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 Planning for Long Term Care   

   
                  
 January, 2015
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In This Issue
Article Headline
Featured Article
cruise-couple-nuzzling.jpg   
   Why Are People Resistant to...?
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Ray
Links...
Archive Earlier eNews-letters & articles
AALTCI American Association for Long Term Care Insurance 
CLTC Corp. for Long Term Care Certification 
Colorado Division of Insurance Gateway to the long term care section
Medicare The official  Medicare website
You Tube Why I Do What I Do.  Oops!  Since recording the video, my website has changed to www.LTCinsuranceGuy.com & my email address to Ray@LTCinsuranceGuy.com  
  
   

Disclaimer: This eNewsletter and all links to other sources should not be construed as tax or legal advice because it is not either. Raymond Smith, The Long Term Care Specialist, does not give legal or tax advice. Consult your tax advisor or attorney for these matters.

 

 

On December 30, 2015 my father-in-law died at age 101. Dad was a Holocaust survivor who lost his entire family, after they would not join him as he fled Germany for South America, in 1939.  Bernard was the best father-in-law anyone could possibly hope for, a true mench among menchen (loosely translated: a really good person among really good people).  While he will be sorely missed, his legacy will live on in the memory of his widow, children, grandchildren, great-grandchildren & those of us not directly born into his family, but blessed to have known him well. 

 

So why am I writing about Bernard?  Because life, even at 101 years, is short.  Tell those you love how much you treasure them.  Do it today...and tomorrow...and the day after...  Each day that we live is a gift.  Please don't waste it.  Dad did not.

 

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Does the Long Term Care Insurance Industry Really Pay Claims?

Long term care insurance carriers began incurring over $1 billion in claims per year around 1996 (four years before I began to specialize in helping people plan for long term care).  The industry now averages $1 billion of incurred claims every six weeks! 

 

In 2014 there were 254,910 claims incurred totaling more than $8.7 billion.  Claims incurred in 2015 are projected to have exceeded $9.3 billion.  Cumulative incurred claims will exceed $100 billion before the end of 2016.  Yes.  The industry really does pay claims...a bunch of them! 

Source: National Association of Insurance Commissioners, LTC Experience Report

 

Why Are People Resistant to Planning for Long Term Care?cruise-couple-nuzzling.jpg

Because people are people.  We tend to do the things that bring us pleasure & avoid those which cause pain.  A few examples: Thinking about a vacation, being at a child's or grandchild's graduation or wedding (I can see you grinning!),  bringing home a brand new car, receiving a well-deserved award are all things we happily do...because they bring us pleasure. 

On the other hand: taking that new car to the shop...Read More  

 

 

 
A plan to pay for Long Term Care services is not a financial plan.  But a financial plan that does not address long term care can not be a complete financial plan. 
Sincerely,
 Ray Smith
 Raymond Smith, CLU, CLTC, MBA
 The Long Term Care Specialist
 303-699-4172

© Raymond Smith, The Long Term Care Specialist, 2015