Guest interview: Mike Simenstad with NGL - How LTC plans and planning has evolved
Preparing For Tomorrow podcast
Release Date: 05/01/2025
Who's your quarterback? What's your defense?
Preparing For Tomorrow podcast
It's football season! This week, Diane compares football to LTC planning. Every team needs a quarterback, position players and a strong defense. We also need depth - a back up plan in case something or someone isn't the right fit for our needs. We need strategies and gameplans so we are prepared for tomorrow. The most difficult part of LTC planing is we never know what we're going to need to defend against or when we need to be ready to defend. No one is sending a schedule in advance, so we need to prepare today to have the best plan we can obtain no matter who our...
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Guest Interview: Jason Dutra with BuddyIns shares worksite LTC plans today vs. yesterday
Preparing For Tomorrow podcast
This week, we're discussing worksite/group LTC plans, which have evolved a lot since group plans started being offered through employers. Jason Dutra with shares how they are committed to helping the 50+ million family caregivers in the U.S. today. He shares how today's worksite offerings differ from those offered in previous decades, including guaranteed premiums that never change. This was a big concern with past plans and has now been resolved. We discuss how worksite plans help both employers and employees prepare for tomorrow's industry and family needs. We also discuss why someone...
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Less healthy? Less Wealthy? Less Young? There are plans for you
Preparing For Tomorrow podcast
So many people want a long term care plan with all the bells and whistles. They want a plan that will pay for everything that could ever happen. These plans are often priced higher than a budget allows. Why do people state that they want no coverage if they can't get the best plan out there? We don't do this anywhere but with LTC insurance. Do we not own a car because we can't afford a Tesla? No. Do we not eat because we can't afford the steak? No. When I work wit you, we work together to determine how much risk is both acceptable and affordable. There are plans offered to people...
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Just keep throwing seeds
Preparing For Tomorrow podcast
This week, Diane uses the Parable of the Sower to share different reactions to LTC planning that occur in the United States. Are you the hard soil? The rocky soil? The thorny soil? The fertile soil? After listening, you can schedule a phone or zoom meeting with me to start planning to prepare for your family's tomorrow
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Questions that must be asked if you're told to self fund LTC needs
Preparing For Tomorrow podcast
Many have been advised by a financial planner, estate planning attorney or other professional that they have enough assets to "self-insure" future LTC needs. The question is not "can I afford it?" but "Is this the best use of assets to fund future care needs?" This episode is full of questions you should be asking yourself and your advisors if they tell you you can afford to self-fund. Listen and schedule some time with me to consider the risk and search for the most cost-efficient ways to pay for extended care View current and projected costs of care where you live Learn what your...
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LTC in Europe
Preparing For Tomorrow podcast
This week, I'm sharing what I learned about public LTC funding in Germany and how it's managed. Their national/local public funding initiative is alreaday underfunded by taxes, and the aging population there is expected to increase by 37% over the next 30 years. This is miniscule as compared to our aging population in the U.S. We need to learn from our past mistakes as well as from what other countries are attempting in this arena. Thank you to the Center for LTC Reform for their articles and And please schedule some time to Prepare for Your Tomorrow today
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When Health Interrupts Our Plans
Preparing For Tomorrow podcast
This week we find differences in planning for vacations and planning for our LTC needs. We learn from Carmen Palogruto with Cruise planners that there are tools available to change travel plans for medical or other reasons. A LTC event cannot be postponed until convenient or affordable. It happens when it happens, and we need to be prepared for that tomorrow.
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Which kind of plan is right for me?
Preparing For Tomorrow podcast
This week, we're describing who may consider different types of LTC planning strategies and why. Stand-alone/traditional LTC vs. Hybrid Life/LTC vs. Hybrid Annuity/LTC. All provide tax-free benefits for extended care needs. Thank you to team for creating easy to understand documents that agents can share with their clients. Listen and consider which category of coverage can fit your needs and financial structure best and let's talk. Schedule a free consultation to learn more
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Understand how different annuities offer LTC benefits
Preparing For Tomorrow podcast
In our third week with our couple in their 80s, we consider options to obtain the most LTC benefits from annuities. If you already own annuities, check for a Chronic Illness rider or LTC rider. If there is one, read it carefully as different rules apply to access enhanced benefits for care. If you need help understanding your rider, ask me for guidance Some pay the LTC benefits tax-free and some don't. Some require your need to be permanent, some don't. Some will enhance benefits for both cognitive and physical needs, and some don't. If you own an annuity (non-IRA)...
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How having a plan can help the whole family
Preparing For Tomorrow podcast
Last week, I shared how not having a plan can create chaos throughout the whole family when long term care is needed. This week, I used the same need and family but added LTC insurance as a tool to help pay for care expenses. Listen and learn how helpful even a small plan can work to make life a little less difficult during a very difficult time. Then schedule some time with me to design your plan See current and projected costs of care (use 5% COLA to project Learn what your state's Medicaid program let's you keep and qualify for help
info_outlineThis week, I interviewed Mike Simenstad, an LTC veteran with 34 years of experience working for several LTC carriers and distributors. He currently works for National Guardian Life (NGL), a traditonal LTC company across the United States.
Mike, and others in his role help me and other LTC specialists to be able to work smarter for our clients. We all work together as a team to find the best solution for each family.
Mike answers questions about tools/resources consumers use to research and why that can get confusing.
We discuss actions people are taking today to plan, and we discuss how the traditional LTC industry has evolved and gotten much healthier over the last 50 years.
Learn costs of care where you live here
Estimate LTC premiums for plans with a 6 year benefit period and 3% compounding inflation here
When we talk we will decide if larger or smaller plans will meet your needs better, but this a good start.
Learn what you state's Medicaid program will currently let you keep and access the state Medicaid sysytem for care here
Schedule a phone or Zoom meeting with me here