Do you love your mama? We hope so, and your dad as well, as do the majority of people. But there might be some times down the road where some real tough love comes into play with all members of the family. Simply put, that is when decisions about housing and care for your parent(s) need to take place. 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. If they become indigent, you can send them over to Medicaid and they will find them a nice shared room, maybe 40 miles away. The kids can make the pilgrimage to see Mama. Is there anything that can be done now at a reasonable cost? Read on... I am going to preface my remarks with a message to my Medicaid planning professionals across the country. Ohlson Group is 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. 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. There are a few, let's look... First, we assume that there is not enough free cash flow for Mom and Pop to buy a Long Term Care policy. So, kids, "If you really love your momma," buy one for them and pay the premium. And 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 Mama is 65, we will provide a $200K death benefit. What if an emergency comes up? Return of premium. If she is in good enough health, we will do full underwriting and get a much higher death/accelerated benefit number. Help the kids, help the parents, and co-develop a new niche market. Want to know more? Call us now or schedule a 15 minute meeting with one of our marketers. |
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