Long Term CarePlanning Course

Lesson #7Complete Money Management, Inc.

Colin Meeks, Certified Financial Planner®

Claims and LTC Insurance

• Will the company be around to pay the claim?

• What is the companies history of paying claims?

• How do I qualify for benefits?• What illnesses am I covered for?

Buying a Policy is a Good Thing

• Premium is a bargain compared to what the policy will pay if you ever go on claim

• Insurance planning is all about using someone else’s money rather than your own

• Having insurance takes the “What-if’s” out of the equation

What if?

• I have a stroke and need home care - you’re covered

• My wife falls and I can’t take care of her - you’re covered

• I get Parkinson’s, Alzheimer’s, or dementia - you’re covered

• IF YOU HAVE A LONG TERM CARE INSURANCE POLICY

My Experience

• I have filed claims on all 3 of these situations, all on policies I have written

• Huge emotional and financial burden was lifted from the families

• No scrambling for money - no cashing in, liquidating, selling investments, etc

• No “Crisis Planning”

Insurance Companies

• Good companies offer good policies and pay for legitimate claims

• Good companies publish their claims paying histories

• Ask for this!!

Claims in a Nutshell

• Can’t do 2 ADL’s - eating, dressing, bathing, toileting, continence, transferring or supervision due cognitive impairment (Alzheimer’s), stroke, brain injury

• You choose - at home, assisted living, rehab facility, nursing home

Claims Exclusions

• Fraud, lying, misrepresentation• Care not in a licensed facility or by a

licensed provider• 5-10 standard exclusions found in

most policies - these are pretty comical - (you get hurt while participating in a riot or are commiting a felony)

Claims

• Provides the money in a crisis• I get a lot of half-hearted complaints

when the premiums come due• I have never had a complaint about

the cost of the policy when I help file a claim

• Insurance works and is way cheaper than not having it

Summary

•Highly Rated Company•Published claims paying

history•Provides cash in crisis time

Colin, I Don’t Believe In

Insurance!!!• One of my favorites• The insurance company does not

care whether you believe or not, they will still pay the claim

Class Dismissed

• See you next week