LTCShop.com @LTCShop

Not all calendar day elimination periods start when you become chronically ill. Some don't begin until a healthcare practitioner officially certifies your condition. That difference can impact when benefits begin. Buy my book on Amazon: zurl.co/IDM2V Listen to the podcast: zurl.co/WjgS9 Watch our YouTube channel: zurl.co/cViE4 Our website to learn more: zurl.co/HpQOg Scott A. Olson, CLTC®, is co-founder of zurl.co/ztsHO and host of Long-Term Care Insurance Now. He has specialized exclusively in long-term care insurance since 1995 and is licensed nationwide. His National Producer Number (NPN) is 617232. #longtermcareinsurance #ltc #ltci #longtermcare #retirementplanning #insurancetips #financialplanning101 #fiancialfreedom #retirement #lifeinsurance

@IRMAARetirement Wow! Let's teach them from birth how to qualify for Medicaid. I'll pass on that. The last thing I want for my wife, my sons and me is to rely on Medicaid.

Cash value life insurance is an asset that is counted when determining if someone can qualify for Medicaid-funded long-term care: "If the policy's face value is less than $1,500, then it won't count as an asset for Medicaid eligibility purposes. However, if the policy’s face value is more than $1,500, the cash surrender value becomes an available asset." elderlawanswers.com/can-life-insur…

Dan IRMAA @IRMAARetirement

17 hours ago

@LTCShop Cash Value in a Life Policy does NOT show up on 1040...thus it does NOT count towards Medicaid income testing Only MAGI counts

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@mattragudo How long is the no lapse guarantee?

@IRMAARetirement What would you do with the loan proceeds that would hide it from Medicaid?

@IRMAARetirement Nope.

@IRMAARetirement OR, the asset would need to be given away at least 5 years before applying for Medicaid-funded long-term care.

@IRMAARetirement The proceeds you receive from the loan would be counted as an asset. The asset would have to be spent down before qualifying for Medicaid-funded long-term care.

@IRMAARetirement To qualify for Medicaid-funded long-term care there are two tests: the income test and the asset test. Cash value life insurance is counted in the asset test. The cash value has to be used to pay for care BEFORE Medicaid will pay for care.

Cash value life insurance is an asset that is counted when determining if someone can qualify for Medicaid-funded long-term care: "If the policy's face value is less than $1,500, then it won't count as an asset for Medicaid eligibility purposes. However, if the policy’s face value is more than $1,500, the cash surrender value becomes an available asset." elderlawanswers.com/can-life-insur…

IUL Advocate: Here's the math on the alternative: standalone long-term care insurance runs $3,000 to $6,000 a year in premium. LTCShop: Comparable "chronic illness" benefits from an IUL would cost at least twice that amount. IUL Advocate: Most policies lapse because people stop paying in their 60s. LTCShop: That's 100% false. The lapse ratio for long-term care insurance is less than 1% per year. People hang onto their long-term care insurance policies even if they get big rate increases. IUL Advocate: Die healthy, the carrier keeps every dollar you ever paid. Zero back to your estate. LTCShop: So what. Is it better to pay twice as much in premium for less benefits with an IUL? IUL Advocate: An IUL with a chronic illness rider costs nothing extra in premium. The rider shares the same death benefit chassis. You either accelerate it while you're alive or your beneficiaries collect it after. LTCShop: You failed to mention the most important parts: 1) The amount of the "chronic illness" monthly benefit is determined at the time of claim. The longer the policyholder is expected to live the lower the monthly benefit from the chronic illness rider. 2) The IUL policy might lapse, unless it has a no-lapse guarantee to age 120. If it lapses that means there's NO death benefit, NO chronic illness benefit, NO cash value. 3) There is no guaranteed inflation growth. In other words, the value of the chronic illness benefit decreases every year, due to the eroding effects of inflation. 4) If the policy happens to stay in-force until the policyholder needs "long term care", once the death benefit is exhausted the policyholder must use their own assets to pay for care. IUL's with chronic illness riders do NOT qualify for asset protection under the long-term care partnership programs in 42 states. Traditional long-term care insurance policies WITH inflation protection provide this extra asset protection. ltcshop.com/long-term-care…

IUL advocate @iuladvocate

2 days ago

The chronic illness rider in most IULs triggers after you fail 2 of 6 daily tasks. Not "terminal diagnosis." Not "hospice admission." Just two things you do before breakfast. The six activities of daily living: bathing, dressing, transferring (getting in and out of a bed or

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@IRMAARetirement If I have no money, then I can qualify for Medicaid. If I have a lot of cash value in a life insurance policy, I canNOT qualify for Medicaid.

IUL: On 'costs twice' — LTC: Post a quote and I'll prove to you that the IUL with chronic illness rider costs TWICE as much as a comparable LTCi policy. IUL: On lapse rates — standalone LTC clients absorb 50-70% mid-policy rate hikes. LTC: That's also false. 41 states have the Rate Stability Regulation. Policies sold under the Rate Stability Regulation canNOT have planned "mid policy" rate hikes of 50% to 70%. The policies under the RSR have to have actuarial certification that there is enough of a "cushion" in the pricing that there are no anticipated rate increases for the life of the policy. IUL: On declining benefit — carrier-specific. The right policy locks the percentage at issue. LTC: I was not referring to the percentage of the death benefit that is accelerated. I was referring to the fact that the "chronic illness" benefits are not guaranteed to grow. In fact, the "chronic illness" benefit, with most IUL's, is unknown until the time of claim. IUL: On inflation — standalone LTC erodes the same way you're flagging. The inflation rider runs 30-50% extra premium. We're back to comparable cost. LTC: You're saying that the IUL without guaranteed inflation growth is comparable in cost to an LTCi policy with guaranteed inflation. You're right. IUL: Partnership Program asset protection is the one real gap. For most clients it doesn't move the decision. For some it does. Structural conversation, not a 'most of this is false' headline. LTC: Since the IUL's cost of insurance goes up every year and goes up A LOT as they approach 70's, 80's, IUL's are a horrible way to plan for long-term care.

LTCShop.com @LTCShop

17 hours ago

@iuladvocate IUL: On 'costs twice' — LTC: Post a quote and I'll prove to you that the IUL with chronic illness rider costs TWICE as much as a comparable LTCi policy. IUL: On lapse rates — standalone LTC clients absorb 50-70% mid-policy rate hikes. LTC: That's also false. 41 states have the

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IUL: On 'costs twice' — LTC: Post a quote and I'll prove to you that the IUL with chronic illness rider costs TWICE as much as a comparable LTCi policy. IUL: On lapse rates — standalone LTC clients absorb 50-70% mid-policy rate hikes. LTC: That's also false. 41 states have the Rate Stability Regulation. Policies sold under the Rate Stability Regulation canNOT have planned "mid policy" rate hikes of 50% to 70%. The policies under the RSR have to have actuarial certification that there is enough of a "cushion" in the pricing that there are no anticipated rate increases for the life of the policy. IUL: On declining benefit — carrier-specific. The right policy locks the percentage at issue. LTC: I was not referring to the percentage of the death benefit that is accelerated. I was referring to the fact that the "chronic illness" benefits are not guaranteed to grow. In fact, the "chronic illness" benefit, with most IUL's, is unknown until the time of claim. IUL: On inflation — standalone LTC erodes the same way you're flagging. The inflation rider runs 30-50% extra premium. We're back to comparable cost. LTC: You're saying that the IUL without guaranteed inflation growth is comparable in cost to an LTCi policy with guaranteed inflation. You're right. IUL: Partnership Program asset protection is the one real gap. For most clients it doesn't move the decision. For some it does. Structural conversation, not a 'most of this is false' headline. LTC: Since the IUL's cost of insurance goes up every year and goes up A LOT as they approach 70's, 80's, IUL's are a horrible way to plan for long-term care.

I'm not sure what you're asking. Are you asking: "If my income is below a certain amount, do I qualify to buy a policy?" OR "If my income is below a certain amount, do I qualify to receive benefits from a policy I had already purchased? OR "If my income is below a certain amount, do I qualify to receive benefits from the government through Medicaid?"

@IRMAARetirement I'm sorry but I don't understand your question.

IUL Advocate: Here's the math on the alternative: standalone long-term care insurance runs $3,000 to $6,000 a year in premium. LTCShop: Comparable "chronic illness" benefits from an IUL would cost at least twice that amount. IUL Advocate: Most policies lapse because people stop paying in their 60s. LTCShop: That's 100% false. The lapse ratio for long-term care insurance is less than 1% per year. People hang onto their long-term care insurance policies even if they get big rate increases. IUL Advocate: Die healthy, the carrier keeps every dollar you ever paid. Zero back to your estate. LTCShop: So what. Is it better to pay twice as much in premium for less benefits with an IUL? IUL Advocate: An IUL with a chronic illness rider costs nothing extra in premium. The rider shares the same death benefit chassis. You either accelerate it while you're alive or your beneficiaries collect it after. LTCShop: You failed to mention the most important parts: 1) The amount of the "chronic illness" monthly benefit is determined at the time of claim. The longer the policyholder is expected to live the lower the monthly benefit from the chronic illness rider. 2) The IUL policy might lapse, unless it has a no-lapse guarantee to age 120. If it lapses that means there's NO death benefit, NO chronic illness benefit, NO cash value. 3) There is no guaranteed inflation growth. In other words, the value of the chronic illness benefit decreases every year, due to the eroding effects of inflation. 4) If the policy happens to stay in-force until the policyholder needs "long term care", once the death benefit is exhausted the policyholder must use their own assets to pay for care. IUL's with chronic illness riders do NOT qualify for asset protection under the long-term care partnership programs in 42 states. Traditional long-term care insurance policies WITH inflation protection provide this extra asset protection. ltcshop.com/long-term-care…

@kevin_stolla Long term care? Medicare does not pay for long term care.

A 90 day calendar elimination period sounds simple, but when does the clock actually start? Understanding the different types of calendar day elimination periods can help you avoid costly surprises. Buy my book on Amazon: zurl.co/4kK6x Listen to the podcast: zurl.co/tSwCo Watch our YouTube channel: zurl.co/MzDsI Our website to learn more: zurl.co/VrZrH Scott A. Olson, CLTC®, is co-founder of zurl.co/A0TVs and host of Long-Term Care Insurance Now. He has specialized exclusively in long-term care insurance since 1995 and is licensed nationwide. His National Producer Number (NPN) is 617232. #longtermcareinsurance #ltc #ltci #longtermcare #retirementplanning #insurancetips #financialplanning101 #fiancialfreedom #retirement #lifeinsurance