Episode 128: Long-Term Care Planning (Part 12): The Different Features of Long-Term Care Planning
In this episode, Wade and Alex discuss the different features of long-term care insurance. They cover topics such as waiting periods, benefit periods, benefit amounts, inflation adjustments, and methods of payment. They also touch on the administrative aspects of managing long-term care insurance and qualifying expenses. In this conversation, Alex and Wade discuss various aspects of long-term care insurance. They cover topics such as the definition of activities of daily living, the differences between policies, the option for couples to pool their benefits, the concept of hybrid policies, underwriting requirements, coverage for living abroad, liquidity and death benefit options, ways to lower premiums, and the importance of sharing your long-term care plan with family members. The conversation concludes with a discussion on implementation and monitoring of the plan, including the importance of staying healthy and reviewing the plan regularly.
Takeaways
Chapters
00:00 Understanding the Different Features of Long-Term Care Insurance
06:10 Navigating Waiting Periods and Benefit Periods
08:13 Determining Benefit Amounts and Inflation Adjustments
15:21 Exploring Methods of Payment for Long-Term Care Insurance
24:28 Qualifying Expenses for Long-Term Care Insurance Coverage
24:56 Understanding Activities of Daily Living and Policy Differences
27:17 Pooling Benefits for Couples in Joint Policies
28:37 Exploring Hybrid Policies
29:00 Navigating Underwriting and Health Classification
30:36 Considering Coverage for Living Abroad
31:38 Understanding Liquidity and Death Benefit Options
33:05 Lowering Premiums through Various Strategies
35:23 Sharing Your Long-Term Care Plan with Family Members
37:57 Implementing and Monitoring Your Plan
39:16 Staying Healthy to Reduce the Need for Long-Term Care
Links
The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/
This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/roth/ to download McLean’s free eBook, “Is a Roth Conversion Right For You?”
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