Long-Term Care...Get It, or Forget It?

Thoughts On Money [TOM]

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10d ago 37:53

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This week's blogpost - https://bahnsen.co/47EvNQc

Navigating Long-Term Care: Get It or Forget It?

In this episode of the Thoughts and Money Podcast, hosts Trevor Cummings and Blaine Carver dive into the complexities of long-term care insurance. They discuss the increasing relevance of long-term care conversations among younger clients, especially those in their late forties and fifties. They explore the financial and emotional considerations of securing long-term care insurance, the impact of healthcare costs, and how these decisions affect a comprehensive financial plan. The episode also covers the evolution of long-term care policies, the pitfalls of older policies, and the importance of proactive planning. Whether self-insured or seeking coverage, understanding the nuances of long-term care can help mitigate future financial risks.

00:00 Introduction to the Podcast

00:16 Inspiration Behind the Article

01:12 The Sandwich Generation

02:13 Insurance and Risk Management

03:57 The Reality of Long-Term Care

06:46 Challenges with Long-Term Care Insurance

10:20 Hybrid Insurance Policies

13:45 Statistics and Financial Planning

17:22 Understanding Self-Insurance

18:28 Gender Differences in Long-Term Care

19:16 The Importance of Financial Planning

21:02 Personal Experiences with Long-Term Care

23:38 Risk Management and Insurance

27:13 Asset Allocation and Long-Term Care

32:35 Concluding Thoughts and Recommendations

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