Long Term Care Insurance: Understanding Your Options

Miller Estate and Elder Law

In this episode, attorney Bill Miller discusses the intricacies of long-term care insurance, focusing on the importance of planning for potential long-term care needs. He explains the three primary ways to pay for long-term care, the benefits of long-term care insurance, and the differences between traditional and asset-based long-term care insurance.

The conversation emphasizes the need for individuals to understand their options and the implications of each type of insurance, as well as the criteria for qualifying for claims.

Takeaways

• Long-term care insurance helps leverage assets instead of liquidating them.
• Medicaid has strict qualification requirements that many find challenging.
• Traditional long-term care insurance often has increasing premiums and limited benefits.
• Asset-based long-term care insurance offers lifetime benefits and is not 'use it or lose it'.
• Qualifying for long-term care insurance requires assistance with daily living activities.
• Inflation riders can help maintain the value of long-term care benefits over time.
• It's crucial to understand the specific features of each insurance policy.
• Long-term care expenses can significantly impact retirement savings.
• Using an IRA to fund long-term care insurance can minimize tax implications.
• Planning for long-term care should be tailored to individual circumstances.

Chapters

(00:00) Introduction to Long-Term Care Planning

(01:00) Understanding Long-Term Care Insurance

(06:08) Types of Long-Term Care Insurance

(11:58) Asset-Based vs Traditional Long-Term Care Insurance

(18:13) Qualifying for Long-Term Care Insurance Claims