, and the factors to consider when deciding whether to self-insure or purchase insurance. The conversation highlights the need to stress test financial plans for long-term care events and the value of care coordinator benefits in insurance policies. In this conversation, Jason Rizkallah discusses the process of obtaining long-term care insurance. He explains that the decision between insurance and self-insurance varies and is often influenced by factors such as cost, eligibility, and pre-existing conditions. Rizkallah also outlines the steps involved in signing up for a long-term care policy, including determining coverage amounts, obtaining quotes from providers, and going through the underwriting process. He emphasizes the importance of working with a knowledgeable long-term care specialist to navigate the complexities of the insurance market. The conversation concludes with a discussion on the need for early planning and the availability of options for long-term care coverage.

Takeaways

• Incorporating long-term care into financial planning is crucial due to the high probability and cost of long-term care events.


• Stress testing financial plans for long-term care events helps clients understand the potential impact on their financial situation.


• Hybrid policies, which combine life insurance and long-term care coverage, can provide both a death benefit and long-term care benefits.


• The cost of long-term care insurance should be compared to the potential out-of-pocket expenses to determine the value of the coverage.


• Care coordinator benefits in insurance policies can be valuable for individuals who may have difficulty finding appropriate care on their own. The decision between long-term care insurance and self-insurance depends on factors such as cost, eligibility, and pre-existing conditions.


• The process of obtaining long-term care insurance involves determining coverage amounts, obtaining quotes from providers, and going through the underwriting process.


• Working with a knowledgeable long-term care specialist can help navigate the complexities of the insurance market and increase the chances of approval.


• Early planning is crucial for long-term care, as the probability of needing care increases with age.


• There are options available for long-term care coverage, including hybrid policies that offer flexibility and known benefits.

Chapters

00:00 Introduction and Guest Introduction

07:26 Benefits of Hybrid Policies

23:02 Factors to Consider in Long-Term Care Planning

32:16 Options for Long-Term Care Coverage

Links

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