Let's face it, most Americans don't have the financial means to have in-home care, move into assisted living or a nursing home. Sure, if they become indigent, you can send them over to Medicaid and they will find them a nice shared room maybe 40 miles away. Then, the kids can make the pilgrimage to see "Momma." Is there anything that can be done now at a reasonable cost? Yep... read on.
I am going to preface my remarks with a message to my Medicaid Planning professionals across the country. We at The Ohlson Group, as you might know, were one of the largest marketers of "Medicaid friendly" annuities in America. As a matter of fact, we developed proprietary products in that arena with a variety of insurance carriers. So, I truly respect the work being done by this group of professional agents and attorneys. However, the game has changed and sometimes we need a simple approach. – and there are a few. Let's look:
First, we assume that there is not enough free cash flow for Momma and Poppa to buy a Long term Care policy. So, kids..."if you really love your momma," buy one for them and pay the premium.
Next, what about purchasing a single premium life policy with accelerated benefits? You won't have to go into a facility to claim the benefits. The inability to perform 2 out of the 6 activities of daily living will accelerate the death benefits. Plus, it’s a single premium and we are going to leverage the heck out of the premium. Even with simplified issue, if "Momma" is 65, we will provide a $200K death benefit. What if an emergency comes up? Return of premium. If "Momma" is in good enough health, we will do full underwriting and get a much higher death/accelerated benefit number.
My "Momma" just celebrated her 89th birthday. So, she beat the system, we should have enough money to handle this well into the future. But most can't.
Help the kids, help momma and co-develop a new niche market. Want to know more? Call us, or email today.
Until next time... good selling!