Wednesday, October 25, 2017

LTCi "Refresher"

So, I did something dumb. Or rather, I carelessly neglected to do something, and so ended up spending the day yesterday in an 8 hour Long Term Care insurance course, once again taught by the inestimable Ray Copenheaver.

In order to sell Long Term Care insurance (LTCi) here in The Buckeye State, one must take an initial 8 hour training course, and then biannual 4 hour "refresher" ones. The challenge is that it's not just "every two years," but specifically 24 months from the date of one's most recent previous course.

Which in my case was this past August 19th.

And which I completely blew past.

So, in order to continue selling this valuable product, I was required to take the full 8-hour version.

Of course, not that much has changed in the intervening two years 26 months, but two thing piqued my interest:

First, those hybrid life/annuity/LTCi plans (well, the "good" ones) all fall under section 7702B. This is important because it defines which plans' benefits aren't taxable.

The other interesting tidbit was part of the Deficit Reduction Act (DRA), specifically Section 844, which lets retired safety officers (police officers, firefighters, etc) use money from their retirement plans to buy partnership-compliant long term care insurance. There are some interesting "hoops" through which they must jump, but may be worthwhile.

Oh, and I immediately made a note on the October 2019 calendar...
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