long term care planning course - part 8 of 8
Post on 01-Dec-2014
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Long Term Care Planning Course
SummaryLesson #8
Presented by:Colin Meeks, Certified Financial Planner®
Complete Money Management, Inc.
Lesson #1Does Your Financial Plan
Include Protection Against Long Term Nursing Care
Expenses?• Kiplinger Magazine Video - 22 minutes• Why you should plan for long term
nursing care expenses• Overview of the 8 part course -
insurance, taxes, Medicaid, claims, Partnership programs
• Long Term Care Planning Discovery Meeting
Lesson #2Do I Need To Plan For Long
Term Nursing Care Expenses?• Obvious answer here…….YES!
• A financial plan that does not address this issue is incomplete, PERIOD!
• Care costs $6000-$8000 per month - where will this money come from, how will it affect my spouse/family, what will this potential cost do to my financial plan?
• Plan early, plan wisely, know your options, and take action before your best options disappear.
• Colin Says…. “It’s better to put a plan together 10 years too early, than 1 day too late.”
• Schedule a long term care planning discovery meeting
Lesson #3The Fun Part
Long Term Care Insurance
• Is insurance suitable for you? Not everyone should have it.• If insurance is right for you, how do you make sense of all
your options?• There are 4 “core” benefits that most all companies offer,
then a bunch of different “bells and whistles” you can add to customize
• You should compare at least 4-6 of the top companies before deciding on a policy
• Base your decision on benefits, company strength, claims paying history, discounts available, and premium
• Schedule a long term care planning discovery meeting - get quotes and info from the top companies
Lesson #4The Maryland Partnership For
Long Term Care Planning
• What is a “Partnership Program”?• How can it help me plan?• There’s an example of how this
plan works in this lesson• Partnership Update• Schedule a Long Term Care
Planning Discovery Meeting
Lesson #5The Medicaid Skinny
(Maryland Medical Assistance)
• How do I qualify, How have the rules changed?• Is this a viable planning option• My Mom signed over all her assets to me and
then the Government payed for her care, I’ll just do this - I don’t need to plan
• If you have assets, don’t be fooled. You probably will not qualify
• Schedule a long term care planning discovery meeting to see if Medicaid will pay for my care
Lesson #6Long Term Care Planning
and Income Taxes
• 2 very exciting topics - Insurance and Taxes
• Tax Qualified LTC Insurance Policies• Tax deductions and credits for owning LTC
Insurance• Schedule a long term care planning
discovery meeting to review how your taxes are affected by long term care planning issues
Lesson #7Long Term Care Insurance
Claims
• Colin’s personal client experiences with claims
• The “Dumb Statement Of The Day” - Claims paying is THE most important factor in choosing a company
• How companies pay claims• Schedule a long term care planning
discovery meeting to get more details
Summary Of Course
• If you have assets and want to protect them, you need to plan
• Old ways of planning no longer work• If you have spent time planning your
investments and retirement but have neglected planning for long term care expenses, you have done your self a disservice
• Use a professional, don’t go it alone
Summary Of Course• “If it’s right it’s right, if it’s not it’s not” - I’ll tell
you, straight up with no BS if you should consider LTC Insurance
• There is NOTHING to gain by waiting - we are not getting any younger, insurance rates are not getting any lower, and we are in as good of health as we’re going to be
• Your options now are better than they will be next year, in 3 years, and in 5 years
• DON’T PUT IT OFF - schedule a long term care planning discovery meeting
Schedule Your Personal Long Term Care Discovery
Meeting Today!
• 45 minute “Discovery Meeting” - we’ll have a cup of coffee and chat
• What are my options• Do I need LTC Insurance• Will I qualify for Medicaid• How much does LTC Insurance cost?• Absolutely, 100% leave your checkbook at
home. There is nothing you can buy at this meeting
Schedule Your Personal Long Term Care Discovery
Meeting Today!
• Call my assistant, Debbie, at (410) 663-0700 to schedule your Discovery Meeting (or click below)
• She’ll mail you a confirmation, directions to my office, and a pre-meeting kit
• At the end of our meeting, you’ll be well informed of your options and have a bunch of excellent resources to help you plan
Thank You
• You are now informed• Make a decision to plan• Class dismissed…
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