Preparing For Tomorrow podcast

Home Care Costs Increased over 14% March 2023 to March 2024!!!

If we want to make sure we can stay home when long term care is needed, we need a plan.  We need to afford the care we want. If costs of care continue to increase every year like they have been, this is not something most of us will self-fund without bankrupting ourselves or destroying family relationships. The first thing we need to do is admit that we'll probably need help living at some point. Bill Comfort with Certification for Long Term Care says, "If we don't die, wil live long lives.  ...

How can I be sure the insurance company will keep their promise to pay?

In other words, why shoud I trust the insurance company? All insurance companies, and especially LTC companies are heavily regulated and watched closely by all 50 states.   States monitor complaints to ensure compliance. Regulators work with the consumer and company to assist with payments. Often, regulators explain to consumers why a claim isn't being paid and advise the consumer what they need to do to complete the claim requirements. Listen and learn how may ways the Elimination Period is ...

Where is the urgency?

We live in an "I want it now" culture except when it comes to planning for extended care needs.   Why do we feel the need to wait as long as we can to consider and design our LTC plans? Once someone learns that there is a need for LTC insurance in some form, it takes 5-7 years on average for that person to contact someone who can help them purchase coverage. I get that we don't want to plan for when something bad happens like we get dementia, have a stroke or need help getting through each da...

How can I be sure I can live at home no matter what happens to me?

This week, Diana wants to know what she needs to do to be sure she can live out the rest of her life in her owm home. I know we're all asking this question, because we want to stay home no matter what as well. That really depends on how much support and assistance we can rely on from our family.  Do they live nearby?  If they say they will help us, are they actually able to do so?   If we own LTC insurance, how many hours of care will the benefits cover?  If it's not enough for 24/7 care, how...

Is the LTC plan my company is offering the same as one I can buy on my own?

Employers are seeing their employees reducing hours or leaving work to care for parents, spouses and other family members. They're searching for strategies to help keep employees at work.. Group LTC plans are again becoming popular, and they look different than they did in yesteryear. Listen and learn what is available as an LTC worksite solution. If you own a business or you are an employee of a business and want your employer to consider group LTC, contact me for information  Schedule 30 mi...

Questions we can't answer today need to be addressed anyway

In last week's episode, Diane shared a boatlod of questions we need ot be asking when planning for extended care needs (LTC needs). This week we cover the questions that can't be answered until that need invades our family. Although, we may not know what, when, where, or how long , we still need to plan early so we can be prepared for whatever happens. How can we do this?  Listen, learn, and schedule a meeting to discuss planning alternatives.   My calendar: Email me to receive a planning gu...

The LTC plan everyone needs - with or without insurance

Long term care planning is about more than the insurance or funding for care.  This week, Diane shares important questions we and our families need to be asking today. Regardless of where you will live, who do you want helping you?  Do they know this?  Are they able to do what you need? What do you want to have happen when extended care is needed?  Where do you want to live?  It's much easier to have these discussions today, while you're not in the middle of a crisis. Have the conversations n...

Rate increases are the elephant in the room

This week, Mark asked if he can expect his traditional LTC premium to double every 12 years. Many older traditional LTC policies were priced inaccurately and are now receiving increases to match today's expected risk.  Listen and learn what has changed since these policies were offered.  Learn how the regulators and the insurers are working to keep rates more stable. Learn what you can do to secure a plan that is guaranteed to never have a rate increase as long as you live. Learn why it's wis...

Baseball and Long Term Care - What league are you in?

It's February and spring training season in Florida.  Listen to Diane compare different types of planning strategies to the A, AA, AAA minor leagues and to Major league Baseball. Different levels of plans can be designed to meet each family's unique needs and budget. Just like in baseball, we need to Prepare today to be ready for a strong season, carry the playoffs and make it to the World Series of long term care. I can't say that needing extended care is like winning the World Series.  I ca...

What happens at claim time?

I have four clients opening LTC claims this week.  Three are for memory care, and one is for hospice care for teminal cancer.   All are women in their early 70s.  I wish no one ever needed to use the LTC plans we've developed, but I am so glad that I have answers and can assist when their family memebers ask for help and guidance.  All of these women were in great health when they bought their plans, most over 10 years ago and one in 2020. One claim was declined, and I'll share why in this ep...

Peace - Love - Joy - Hope

Peace - Love - Joy- Hope These are things we want for our kids and those whom we love most. Love is having a plan, when life doesn't go as planned, to not disrupt our family more than necessary.  We need to plan for our future so we don't steal our kid's futures from them. Almost everyone who asks me about LTC planning does so as an act of love for their family. We don't want to burden our kids. We don't want to hurt or bankrupt our spouse. We want to live at home near our loved ones when lon...

Case Study - If she had an cash indemnity plan, it would be so much easier

Most of us want to stay home when long term care services are needed.  Often, we can if we have a strong family support system. Sometimes, it's safer to move to assisted living for more hands-on assistance. Pathfinders Downsizing Solutions can help you resize your living arrangements when you move into a smaller space.   Reimbursement LTC plans can't pay for a home care person to stay with us in a facility setting because the care licenses are different for each type of care. Cash indemnity p...

Which words help and which damage our ability to plan for or receive LTC benefits?

This episode is all about words. Words that your doctors enter into you medical charts... Words that you use when attempting to open a long term care claim... Words your doctors use on your LTC Plan of Care when opening LTC caims... Words you share with your doctor that get added to your medical records... We need to be aware of how helpful or how damaging words can be in each of these situations. Most important is that the AMA has approved a simple blood test to diagnose Alzheimer's with 97%...

What are our parents thinking? And why?

I've heard so many stories from adult children who have parents that own LTC insurance and don't want to use it.  Why? Our aging parents refuse to admit they need help getting through each day.  Why? We're going to tackle these questions and more this week. I'm sure you have either experienced some of these situations, or you know someone who has. This week, we're going to teach you how to coach your parents so that they learn to want the help they've already paid for.  We're also going to sh...

What is Underwriting? What is reverse underwriting?

A woman whom  I've been encouraging to purchase LTC insurance over the last 2 years contacted me this week.  She shared that she had a TIA (Transient Ischemic Attack) in December and wondered if that disqualifies her from buying a plan. This happens far too often.  People explore LTC plannng options and then decide they want to wait to buy a plan for whatever reason they tell themselves is justifiable. Then a health concern shows up and limits options severely. This week, I'm sharing what dif...

Welcome to Preparing For Tomorrow 2024!

Welcome 2024!  The LTC industry is getting more exciting every day (for me anyway).  In this episode I'll share some changes that have occurred in 2023 and also what we can expect in 2024 and beyond. We are heading in a positive direction... More people are aware of ther need to plan More employers are implementing worksite LTC plans along with more family caregiver support for employees More plannng products are becoming available for both individual and worksite LTC solutions Cost for plans...

Marry Christmas - Happy Holidays - Welcome 2024!

Can I stop/pause benefits after I start using my LTC insurance?

Emily in MIchigan has a cash indemnity LTC plan.  She asked, "Do they just keep paying until the benefits are all used or can she stop the payments mid-stream if care is no longer needed?"  Indemnity plans simply pay the maximum benefit each month without any need for invoices to be submitted, so how will they know to stop paying?  Diane shares some key differences in how both reimbursement and indemnity  LTC plans work.  Let's talk and find out which may work best to protect your family, ass...

Will you review my LTC policy and tell me if it's right for my needs?

Nick asks if Diane will review his current LTC plan and help him to understand how it works and if it will do what he thinks it will do.   Unfortunately, we find many people in this situation.  They bought a plan several years ago and never again saw the agent who sold it.  Too many agents don't think beyond the sale, while the clients really need their help many years, or even decades later. Too many plans are built to cover today's needs, without considering that costs of care will increase...

LTC Awareness Month - Physical - I'm tired, and I have to stop!

Some of the information for this week's episode is from Check out the "For the Public" tab.   Then schedule some time with me to stop the cycle of family burnout at   This week's caregiver stress is physical.  This stress is often the result of neglecting the other stressors we discussed this month - time, financial, emotional and social. Caregivers too often feel obligated to prioritize the needs of their parent or loved one who needs help.  Then they provide for their own family and career...

LTC Awareness Month - Caregiver strain - SOCIAL

It's still LTC Awareness Month, and we're still focused on help for the family caregiver.  It's very easy for caregivers to fall into the trap of social isolation and lonliness.  The focus is always on the needs of the care recipient, and the caregiver may feel guilty for wanting things or activities for themselves.  LTC insurance is all about helping the caregiver help us better and longer, without wearing out.   Socialization is a basic human need.  We weren't created to be isolated and alo...

LTC Awareness Month- Caregiver Strain- Emotional

Caregivers get stressed out for many reasons and in many ways.  Some of my information this week is from personal experience caring for my grandma, and also from stories my clients have shared with me over the years.  Most comes from the Family Caregiver Alliance, who provides Caregiver Connections as well as resources to help family caregivers find answers to questions they don't even know to ask.   Far too many people become caregivers, whether gradually or suddenly, not because they asked...

LTC Awareness Month - Caregiver strain - MONEY

Long term care is for the care recipient, but it's really about the caregiver, and far too many caregivers are spending their own income and retirement assets to provide for a parent, or an older family member or friend, because the care recipient ran out of money.  You promised to never put them in a nursing home, and you are now sacrificing your own futures in your attempt to keep that promise. Family caregivers are spending, on average, 26% of income to provide this care.  That's a BIG chu...

LTC Awareness Month - Caregiver strain- TIME

LTC planning has little to do with the person needing care.  It's really about protecting those we love most from the physical, emotional and financial consequences they'll face when a parent or loved one needs help to get through each day. This month, we'll focus on five stressors a family caregiver WILL face to some degree.  The level of that strain depends on if there is a plan in place to manage and afford the care and responsibilities that come with caregiving. This week, we talk about t...

If I move to another state or country, will I need to buy a new plan?

Carmen asked if her LTC insurance plan that she bought in South Carolina can be accessed if she moves to another state or country.  It can, but when you are in the planning stages, we need to consider how state Partnership protection differs in different states as well as the cost of the type of care you would like in the state or country where you will reside during retirement.  FYI, the Partnership protected amounts today are still $2000 for the spouse needing care, and in 2023, the communi...

Is there a time limit for me to use my LTC benefits?

Sherry in Texas asked if there is a time limit to use the benefits once her LTC policy is activated.  That depends on how much insurance you own and how it is designed.  You can use the Genworth Cost of Care website to help determine how much insurance will work best to both compliment and protect your retirement savings.  You can find the chart at Schedule a meeting with me to design YOUR LTC plan at   LTC insurance is like a coupon to reduce your out of pocket expenses for LTC needs.  The ...

What are consequences of waiting to buy?

Joanne in Alabama wants to know what are the potential drawbacks to waiting to buy LTC insurance.  There are several, but one has more severe consequences than the others.    Ask your question from the Contact Us tab at   Schedule time with me to learn how to prepare today and avoid these consequences tomorrow.  

Don't do this to your kids!!!

This episode is from 2022, and Diane shares stories from her family and from clients who have shared with her over the years.  These are things our parents have done that caused much stress to the whole family, and they are things that could have been avoided if parents were really thinking about the consequences of their decisions (or non-decisions).  We need to learn from the mistakes of others and use this knowledge to get this right when it's our turn to need help living.  Over half of us...

What can I do if my LTC company increases my premium?

When a traditional LTC plan's rates are increased, it's vital to seek out an expert to learn options rather than just get angry.  This week, Diane shares how her clients, Jim & Linda, can avoid future rate increases and still keep meaningful LTC coverage. Protecting our family, assets and choices are more valuable as we hope to age in place during our final years. If you or a parent receives a letter stating that their LTC premiums are increasing, let me help you determine the best course of ...

Why do you need to know my financial information to get me a quote?

Thomas in New Mexico wants to know why sharing his financial details is needed to run a quote for LTC insurance.  Diane offers  multiple reasons why it's important to understand how you expect retirement to be like in order to determine the best way to protect your family and your savings with LTC coverage.  We may uncover a way to pay for coverage without impacting your monthly budget.  It's important to work through ideas to learn the wisest way to be Prepared for Tomorrow. Schedule some ti...

What does Tax-Qualified mean?

Kevin in Colorado asked what a tax-qualified LTC plan is and wants to know how a tax qualified LTC plan can benefit his family.  Diane shares when tax-qualified plans were put into effect and how they benefit consumers and business owners when both paying premiums and receiving benefits.  Thank you in advance for sharing this with those you care about most. In 2023, 100% of LTC premiums are tax deductble for a C corporation.  S corporations, self employed, and partnerships can deduct amounts ...

Should I include inflation protection in my LTC plan, even at the higher cost?

Irene in Nebraska wants to know if she should include inflation protection on her LTC plan, at a significantly higher cost. The real decision is to either pay more for insurance by adding inflation growth or pay more out-of-pocket for care at claim time.  Nursing home costs have averaged a 5% annual increase in cost over the last 30 years! Diane shares how inflation protection works and how plans with the rider help so much more when care is needed  She shares how her mom-in-law's plan had gr...

Hurricanes & Dementias - cone of uncertainty

This episode was first published in 2022, after hurricane Ian hit Florida a couple of hours south of us in Tampa.  As I work to republish this still very relevant info, hurricane Idalia is getting ready to pass Tampa and hit the "armpit" of Florida.  Unless somethng causes a sharp right turn, we'll miss the  worst of the storm again. There are coastal areas who are expecting over 6' of storm surge tonight.  That will flood homes and businesses throughout our region.  Please send thoughts and ...

Can the cash value in my life insurance be used to fund a LTC plan?

Matt listened to last week's episode about using an annuiy to fund LTC insurance and wants to know if life insurance values can also be transferred to fund a long term care plan.  The answer is yes, and Diane shares how a 1035 exchange can help reduce or eliminate premiums. With Matt's new plan, both the LTC benefits and the death benefits are 100% tax-free and won't impact any tax obligatio9ns or future Medicare premiums. If you have cash value built up in your life insurance policy, and you...

Can I use an annuity to fund my LTC plan and avoid taxes?

This episode was originally published in May, 2021.  Diane shares how she helped Tom and Kay use a 20 year old annuity to design a long term care plan that pays tax-free benefits for care or pays your family back if care is never needed.  If you recall, interest rates were much lower in 2021 than they are today after the Fed raised rates multiple times this year.  There are more companies offering annuities with LTC benefits worth three, four or five times the cash value of the annuity. If yo...

Can I use my IRA to fund an LTC plan for my spouse?

Rick in Vermont will need to start withdrawing $50,000 annually from his IRA the year this was recorded.  He already owns LTC insurance and wants to buy a plan for his wife.  He wants options to use his IRA to pay for her insurance.  Diane shares why they contacted her and how she's helping them prepare for tomorrow. Don't let an unscrupulous agent trick you into "seeing what you can qualify for" without telling you that they are applying for insurance.  There are numerous consequences in thi...

How is long term disability insurance different than LTC insurance?

In this episode, Melanie Erb-Wokurka with Juice Plus in Tampa, Florida, wants to know how LTC insurance is different than the long term disability plan her company is offering.  Listen as Diane shares how the products are different and where each fits into our planning puzzle.  For asking, we'll send Melanie a gift to say thank you for helping listeners understand what to consider when preparing for tomorrow.

Is it worth it to wait for better health?

This week, I ask you a question rather than the other way around. What consequences are there to waiting to buy LTC insurance that you may not have considered?  Many people want to wait until they are at optimum health or until they fit in those old jeans before they apply, thinking that a better health and build will lower their premiums.  Insurance companies can release new plans or adjust discounts when they see the need, and when states approve the changes.  If you're considering LTC cove...

What are some pitfalls to watch for when considering LTC coverage options?

Beth in Tampa, Florida asks another great two questions!  She wants to know what are some critical or costly "items" that may not be covered by LTC insurance.  Diane shares how LTC insurance works and what to pay attention to when planning and also when opening claims so you can be sure to get the most from your plan.   Use the Genworth Cost Of Care site to find bot tody's costs and projected future costs of care anywhere in the United States at Schedule a zoom or phone meeting with me to de...

What are you really sacrificing when you wait to buy LTC insurance?

There are a lot of numbers in this eposide.  I recommend you listen to it the first time all the way through and then listen again to grab the math.   The younger we are when we plan, the less total premiums we'll pay over our lifetimes.  And if we shorten the premium duration to 10 or 15 years, we can save significantly more while building a much stronger plan when we need it most. More importantly, this episode shares how, by waiting, we significantly reduce the amount of LTC benefits we ca...

Prepare Today to Celebrate Independence Tomorrow

This week, Diane shares how LTC insurance can help us to remain independent and maintain our freedoms.  Eleanor Roosevelt said, "With freedom comes responsibility".  When we have a plan for when life doesn't go as planned, we give ourselves permission to live out our retirement years the way we choose.  We won't have to wonder if we have enough money set aside to pay for extended long term care needs because we already have a bucket of tax-free money dedicated for that purpose.  Connect with ...

February Case Study: What if I was declined?

Meet my client who was declined several years ago for LTC insurance.  Learn what options she has today to protect herself, her family and her assets from the risk of needing long term care at home, in assisted living or wherever care is needed.  Once a decline is in your history, it's important to know which companies are more likely to approve an application.  Ask me, I can help you find answers. The episode was fies published in February, 2022, and more tax-free LTC products have been relea...

Why should we include our adult children when planning for LTC?

This episode was originally published on July 19, 2022, and we heard from the kids.  What do they want to know about our LTC insurance plans?  How will it help them if we have a plan to provide for our needs?  It's important to include our family when planning for what could easily be the most fragile and most expensive part of our lives.   Having a plan for when life doesn't go as planned shows our kids that we value our relationship with them and their families.  We don't want to burden the...

How can we use the SECURE ACT to design tax-free LTC benefits?

The Setting Every Community Up for Retirement Enhancement (SECURE) Act was put into effect in 2020.  It delays our RMDs on IRAs until age 72 (yay!), but it also requires most inherited IRAs to be fully liquidated within 10 years rather than allowing beneficiaries to stretch withdrawals over our own lifetimes.  Listen and learn how LTC planning can leverage those distributions to create  tax-free benefits for care.  If you don't need extended care, there is a tax-free death benefit that goes b...

How long will I have to pay premiums?

Kim in California wants to know how long premiums will need to be paid on a LTC policy.  You decide that, based  on what your income and asset levels are today and will be throughout retirement.  Some plans use lifetime premiums, while others offer shortened pay and single deposit options (like getting a 15 year mortgage vs. a 30 year mortgage).  Which is right for you? When designing a plan, it's important to also design a sustainable funding strategy. Let's figure this out together as we cr...

What are the biggest mistakes people make when considering LTC insurance?

This episode is from August 10, 2021.  Kristina asks about mistakes people make or things people fail to consider when planning for future long term care needs. There are several, but three stand out to me as I have worked too often with people who looked at options many years ago and are looking again today.  Others planned ahead but didn't consider future costs in their strategy.  We also need ot consider that, the longer we wait, the m,ore likely a chronic health condition may prevent us f...

Do I need LTC insurance if I don't have a family to protect?

This episode is from September, 2022, and shares some things to consider when kids aren't a part of our retirement equation.  Topic to consider - Hope is not a plan.  We hope we'll never need care.  We hope that, if we do, that we have enough money to pay for it.   What if we don't have a family to protect?  Do we really need LTC insurance?    Many people with no kids have had better opportunities to save throughout their lives.  They've lived well and comfortably for as long as they can reme...

A plan for wherever you live and whoever is helping

This is a case study from 2022. My client Sandy doesn't know in which part of the country she plans to retire, so we designed a plan that will help her provide for herself in any of the regions she is considering.  It's important to consider what life will be like in 20-30 years when we're planning for LTC needs.  And it's important to research projected future costs of care to understand the real risk we'll face.  In 25 years, home care and assisted living costs can easliy be $240,000 annual...

Why is it important to have dedicated funds for care?

This is one of my favorite past episodes.  This is from January, 2022, and my friend that I share here is now paying $18,000/month for her mom to live in memory care.  Mom is healthy, other than her mind being absent most of the time, so we have no idea how long she will live there.  But, as of now, her kids are spending over $200,000 annually from her investments to pay for care.  Losing their inheritance is not the primary concern.  Taking care of mom is.  But as the accounts rapidly deplet...

LTC insurance buys your family time to make better decisions for your care

This episode was originally published in June,2022, so some numbers are slightly outdated. With a long battle of dementia looming, Bonnie's family is pretty sure she doesn't have enough insurance to pay for as long as she needs.  They know that she has at least 3 years of benefits, and that buys them the time they'll need to plan for a transition to Medicaid, if needed. They won't need to sell her house right away, and she can live there alone for now, with help from her LTC insurance and hom...