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Posted by Positive Aging Community on 05/11/2022

Long-Term Care Insurance: Live & Interactive Discussion

Gain new perspective on these questions and more with a live and interactive discussion! 

THOMAS WEST CLU, ChFC, AIF©, Senior Partner, Signature Estate and Investment Advisors

Questions Asked:

  • I have a LTC policy that has a max out of pocket value of $45k and a 3% inflation adjustment per year. The yearly premium is about $350. Would it not make more sense to place $50k in a growth fund. That way I have money to use as I like should I not need LTC and also eliminate the risk of significant increase in premiums or changes to the policy
  • What do you suggest for someone who is told for or won't pass medical underwriting for LTC insurance?
  • Are these sessions being recorded so that my family can view later?
  • Is there a level of assets where you  would say the person can self-insure and does not need LTC insurance?
  • 75 years old cancer survor can't afford ltc
  • I have a genworth policy with a 90 day elimination period.  Any advice on the best way to handle this in most efficient manner.
  • At what age do you suggest people get long term insurance?
  • At what age do you suggest people get long term insurance?
  • How does long-term care insurance work with the new Continuing Care at Home programs?
  • Our proposed rate increase last year was over 45%, was reviewed by the Virginia State Corporation and found to be compliant with applicable Va. laws and regulations.
  • I’m in the last year of a LTC policy with 10 years of premiums. So just one year to go to finish the policy payments. There are all these new hybrid products now. Are any of them advantageous?
  • I’m in the last year of a LTC policy with 10 years of premiums. So just one year to go to finish the policy payments. There are all these new hybrid products now. Are any of them advantageous?
  • My mom (79yrs with Alzheimer's) has a very generous LTC policy HOWEVER I cannot get her approved in order to begin covering the cost of her care. I have appealed multiple times but due to Covid, the assessments are done via Zoom and my mother presents very well. Any suggestions? It is extremely frustrating.
  • My mom (79yrs with Alzheimer's) has a very generous LTC policy HOWEVER I cannot get her approved in order to begin covering the cost of her care. I have appealed multiple times but due to Covid, the assessments are done via Zoom and my mother presents very well. Any suggestions? It is extremely frustrating.
  • Please discuss the hybrid life insurance/LTC policies.
  • How do I determine when to file a claim on my husband's LTC insurance? We have been paying premiums about 15 years and my husband has been diagnosed with dementia, although he still lives well at home. He has a good monthly benefit.
  • Can you tell me how do you think about the fact that the pay-in to many policies is lost if its not used?
  • If I look at the present value of my a stream of payments,  and then what I might obtain in benefits, I can decide if it’s right for me (or not).  But the problem I have is assessing my costs.  How many times in the next 30 years, will my insurance company give me a 20-30% increase.  I’ve had two increases in the last 7 years.
  • Tom mentioned 2 ways to look at when to purchase long term care insurance. The first was for those over age 50. I don't recall him discussing the 2nd way to look at this. If it was not addressed, could he discuss the 2nd way to view this. Thank you.
  • Cognitive impairment diagnoses alone will not usually qualify to activate a policy.  MUST also have deficiencies in ADLS-- or at least  need close supervision for safety. .
  • Cognitive impairment diagnoses alone will not usually qualify to activate a policy.  MUST also have deficiencies in ADLS-- or at least  need close supervision for safety. .
  • Continuing care at home programs are NOT all the same.
  • Can you comment on the long term care insurance policies available to federal employees?
  • Awesome response!!! So true


12:10:27     From  Steve Gurney - ProAging Sourcebook : This recording will be posted this evening at https://www.retirementlivingsourcebook.com/digital-discussions

12:13:02     From  Joe Sperling : DO YOU WANT TO FEEL GREAT?

I’m Joe Sperling - “Protectionist”

I help folks protect what they love 

and what’s important.  Protect families, maintain options and control and avoid being a burden when care is needed.

LONG-TERM CARE PLANS are the solution.

PLEASE: put plans in place while you can!

Before it’s too late.

You will FEEL GREAT when you do.


Put protections in place.

Call me:   301-980-8869.


I’m not your average Joe!

12:13:31     From  Bernie Cohen : We never got a single 40% increase, but the increases over the years equals at least that.

12:15:56     From  Joan Rubin-kritz : Joan Rubin-Kritz, LSW, CDP. 609-423-9697.  I'm a personal care navigator for Springpoint Choice, a membership-based "at-home continuing care retirement program" covering individuals who live in NJ and DE.  Our program is much more comprehensive than LTC insurance.  Check us out at Springpointchoice.org.

12:15:57     From  Tamara Stroike : Times have changed, and I've heard that it's nearly impossible to get approved for LTCi anymore.  Does one need to be healthy like a 20 year old to qualify?

12:22:39     From  sara sheets : The choice I was given was to drop the policy or pay a higher premium.

12:23:07     From  Bernie Cohen : Interesting... there have been no increases during the pandemic.  could it be that enough policyholders were victims so that the claims/premium ratio balanced out?

12:23:14     From  Beth Wiseman : I started at $1500 annually. Now I am about $7500 annually.

12:25:05     From  Chuck Thornton : My Financial Planner recommended that even if one has to borrow to cover the premium, do it!  I was part of a service for a person who had LTC insurance.  His son was telling his siblings that they owed a great deal to their father as without the policy, there would have been no estate to talk about.

12:25:46     From  Rene Schecker : I'm 65 still working in good health. Would like to purchase a policy now. Who can  contact to discuss the specific.

12:27:26     From  Mike P : At what age should a person consider getting long term care insurance?

12:27:34     From  Bernie Cohen : Bernie Cohen, Insurance Solutions, Bernie@BernieCohenInsurance.com

12:29:47     From  carol loewecke   to   Hosts and panelists : Please review age as it relates to LTC coverage.

12:30:11     From  Elisabeth Schuler : Can you suggest a "glossary" or site where I can read layman definitions of what all the terms in a LTC policy mean? (The definitions in a policy are complicated). Thank you.

12:30:56     From  Bernie Cohen : Marty, to accomplish what you suggested, there are types of Life Insurance plans that will give you growth, plus have LTC benefits attached as a rider...

12:31:34     From  Joan Rubin-kritz : With the cost of care increasing so rapidly, folks need to fully understand what care costs today and think about how much more it WILL cost in the future.  Also, know what it takes to activate the policy.  Many individuals have not lived much longer than their policy elimination periods and have not been able to collect much from their policies.  Of course, its a crap shoot.

12:32:03     From  Cecilia Morrissette   to   Hosts and panelists : Is it a "use it or lose it" policy?

12:32:16     From  Owen Houghton   to   Hosts and panelists : I Am 85 and have always chosen the 5% increase in premium over past 20 years - can I choose to reduce my premium at any time?  (think I recently elected to continue the increases, but now have second thoughts)

12:33:31     From  Chuck Thornton : How early to purchase LTC?  My wife was diagnosed with breast cancer when she was forty.  I call the American Cancer Society for advice.  We had not result received the full results of her initial biopsy.  They recommended that the very next call I make would be to get long term care insurance.  We did for both of us, and have not looked back.

12:34:15     From  Brandy Barton-Smith : What options are there for us (70 Years Old) who do not have LTC insurance?

12:34:37     From  Joan Rubin-kritz : At home continuing care programs, like the one I work for, can often blend their program with the person's LTC insurance policy so the gaps are filled, and reduce the fees accordingly.  Each person's policy must be assessed...

12:35:44     From  Cynthia Barnes   to   Hosts and panelists : Please explain 3.20% automatic compound inflation option.

12:35:47     From  Bernie Cohen : The only time that someone is happy about having any type of insurance is when a claim is paid!  The best outcome for any kind of insurance is never to have to make a claim.  My wife & I have had LTC insurance for over 20 years.  Have paid in about $180k.  Hope we never get back a dime!  On the other hand,  if one of us uses it the pay-back is about 2 years!

12:37:38     From  Joe Sperling : If too old or have medical conditions that preclude traditional LTC insurance, alternatives might include an annuity with or without LTC benefits, life settlement (sale of an existing life insurance policy), reverse mortgage or short-term care coverage.

12:37:59     From  carol loewecke   to   Hosts and panelists : my current policy has increases projected 0f over 100% o ver the next 3-6 years.  8K per year to 16K per year,  365$/day unlimited with 5% compound.  Or $585K total coverage at 265/day with 5%compound with an 18K payout.

12:38:09     From  Brandy Barton-Smith : How do you find out what it will cost for a plan of care  for the various options for a 70 year old in the Washington DC area?

12:38:27     From  carol loewecke   to   Hosts and panelists : I an 82 years old, in good health.

12:39:52     From  Bernie Cohen : If someone has medical impairments that preclude getting a stand-alone LTC plan, they may be able to get a Life insurance policy with a LTC rider... maybe...

12:40:37     From  Bernie Cohen : Another thing to consider, that as a rider to Life Insurance, premiums never increase!

12:40:45     From  sara sheets : I got Long Term Care when I was in my 30's.  So I have been paying a long time.  I have the option to use it for home care at a lesser pay out.  However, my impression is that will lower how long payments will last at a care facility.  How do I decide whether to use it for home care or not?

12:41:39     From  Owen Houghton : My wife was in a memory unit with Alzheimer's Disease for nearly 3 years - the total payout from Lt insurance was  way over the amount of 20 years of premiums - I would be a Medicaid candidate now as a widower without that policy.

12:41:55     From  Beth Wiseman : Does Md still have the LTC Partnership Program? If so, can you explain it for those who are not familiar with it?

12:41:59     From  Bernie Cohen : Sara, you need to sit down with a professional and sus out all your concerns...

12:43:02     From  sara sheets : So, how do I find the correct professional to consult with on Long Term Care?

12:44:26     From  Bernie Cohen : Joe, the biggest buyers for LTC are the people who could self-insure. They recognize that they are getting a lot of benefit for a little amount of money.  In other words, it's a good bet!

12:44:50     From  steve jefferys   to   Hosts and panelists : Best practice - talk to an advisor first that does not sell long term care insurance NAPFA.org and get their advise. www.archfinancialadvisors.com

12:46:25     From  John Hinkle : Tom is a great expert on LTC insurance! I have known him for years. We shared and office for years. There are still agents who sell LTC insurance. I have been selling LTC insurance since 1987! There are still a few LTC insurance agents wjho are very competent. Contact me. John Hinkle Financial Services

12:48:18     From  Rene Schecker : Who is the Tom that is selling LTC now?

12:49:00     From  Rahima Jamal : Hello Everyone, I am an administrator for Small Home care agency and we do accept long term care insurance and self pay. If anyone you know needs help at home in Maryland kindly contact me or have any questions. Thank you Rahima Jamal 443-739-2679 rahimaprojects6@gmail.com    www.cfshomecarellc.com

12:49:46     From  Joan Rubin-kritz : Sara- I would suggest using it for home care.. Most people wait too ,long and then never use their benefits in facilities.  Happened to my mom. Home care can help you stay healthier, prevent falls, etc.. so facility care is not needed at all, or as long.

12:50:36     From  Steve Gurney - ProAging Sourcebook : Our discussion on Continuing Care at Home https://www.retirementlivingsourcebook.com/videos/continuing-care-at-home

12:53:01     From  Catherine Narro : Hello All. This is Catherine Narro from Sencura Home Care. We serve all of Northern Va and accept long-term care as well as private pay. I can be reached at catherine@sencura.com  or 703.880.2547 if you wish to discuss further. Thank you Tom for this excellent presentation!

12:53:20     From  Chuck Thornton : To my knowledge, senior communities and most home care agencies have a person designated to assist with LTC claims.  It is good for the community and the agency, and very good for the client.  It's a question to ask as one interviews with a senior community and/or a home care agency.

12:53:54     From  Joan Rubin-kritz : I strongly advise checking to see if your state has a continuing care at home program.  They are generally much more comprehensive and affordable that traditional LTC insurance policies.

12:54:50     From  Joan Rubin-kritz : Some states do not permit continuing care at home programs, NY for one.

12:56:08     From  Joe Sperling : There are a number of options for LTC coverage.  It's helpful to have a guide who can explain and clarify.  Call me:  Joe Sperling  301-980-8869.  Check out my website www.joesperlinginsurance.com.  Over 35 years experience.

12:57:19     From  Cynthia M   to   Hosts and panelists : To learn more about Continuing Care at Home programs in DC and Northern Virginia please contact Goodwin House at Home- 571-581-4155.

12:57:21     From  Bernie Cohen : there are companies that sell life insurance plans that are specifically tailored to provide LTC benefits.  Today, Life insurance is tailored to fit specific needs...

13:00:15     From  John Hinkle : Think about it! Rates are going up mostly because LTC insurance companies are PAYING CLAIMS! "The rubber is meeting the road." Buy that LTC insurance. Very likely to have a claim someday. If you have more than $200,000 savings/nest egg, look into LTC insurance  John Hinkle Financial Services

13:03:55     From  JessicA Novello : Many Continuing Care at Home programs have different contract options and can work with LTCI policies or act as a stand-alone alternate.

13:06:02     From  John Hinkle : My private LTC insurance policy was a 10-Pay. My LTC rate hike was only on the very last premium, and it was 65% higher. So glad I have that paid up policy! I also have a group LTC insurance policy still paying on, one rate hike so far. I am paying higher premium.  John Hinkle Financial Services

13:06:39     From  Bernie Cohen : Bernie Cohen, Insurance Solutions, Bernie@BernieCohenInsurance.com

13:07:17     From  Owen Houghton : caregiver relief via adult care center is essential - good way to begin to qualify for benefits

13:10:49     From  Bernie Cohen : Many Fed LTC plans only paid 75% of the daily benefit for home care...

13:12:09     From  John Hinkle : Federal LTC insurance is great for those who have less than average health history and status, for often you will get standard rates because of the size of the large group.  If you are a preferred risk, you often do better with a private policy. Private policies are much more customizable than a few boilerplate options at the Fed.

13:13:36     From  Joe Sperling : TRADITIONAL LTC is pure protection.  The hybrid plans now available with a life insurance chassis guarantees to pay out - either a death benefit or for LTC benefits.

13:14:36     From  steve jefferys   to   Hosts and panelists : One option I recommend to clients -  have a long term care fund covering about three years of coverage, about $330,000 to pay for care if needed. www.archfinancialadvisors.com

13:15:58     From  Louis Tenenbaum   to   Hosts and panelists : Hi from the HomesRenewed Coalition, excited to announce the Home Modification for Accessibility ACT, HR 7676 which will incentivize safety and accessibility preparations for aging in place. We need more cosponsors. Write your reps! www.homesrenewedcoalition.com

13:17:30     From  Louis Tenenbaum   to   Hosts and panelists : Would it help reduce claims and premiums if LTC encourages home modifications? This could work like smoke detectors to reduce risk.

13:19:31     From  Chuck Thornton : Thank you Tom!  Very helpful and affirming.

13:19:43     From  Tiffany Oscar : Great discussion! Thank you so much

13:19:50     From  Beth Sikkema : Thanks Tom, lots to consider!

13:19:57     From  Shigeyo Ibrahim   to   Hosts and panelists : M

13:20:07     From  Lynn Brazelton mccamie : Thx!  Your were very truthful of real time!

13:20:07     From  Roslyn Gadley   to   Hosts and panelists : Excellent presentation.

13:20:07     From  Mike P : Excellent presentation. Thank you.

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