So, it's that time again for my bi-annual Long Term Care refresher course (actually, I'm a few months early, but figured better safe than sorry, given southwest Ohio January weather). As usual, I was fortunate to have as my instructor LTCi master Ray Copenheaver, who's likely forgotten more about LTCi than I'll ever learn.
And also as usual, there were a few interesting gems. For example:
■ A company called LifeCare Funding (?) is developing (has developed?) a program to use existing life insurance plans to buy long term care policies, essentially viaticating one to pay for the other. Interesting.
■ Section 884 of the 2010 Pension Protection Act includes a provision that allows one to "invest" into tax advantaged annuities that have tax-free withdrawals for long term care expenses.
■ There's a new, industry-wide effort to get more folks thinking about long term care insurance. Called 3in4needMore, it's a website with some great resources, including videos and calculators to help you figure out your own long term care needs.
■ I was surprised to learn that about 1.5 million Americans are currently receiving care in skilled nursing facilities, and another 900,000 in Assisted Living.
Why was I surprised? Because I really expected those numbers to be much higher. On the other hand, over 11 million folks are receiving at least some level of long term care at home.
Thanks, Ray!
And also as usual, there were a few interesting gems. For example:
■ A company called LifeCare Funding (?) is developing (has developed?) a program to use existing life insurance plans to buy long term care policies, essentially viaticating one to pay for the other. Interesting.
■ Section 884 of the 2010 Pension Protection Act includes a provision that allows one to "invest" into tax advantaged annuities that have tax-free withdrawals for long term care expenses.
■ There's a new, industry-wide effort to get more folks thinking about long term care insurance. Called 3in4needMore, it's a website with some great resources, including videos and calculators to help you figure out your own long term care needs.
■ I was surprised to learn that about 1.5 million Americans are currently receiving care in skilled nursing facilities, and another 900,000 in Assisted Living.
Why was I surprised? Because I really expected those numbers to be much higher. On the other hand, over 11 million folks are receiving at least some level of long term care at home.
Thanks, Ray!
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