David Wolf

Caregiver Burnout
The Silent Risks of Caregiving

Primary family caregivers understand that chronic stress inevitably occurs when tending to a loved on. However, many caregivers are unaware of the potential erosion of his/her own physical, mental and emotional health. “Caregiver Burnout” is sneaky. Often, its early signs (red flags) are barely perceptible to the caregiver or his/her family.

D.I.Y Guide to LTCI Claims
8 Steps to Filing a Claim

We would like to help you and your loved one navigate the world of Long-Term Care insurance claims. With this goal in focus, we would like to offer this D.I.Y (Do-It-Yourself) Guide to filing a Long-Term Care insurance claim as well as the assistance of AGING CARE EXPERTS (should you need them). Our goal for this guide is to empower families filing LTCI Claims as well as minimize any anxieties that may arise as a result of this… Show more

D.I.Y Guide to LTCI Claims
8 Steps to Filing a Claim

We would like to help you and your loved one navigate the world of Long-Term Care insurance claims. With this goal in focus, we would like to offer this D.I.Y (Do-It-Yourself) Guide to filing a Long-Term Care insurance claim as well as the assistance of AGING CARE EXPERTS (should you need them). Our goal for this guide is to empower families filing LTCI Claims as well as minimize any anxieties that may arise as a result of this unfamiliar process.

There are three different ways to go about filing a claim. You can either: 1) completely Do-It-Yourself; 2) consult with an VillageplanTM AGING CARE EXPERT along the way if you encounter questions or hurdles; or 3) completely Hire-It-Away with VillageplanTM. The choice is yours. If you need help along the way (or would like to outsource the entire process) we are available in whatever capacity you need us. Show less

Inflation Debate
3% vs 5% Compounded Inflation

Deciding which inflationary guard to choose with your Long-Term Care Insurance policy design can be confusing. Today’s policies have many inflationary choices. However, the most common are 3% and 5% compound (level premium) inflation. (NOTE: Some carriers also offer choices based on the national CPI [Consumer Price Index] as an alternative to a 3% compound inflation option. Historically the CPI has averaged approximately 3% [1982-2022].)… Show more

Inflation Debate
3% vs 5% Compounded Inflation

Deciding which inflationary guard to choose with your Long-Term Care Insurance policy design can be confusing. Today’s policies have many inflationary choices. However, the most common are 3% and 5% compound (level premium) inflation. (NOTE: Some carriers also offer choices based on the national CPI [Consumer Price Index] as an alternative to a 3% compound inflation option. Historically the CPI has averaged approximately 3% [1982-2022].) In order to understand the impact of these inflationary guards, one should understand inflationary trends in the context of an evolving Long-Term Caregiving industry. Show less

Level vs. Non-Level
LTCI Inflation Protection Options

Inflation protection options fall into one of two categories: Level Premium Automatic Inflation and Non-Level Premium Inflation. Level premiums indicate the premium stays level and benefits automatically increase each year by a guaranteed percentage. While initially more expensive, these premiums provide predictability with regard to the premium expense each year. Non-level premiums, on the other hand, require you to buy… Show more

Level vs. Non-Level
LTCI Inflation Protection Options

Inflation protection options fall into one of two categories: Level Premium Automatic Inflation and Non-Level Premium Inflation. Level premiums indicate the premium stays level and benefits automatically increase each year by a guaranteed percentage. While initially more expensive, these premiums provide predictability with regard to the premium expense each year. Non-level premiums, on the other hand, require you to buy additional coverage periodically over the life of the policy in order for your benefits to increase. These premiums are initially lower than level premiums but increase dramatically over the life of the policy if you attempt to buy all of the additional purchases offered. Unfortunately, few policyholders are prepared for the high expense of these additions and either stop buying them or drop the policy entirely, as they can no longer sustain the increasing premiums. Show less

Living a Long Life
Preparing for Longevity

As we live longer, the need to plan for longevity in retirement is critical. Have we saved enough? Will we be able to sustain our current lifestyle? How do we account for the additional years we may live and the fact that we may need more reserves to fund caregiving needs as we age? Have we taken the right financial and legal steps? Have we thought about medical preparedness, made the best housing decisions, and engaged our family in… Show more

Living a Long Life
Preparing for Longevity

As we live longer, the need to plan for longevity in retirement is critical. Have we saved enough? Will we be able to sustain our current lifestyle? How do we account for the additional years we may live and the fact that we may need more reserves to fund caregiving needs as we age? Have we taken the right financial and legal steps? Have we thought about medical preparedness, made the best housing decisions, and engaged our family in necessary conversations? Show less

Long-Term Care E-Book
Planning for Longevity & Frailty

This E-book is a collection of articles addressing topics you will want to consider if you are considering purchasing Long-Term Care Insurance, such as: planning motivations, key questions, consumer concerns, product genres and features and tax considerations.

If you are considering an Long-term Care Insurance (LTCI) purchases, this invaluable guide will help you formulate good questions before you engage distributors of… Show more

Long-Term Care E-Book
Planning for Longevity & Frailty

This E-book is a collection of articles addressing topics you will want to consider if you are considering purchasing Long-Term Care Insurance, such as: planning motivations, key questions, consumer concerns, product genres and features and tax considerations.

If you are considering an Long-term Care Insurance (LTCI) purchases, this invaluable guide will help you formulate good questions before you engage distributors of the product. We hope to assist in making you an informed consumer when planning for potential future care needs. Show less

LTCI Basics
LTCI’s Role in a Financial Plan

As we age, many of us will need caregiving assistance due to physical or cognitive frailty. The “basics” of LTCI planning include understanding the financial and familial risks associated with a long-term care need, durations of these care events, and potential future care costs. Understanding these dynamics presents a compelling argument for Long-Term Care planning. Regardless of the funding choice, it is advisable for clients to create a… Show more

LTCI Basics
LTCI’s Role in a Financial Plan

As we age, many of us will need caregiving assistance due to physical or cognitive frailty. The “basics” of LTCI planning include understanding the financial and familial risks associated with a long-term care need, durations of these care events, and potential future care costs. Understanding these dynamics presents a compelling argument for Long-Term Care planning. Regardless of the funding choice, it is advisable for clients to create a plan to mitigate the physical and emotional impact of a care need on family. Show less

Stand-Alone & Combo LTCI
Differing Long-Term Care Products

Long-Term Care Insurance (LTCI) planning solutions include two types of products. These products are either:

1) Stand-Alone LTCI policies: These policies are mostly or entirely focused on financing a potential Long-Term Care event; or

2) Hybrid LTCI policies: These policies are designed to address multiple needs.* Hybrid products are most often designed to address some mix of both Long-Term Care planning needs… Show more

Stand-Alone & Combo LTCI
Differing Long-Term Care Products

Long-Term Care Insurance (LTCI) planning solutions include two types of products. These products are either:

1) Stand-Alone LTCI policies: These policies are mostly or entirely focused on financing a potential Long-Term Care event; or

2) Hybrid LTCI policies: These policies are designed to address multiple needs.* Hybrid products are most often designed to address some mix of both Long-Term Care planning needs and life insurance planning needs. Some place more focus on the Long-Term Care benefits and the life insurance death benefit is much smaller ("Combo LTCI"). Others are much more focused on life insurance, with the Long-Term Care portion as just an afterthought (Accelerated Death Benefits - "ADB-Only").

In this article, we will first attempt to clarify each of these products (and their sub-types), their functions, and their basis for pricing, as there is a lot of confusion about these policies amongst consumers, the media, and even financial advisors. We will focuss our effort on the differences between Stand-Alone and Combo LTCI. Show less

Tax Advantages of LTCI
Pre-Tax Premiums & Tax-Free Benefits

Tax-Qualified (TQ) Long-Term Care Insurance (LTCI) qualifies as an accident and health plan under IRC Sections 105(b) and 106(a). As such, it has unique tax treatment. Premiums for TQ LTCI can be funded pre-tax and the benefits are also received from the policy are tax-free.*1

Long-Term Care Insurance policies have the potential for pre-tax funding. These funding paths include:

1) Itemized medical expense… Show more

Tax Advantages of LTCI
Pre-Tax Premiums & Tax-Free Benefits

Tax-Qualified (TQ) Long-Term Care Insurance (LTCI) qualifies as an accident and health plan under IRC Sections 105(b) and 106(a). As such, it has unique tax treatment. Premiums for TQ LTCI can be funded pre-tax and the benefits are also received from the policy are tax-free.*1

Long-Term Care Insurance policies have the potential for pre-tax funding. These funding paths include:

1) Itemized medical expense deduction
2) Reimbursement through a Health Savings Account (HSA)
3) Self-employed medical expense deduction
4) Business expense deduction (for certain types of business).

The first three of these paths to pre-tax funding are subject to IRS Age-Based premium limits. However, LTCI premium deductions taken as a business expense can be potentially fully deductible. Show less

How LTCI is Priced
Dynamics of LTCI Pricing

Long-Term Care Insurance (LTCI) is priced and regulated as a level-premium contract. The insurer can, however, raise premiums on policies with similar coverage if the carrier can demonstrate that their initial pricing was inadequate to support their claims.

Understanding the actuarial pricing dynamics of Long-Term Care Insurance, provides some clarity into the historical pricing challenges and rate increases of older products as well… Show more

How LTCI is Priced
Dynamics of LTCI Pricing

Long-Term Care Insurance (LTCI) is priced and regulated as a level-premium contract. The insurer can, however, raise premiums on policies with similar coverage if the carrier can demonstrate that their initial pricing was inadequate to support their claims.

Understanding the actuarial pricing dynamics of Long-Term Care Insurance, provides some clarity into the historical pricing challenges and rate increases of older products as well as the more conservative pricing dynamics of today's LTCI industry. This article will enhance your understanding of the Dynamics of LTCI Pricing: Lapse Rates, Interest Rate Assumptions, and Claims Expectancies. Show less

LTCI Partnership
Partnerships with Medicaid

Long-Term Care Partnership Programs are designed to allow individuals who have utilized their Long-Term Care Insurance (LTCI) benefits to protect additional assets. These non-exempt assets no longer need to be spent on care in order to qualify for Medicaid. Assets are protected “dollar for dollar” through benefits paid under an LTCI policy. Thus, owners of “Partnership Qualified LTCI” products no longer have to reach state impoverishment… Show more

LTCI Partnership
Partnerships with Medicaid

Long-Term Care Partnership Programs are designed to allow individuals who have utilized their Long-Term Care Insurance (LTCI) benefits to protect additional assets. These non-exempt assets no longer need to be spent on care in order to qualify for Medicaid. Assets are protected “dollar for dollar” through benefits paid under an LTCI policy. Thus, owners of “Partnership Qualified LTCI” products no longer have to reach state impoverishment levels (if they utilize their benefits) in order to qualify. Show less

Claims Advocacy
3 Components of LTCI Claims

Long-Term Care Insurance claims are evaluated on the basis of three sources of information regarding the policyholder’s care-giving needs. The 3 Components of an LTCI claim are: 1) The care provider’s “Plan of Care”; 2) The physician’s medical records, and 3) The insurance carrier’s assessment. It is critical that these three components accurately represent the individual’s needs for claims approval. A Claims Advocate can be invaluable in… Show more

Claims Advocacy
3 Components of LTCI Claims

Long-Term Care Insurance claims are evaluated on the basis of three sources of information regarding the policyholder’s care-giving needs. The 3 Components of an LTCI claim are: 1) The care provider’s “Plan of Care”; 2) The physician’s medical records, and 3) The insurance carrier’s assessment. It is critical that these three components accurately represent the individual’s needs for claims approval. A Claims Advocate can be invaluable in ensuring the frail individual’s true needs are represented. Show less

Care Management
Success in LTCI Claim’s

Your parents are one of a kind. They have hopes, goals, fears, and especially care needs, unique to them and no one else. It stands to reason that decisions made concerning their care should reflect those individual wants and needs. So how do you make that plan? How do you choose only services which will benefit your family without invading their privacy, over- spending their resources, providing inadequate care, or exhausting yourself?

Senior Sabotage
Relinquishing Independence

The generation of people who are claiming LTCI benefits today are strong, independent people. They’ve lived through hard times and pulled themselves up “by their boot-straps.” They do not complain, and they do not discuss weakness. Certainly, they do not easily admit when they need help. While their strength can be admired, this reluctance to discuss care needs can make gauging our parents’ health and well-being problematic.

Protecting the Survivor
LTCI’s Role in a Financial Plan

Many believe their own personal risk for needing Long-Term Care is low and therefore do not need to plan for a future care need. The goal of the planning process is to shift the perspective so that the focus is not on the individual that may or may not need care, but instead on the individual who is more likely at financial risk… the surviving partner. The financial impact of a Long-Term Care need results when income-producing… Show more

Protecting the Survivor
LTCI’s Role in a Financial Plan

Many believe their own personal risk for needing Long-Term Care is low and therefore do not need to plan for a future care need. The goal of the planning process is to shift the perspective so that the focus is not on the individual that may or may not need care, but instead on the individual who is more likely at financial risk… the surviving partner. The financial impact of a Long-Term Care need results when income-producing assets are reduced or depleted to fund the care-giving needs. These resources are no longer available to produce income to support the income needs of a surviving partner. Show less

Shared Care
LTCI’s Role in a Financial Plan

For couples, the potential for a significant financial crisis invariably arises when the first member needs care, as this person can spend through assets that are needed for a surviving spouse. Shared Care allows couples to access benefits in their partner’s policy if that person exhausts his or her own policy benefits. If a partner dies without using all of his/her benefits, the shared benefits are retained by the surviving partner.

Strong Carriers
What to Consider When Buying

Careful selection of a Long-Term Care Insurance (LTCI) carrier is often overlooked by consumers focused on benefits and price. This can be a critical error. The carrier backing the insurance should be of paramount concern. Long-Term Care Insurance is purchased 20-40 years ahead of a likely need, and the thoughtfulness of this choice should reflect that long-term commitment. A carrier’s financial ratings, diversification, risk management… Show more

Strong Carriers
What to Consider When Buying

Careful selection of a Long-Term Care Insurance (LTCI) carrier is often overlooked by consumers focused on benefits and price. This can be a critical error. The carrier backing the insurance should be of paramount concern. Long-Term Care Insurance is purchased 20-40 years ahead of a likely need, and the thoughtfulness of this choice should reflect that long-term commitment. A carrier’s financial ratings, diversification, risk management practices, and corporate structure should not be overlooked. Show less

Legacy Planning
LTCI’s Role in a Financial Plan

Clients hold a variety of perspectives regarding the value of leaving assets for heirs and charities. For some, “leaving a legacy” (inheritance) is extremely important. Others feel less inclined to plan an inheritance. Understanding your client’s orientation towards legacy planning will assist you in guiding them to an appropriate Long-Term Care plan, as it will significantly influence how much insurance might be needed.

LTCI Leverage
LTCI’s Role in a Financial Plan

The advantage of Long-Term Care Insurance (LTCI) can be summed up in one word: LEVERAGE. Some clients can comfortably self-insure the expense of long-term care without significant financial risk. For others, these costs would create significant consequences. For both those who can and cannot afford to self-insure, LTCI can offer a way to leverage this risk by using a small portion of their investment earnings to protect their larger… Show more

LTCI Leverage
LTCI’s Role in a Financial Plan

The advantage of Long-Term Care Insurance (LTCI) can be summed up in one word: LEVERAGE. Some clients can comfortably self-insure the expense of long-term care without significant financial risk. For others, these costs would create significant consequences. For both those who can and cannot afford to self-insure, LTCI can offer a way to leverage this risk by using a small portion of their investment earnings to protect their larger portfolio. Additionally, those who own a business or are self-employed can use pre-tax dollars to purchase Long-Term Care Insurance (while still offering tax-free benefits*). This tax advantage offers additional LEVERAGE to the LTCI purchase.
*Subject to IRS maximums Show less

Long-Term Care E-Book
Planning for Longevity & Frailty

This E-book is a collection of articles addressing topics you will want to consider if you are considering purchasing Long-Term Care Insurance, such as: planning motivations, key questions, consumer concerns, product genres and features and tax considerations.

If you are considering an Long-term Care Insurance (LTCI) purchases, this invaluable guide will help you formulate good questions before you engage distributors of… Show more

Long-Term Care E-Book
Planning for Longevity & Frailty

This E-book is a collection of articles addressing topics you will want to consider if you are considering purchasing Long-Term Care Insurance, such as: planning motivations, key questions, consumer concerns, product genres and features and tax considerations.

If you are considering an Long-term Care Insurance (LTCI) purchases, this invaluable guide will help you formulate good questions before you engage distributors of the product. We hope to assist in making you an informed consumer when planning for potential future care needs. Show less