Below are actual questions that we have received from LTC insurance
agents, with the answers from Phyllis Shelton. If you have
a question that you do not see below, please click
We will respond as soon as possible. If it is applicable to other
agents, we will post it here with our other “Most Common Questions”.
First of all, I want to tell you how much I enjoyed the seminar in
Nashville. You and your staff did a great job. The main point I got during
your talks was "FOLLOW THE PLAN." I am inspired. This leads
to my question. Another agent and myself are having some discussion about
doing joint LTC seminars. Do you know what the industry standard is for
commission splits? We both plan to follow up with the interested prospects.
My thinking is that we split each sale, no matter who closes it. I appreciate
whatever input you can give me.
"Follow the Plan" is certainly
the message and pray over every seminar! I agree with your thinking, a
50% split no matter who closes it. It worked for me with the older lady
I trained that I told you about. Fifty percent for the first year and
renewals is the way we did it. Thanks for writing.
On the flip chart from your recent seminar is the term "Cognitive
Reinstatement". Could you explain this term please? Thank you for
your help. The seminar was terrific! I have written four contracts since
I have returned!
Congratulations on the four applications.
That’s wonderful! For the answer to your question, please see the
bottom of page 83 in my book (in your homework, of course, Chapter Two).
I have used your Long-term care seminar guide. It quotes 8hrs of care
for home health care aid to use X the average cost in our area. What does
Long-Term Care Insurance claims show the average hours of care for home
health care costs? Do you have an article or site I can reference?
There's a home health care claimant
study done by LifePlans, Inc. that is wonderful. It cites an average of
59 hours a week, 44 of which is paid. This will go up as more people have
insurance policies to pay the bill. Here's the link to order the study:
Hope this helps, and we'd love to see you at
a class this year - check my web site for dates - you won't want to miss
the live band!
Recently I lost 4 lives to an agent who gave an association discount through
a buyer's club. The insurer has told me this is acceptable to them. Do
they have marbles in their heads? Do they not see the long-term consequences
when everyone off the street is offered a discount? My lead-in to business
is often the employee referring me to the risk manager. Why will agents
want to continue LTC sales when their commissions are decreased on every
sale? Lincoln Benefit Life (the involved carrier) said this is perfectly
acceptable to them. I am frustrated and concerned that this will become
the norm. Any insight would be appreciated. Do you know of how I can contact
a buyer's club so I am armed with the same association discount for my
I feel for you. Sales are still so
low that the insurance companies are doing everything they can to find
new distribution. Individual sales were down 8% for policies issued in
2001 over 2000 and the annualized premium was down 5%. (Inforce policies
grew 13% and premium grew 15% so good news there and the group market
is growing). Go find a new buyers club and get them the discount - I'm
sure they haven't all been contacted yet. Or offer to provide personal
service for members of a buyers club - there may be room for negotiation
with the insurance company and the management of the buyer's club - whether
or not there's enough commission in it for you, I don't know. But I see
this movement growing, not decreasing, as companies look for ways to get
the product in front of the public - i.e. banks, wirehouses, other financial
institutions. The key is personal service as always for us agents, and
with a market share still under 10%, lots and lots of people out there
still not contacted. The buyer's club offering it lends credibility to
the purchase, at least.
Please give me further information on the 2002 rule for self employed
individuals that indicates that we can deduct 70% of what? Is it the total
premium or is it dealing with the 71/2% of AGI or what? I understand that
C Corps can deduct the full 100% but I am still confused on other forms
of incorporation on what they can actually deduct.
The deduction for self-employed is
70% of the age-related amount on the HIPAA table and that is a first-dollar
deduction, not subject to the 7 1/2% threshold. The remaining 30% will
count as a medical expense toward that threshold if the person should
have a lot of medical expenses for that year. Have you been to one of
our classes, by any chance? We've done several for Allstate and I could
refer you to some of the material from the class. Another place you can
look would be on my website under LTC Reports - check the one talks about
health care reform and LTC insurance - that's actually available as a
consumer brochure that you can use as a lead generator and put your name
on the back (Allstate has approved it for your use).
In one of your tapes I am almost certain that you mention a CD Rom that
is available that lists all of the businesses and the names of their HR
persons (by states). I cannot find that reference or where to purchase
it. Can you help me?
So glad all the information is helping
you that makes me feel really good. The cd I'm referring to is produced
by Business Insurance. A very old and respected publication throughout
the insurance industry, they publish a book and the cd as well their weekly
insurance newspaper. The phone number is 888-446-1422 and website is www.businessinsurance.com.
As a LTC Specialist, I have been asked if I have any thoughts or ideas
regarding state level LTC initiatives which might be useful for North
Carolina. I have always respected and admired your work and would like
to hear if you have an opinion on this.
The biggest issue you have is your North Carolina tax credit which only
goes through 1/1/2004 and I know there are strong efforts to let it go.
All the other states are wanting something and NC is trying to get rid
of theirs! As an association, you can't let this happen. The rationale
is that Medicaid is eating up so much of the tax revenue (and it's the
fastest growing part of all the state budgets)...but getting rid of that
credit is going in the WRONG direction!! You want to encourage people
not to rely on Medicaid for their LTC, and that's what the tax credit
does. Also most states that have something have a education, not a credit,
and a credit is best of course. Yours is 15% of the premium for the individual,
spouse and any dependent up to $350 for each policy. So do whatever you
can to save it.
I attended one of your training classes in 1999. I'm trying to find out
if information is available on how many companies have raised LTC premiums
on existing customers over the past few years. You suggested staying with
companies with assets in the billions of dollars. I wished we had done
that. In the past we sold Penn Treaty Policies and they are raising premiums
35% on existing customers who purchased certain LTC policies in the past.
I would appreciate any help you can provide on this subject.
Here is the info I know, to see a list of rate increases go to:
California Department of Insurance, 2001 Long-Term
Care - Rate History www.insurance.ca.gov/SAB/Premium_Surveys/LTC-Rate_Guide2001/history.htm
And yes – got to stick with billions, not millions.
Could I "borrow" your help? Need a "creative decision"!
Have a potential "C Corp" client for "LTC – Executive/Management
Carve Out Plan"... problem is the definition of "Class"
without being discriminatory. As an example: in this specific case, he
has 3 employees, with the same title at different locations; approximately
the same salary and duties; with approximately the same length of service.
Yet, he would like to include only one of the 3 employees in this plan.
Any ideas / suggestions?
Wish I could help you out here, but
I don't see a way to discriminate for one person over the other two based
on this description. Sounds like they're all in the same class to me!
And I checked with a couple of agents who do a lot of group and they felt
the same way. Sorry...just write them all!
I've been selling LTCI for approximately 2 years, along with health and
life insurance. I'd like to invest more time in the LTCI area and less
in the latter areas as soon as I can economically justify it. The following
is a key PERSONAL challenge I see in selling more LTCI: More and more
financial advisors from the big banks will lock in LTCI sales with clients
as part of there overall "financial management packages". For
example, last week a couple in their early 60’s, responded to my
web site, after seeing my LTCI ad in the newspaper. I followed up by telephone,
collected the necessary data from them for quotes, and set an appointment
to see them. One day before the appointment, the couple called me to cancel
our appointment. It seems that their financial advisor had just received
her LTCI license from North Carolina and has mailed a promotional packet
from GE. The couple felt obligated to buy LTCI from her, as they believed
the advisor would be their best choice as she knew their overall financial
situation. To further rub salt in my wound, this advisor happens to be
the same person my wife and I use as our financial advisor. In addition,
during the past 18 months, my auto insurance agent and my wife's and my
bank and the bank where we have our house loan have all entered the LTCI
market as agents and/or brokers. I'm thinking, that I should forget the
individual market because I think it is "highly overrated" in
the first place, in terms of potential sales, and check out the group
"Multi-Life" market instead.
The group market is sizzling - I applaud
I am running across people who are questioning the statistical numbers
related to the chance they will ever need LTC. Some type of data I can
provide the client would be extremely helpful.
According to a 1996 report authored
by Marc Cohen with LifePlans, Inc. for the Health Insurance Association
of America (HIAA), the general population is most likely to perceive this
risk to be very low less than 25 percent, but the real risk is greater
than 50%. He confirmed the statistic with me in January, 2002. The publication
you will want to have on hand for clients who wish to see the original
source for this information is HIAA's study entitled, "Who Buys Long-Term
Care Insurance? 1994-95 Profiles and Innovations In A Dynamic Market".
You can obtain a copy of this and other helpful studies by visiting HIAA's
web site, www.hiaa.org.
I've been asked a question regarding immediate annuities that I was hoping
you might be able to answer. If a single person, living in an Assisted
Living facility, opens an immediate annuity with 10 year certain, then
needs nursing home care:
1. Is the $1200 per month income counted when applying for Medicaid?
2. If the person passes away before the 10 year period, is the monthly
revenue automatically passed on to the appointed beneficiary?
3. What role if any does the 36 month look period have on an immediate
annuity and the beneficiary?
If the immediate annuity is purchased
or if a deferred annuity is annuitized within 36 months prior to the
application, here's what happens: Medicaid compares the amount of the
annuity with life expectancy, and any projected payout that exceeds life
expectancy is treated as a transfer of assets and will result in a penalty
period. (pages 139-140 in my 2001 book, Long-Term Care: Your Financial
Planning Guide). So as long as the annuity is actuarially sound, you're
ok. The income from it ($1200 in your example) does count toward the
qualification for Medicaid. If the person dies within the 10-year certain,
most states allow the money to pass on to a beneficiary. A few states
require the state to be the beneficiary, so it's worth a call to an elder
law attorney in the state to check that out. NJ, TX and WA to my knowledge
have something like this. An attorney, Dale Krause, does national Medicaid
Planning (only in crisis situations –otherwise he recommends LTC
insurance) and is my source. He is at www.medicaidannuity.com.
Could you tell me what the tax deduction rules are for family limited
partnerships and limited liability corporations for 2002 in the purchase
If you'll go to the report on my web site (www.ltcconsultants.com) that
explains the tax incentives, you'll have your answer. Here's the link:
You might also want to hit the 2002 update that is on the home page to
get all the 2002 numbers. We go through the tax incentives thoroughly
in our live training classes (schedule on the web site) and if you can't
make one, we have a $15 audio tape on legislation that goes through it
in detail as well.
Are LTCI policies handled the same as major medical if the carrier goes
out of business? I'm specifically interested in Florida, Illinois, New
York, Indiana and Wisconsin.
If a carrier goes out of business, the state guaranty fund will pay claims
up to the date of insolvency, but not beyond. So this means someone would
have to be on claim when the company goes out of business to get anything
and then only up to the date of insolvency.
With the announcement of G.E. Capital and Suze Orman's customized "Suze's
Choice" LTCI product, along with a cadre of 100 select agents who
will serve the inquiries and sales efforts, what effect do you personally
feel this approach will have on the rest of us in our efforts to market
LTCI? With her celebrity status and QVC cable appearances as well as other
approaches, she will reach millions of people. I realize that distribution
and reaching the "boomer" market is vital and that this is a
brilliant marketing opportunity created that will help so many, but just
wanted to ask you what your feelings are.
I think Suze's efforts will only spread awareness, wake people up, and
get more people thinking. Most people at this point would still rather
deal with a face-to-face agent (that won't always be true) so many will
talk to Suze's people and buy from a local agent. Many people won't like
being shown only one company. So I think her presence will only help the
entire market. I'm not in agreement with her position about telling people
to wait until they're older to buy, so I combat that whenever I can. But
she does believe in the insurance and I hope she gets a lot of people
to buy it. She has only my best wishes. But I don't see her as a threat
to the LTCI specialist like you with your solid background and local reputation
in your area.
Apparently there have been some articles as well as some agents talking
about the virtues of putting all your money in an immediate annuity (and
keeping it) and qualifying for Medicaid.
Deferred annuities count as assets but an immediate annuity counts as
income. As long as the immediate annuity is actuarially sound, this
strategy for Medicaid planning, which means - the projected payout has
to be within the person's life expectancy. Any projected payout which
exceeds life expectancy is a transfer of assets and will trigger
period if it occurs within the look back period. The income from the
annuity does count as income and goes to the nursing home as other
Now, the drawbacks are ...Medicaid! Lack of choice. Forget meaningful
home care. Forget the beautiful assisted living facilities. Forget
dignity and choice. And North Carolina's Medicaid program is in desperate
straits so agents who do that are destroying Medicaid for the state
doing a horrible disservice to their clients. Also, if NC decided to
do so, the beneficiary of such an annuity could be subjected to a
letter after the annuitant's death asking for the money to be paid back
as part of the Medicaid estate recovery requirement. A few states
the beneficiary to be the state for this very reason.
I was just inquiring about your seminars and I realize you are not promoting
LTC companies, but am curious as to what LTC companies you represent and
I'm a third party trainer so I don't promote one company over another,
but I am very big on huge companies with high ratings and billions, not
millions, in assets. The hardest thing I do is publish a policy comparison
- it's the oldest one in the country and now has almost 40 companies and
210 policies. Many agents find it extremely valuable because I do it myself
and put info in it that I know you need to know as an agent. For example,
on a limited pay policy, does the company reserve the right to implement
a class rate increase after the limited pay period has been met? You can
check that out on our web site or just call us at 800-844-4893 and we'll
be glad to tell you more about it. You'd also benefit from coming to one
of our classes this year because the networking is so terrific. Since
agents come from over 30 states, they share information as they don't
see each other so much as competitors, so it's a great place to hear about
which companies are great to work with. Plus we have a wonderful reception
on the first night (family members invited of course) with a LIVE BAND
(my favorite part!) We can send you a seminar brochure and tell you all
about it - and we are including the hard copy of the policy comparison
for all attendees this year as a reward for coming to a live class.
If I attend your seminar, will I have a designation of some kind? I remember
in the past you were offering seminars that resulted in the equivalent
of a "CLU" for long-term care planning - is this still viable
No designation for coming to one of our seminars this year - you just
learn to sell long-term care insurance very successfully! We did the classes
last year for the CLTC designation and while we're no longer doing those,
we still think it's a great designation. Just go to the CLTC web site
and you can get the 2002 schedule (www.ltc-cltc.com).
We are giving a copy of our March 2002 policy comparison away in all of
our 2002 training seminars this year - $99 when purchased separately.
You'll also get CE credits for your state plus another $150 of sales and
training materials...not to mention a live band at the reception (my favorite
Do you have the 2002 tax deductibility tables for long-term care based
on individual, self -employed, corporations?
You can go to the reports section of my web site and pick up the Health
Care Reform and Long-Term Care Insurance, which is a consumer brochure
that I put out on tax deductibility. You can order it and put your name
on the back. We will cover all this in detail at our first training meeting
this year on April 11, 12 at which we will distribute print information
and an audio tape will be subsequently produced as well. All my print
pieces are in the update stage right now - the annual update around here
is a very big deal, but you're right, very few organizations do a complete
update every year. I'd love to see you at the class - call us at 800-844-4893
for all the registration info and you can also see more info about it
on our website. For something quick, you could order the legislation audio
tape for $15 from 2001 - nothing has changed about the way it all works
and with the page from the home page of our website you have all the 2002
numbers, so you can certainly gain an understanding of how it all works
(individual, C-corps, S-corps, LLCs, partnerships, sole proprietors) plus
medical savings accounts. I also have the tax information in the first
chapter of my book (in major bookstores or on my website), including an
example of itemizing and taking the LTCI deduction vs. taking the regular
deduction and not itemizing for a couple in their 70's that's quite interesting.
The book is Long-Term Care: Your Financial Planning Guide – go to
my website and click on the home page where it says "WSJ Readers,
click here" and it will take you right to the page.
I have a client who was receiving Medicaid benefits for a 10-year period
while living in her residence. After the 10 years, she sold her home.
Will Medicaid look back and collect on the capital gains she received
from the sale of her home?
It sounds like your client was on Medicaid for her health care not for
long-term care because I'd be greatly surprised to know Medicaid
home health benefit for that duration. The look back period is tied into
a person's application for Medicaid to pay for long-term care so
applies for Medicaid after selling her home, Medicaid will look back
36 months from the date of application. If the sale is within that
Medicaid will refuse to pay for a period of time equal to the money she
received for the house (total, not just the gain) divided by the
Medicaid uses for the cost of care in your state. That is known as the
penalty period. I think what you may be thinking about is estate
which says that Medicaid has a right to recover from her estate the amount
that Medicaid paid on health care during the person's lifetime. So
that money is in her estate when she dies, I believe Medicaid will have
a legitimate claim. This depends heavily on how aggressive the Medicaid
department is in your state for estate recovery and I don't know
state you live in. Your best bet at this point is to refer her to an
elder law attorney. If you don't know one, you can go to the website
National Academy of Elder Law Attorneys and see a list for your state,
and even your zip code. Pick
Ask him to talk about Medicaid in your state and the impact LTC is having
on Medicaid. Then have him talk about how LTC insurance can lessen that
impact. And I'm sure you're doing the consumer seminar after he speaks
- that is what makes it work. (See pp 21-59 in the Instruction Manual)
Please explain the IRS ruling that will allow a C corp to pay the LTC
premium for a highly paid employee, deduct the premium as a business expense
and then not have any of the premium show up on the employees W2 form?
If you have a Tax Facts book, it's very easy to check. Basically, HIPAA
(7702B) said that LTC insurance is treated like accident and health insurance,
so just like health insurance, a C-corp can pay the premium and it's deductible
100% as a business expense and it isn't income to the employee. As far
as the highly paid part, the insurance companies have taken the stance
that since the discrimination issue isn't addressed, that it is ok to
I have been "out of the loop" on long term care, as an agent,
for 1 and 1/2 years. Yesterday, a former client of mine called me. She
has Pioneer Life for LTC, but she received a letter from LTC/HHC Settlement
out of Excelsior, Minnesota. In the letter, it mentioned that there is
a possible class action lawsuit against various LTC insurance companies.
My former client wants to know if this is of any concern to her. What
is this lawsuit about and what, in your opinion, should I tell her. She
wants to mail the return info by this Friday - February 1, 2002.
Please visit: http://www.ltchhcsettlementagreement.com/
for more information about this issue.
CONSECO PRESS RELEASE
(Settlement of class-action litigation regarding long-term care, home
health care and nursing home care policies)
I am writing about Medicaid friendly or qualified annuities. We have an
elder care attorney in our area who says your seminar info is outdated
and simply not accurate. Does annuity have to be a spia? Is income from
annuity countable by Medicaid? Specific case: A widow born 9/5/12 resident
of MI just admitted to nursing home and most likely will never leave.
Attorney recommended putting 100,000 of her 125,000 assets into annuity.
This way becoming immediately eligible for Medicaid.
Here's how it works. The annuity (SPIA) has to be actuarially sound,
which means Medicaid compares the amount put in the annuity with
her life expectancy.
As long as there is a reasonable expectation she will get it all back
within her life expectancy, no problem. The life expectancy for an
year old on the Medicaid table is 5.05 years. So how will the $100,000
work for that? If she qualifies for Medicaid, the income from the
will go to the nursing home just like her other income will except for
the few allowances that she is entitled to keep. However, any projected
payout that exceeds her life expectancy will count as a transfer
and will trigger a penalty period during which Medicaid won't pay. So
you can see that if it is a term certain, the term can't exceed her
expectancy, right? If it's actuarially sound, it can be done, but the
big picture is, who in his or her right mind wants to PLAN to get
with all the horrible choices that implies? No assisted living, home
care, no private room in the nursing home, and it makes the nursing
resort instead of last resort. Medicaid should be a last resort program
when other options have been exhausted. In this example, it sounds
this is her last resort. I would advise you to hook up with a Medicaid
supervisor if you can. Have you been to one of our classes yet? We
one in Nashville on April 11-12th - band, reception and LOTS OF FUN!!
In your 1999 book you listed that there were 118 LTC companies selling
insurance in the US. How many are/and were selling LTC insurance in 2000
I haven't seen anything recently on this, but my guess is somewhere around
the 125 mark and many are regional or BCBS plans.
Another agent on his web site is recommending the "return of premium
rider" as a selling tool to secure asset protection. He said the
family would receive the premiums paid tax free to the family at the client's
death. My boss asked why I wasn't using this. I told him it wasn't covered
at the training and I wasn't familiar with the rider. Can you enlighten
We lightly touched on it - look in the legislation section we covered
in the teal agent folder under the tax incentives. The bullet about, "can
a corporation pay the premium of a single pay policy and deduct it in
one year." It says see a tax advisor! Then I verbally said agents
are selling a full return of premium, regardless of claims, under the
arrangement that the company pays the premium, the premium is not counted
as income to the employee, the benefits are tax-free to the employee,
and the premiums go tax-free to beneficiaries, regardless of claims. I
can't find this situation addressed specifically in the IRC regarding
LTC insurance, so I decided to back out of the discussion. Because it's
not addressed specifically, it's being done. So, the answer is that you
should go over it with the tax advisor used by your firm before you proceed.
Some tax advisors say a ten-pay is a more conservative approach and may
not be as likely to raise a red flag with the IRS.
I believe you told us in our CLTC class that we had your permission to
reprint (use for handouts) information or personal interest stories
in your book Long Term Care - Your Financial Planning Guide, provided
we gave proper credits to the source. The purpose of this email is
confirm that this is O.K. If it is O. K., then is it also O. K. to use
copies of the reports on your web site? They are EXCELLENT for making
with people as to why they need this valuable protection. Of course I
can refer people to your web site to do the reading, but we all know,
for various reasons, they won't do this. I would like to be able to include
these in the handout materials I provide at group meetings. AND OF
I will give proper credit to the source. I have attended other classes
of yours and I do have your marketing programs. I would very much
to use some of these pieces in a joint city/school employee group offering
that I am doing.
Thanks so much for checking with me. What I said in class was you have
my permission to use any of my articles but I can see I have to be more
careful when I make that statement. I meant the articles I have published
in magazines. No, you can't just take excerpts from my book, because that
would be copyright infringement and wouldn't be fair to my publisher.
The books are available in bulk for only $7 each instead of the $16.00
price for just one. The reports on the consumer side of my web site are
the three brochures which you have in my marketing system with the blank
place on the back for you to put your identifying information, and those
are only 24 cents each ($12.00 per pack of 50). However, it sounds like
you are presenting to a group, and I just spent 8 months completely revising
my worksite marketing system. I used a professional agency for the design
work and there are beautiful brochures, posters, etc. for the employee
education, not to mention all the "how-to" stuff from agents
who are getting 20-30% enrollment in voluntary plans with no employee
contribution! I'm copying Lori Odom, our Sales Manager, to help you with
the items you need, these are the things that keep me in business and
I create them just for the purposes you outlined. Thanks so much and I
wish you the best with all your LTCI sales efforts!
I have a sole proprietor that would like to purchase a single premium
LTC policy for he and his spouse. In order to close this case, he wants
to be as certain as he can that the premium will be at least 50% deductible
to him in this calendar year, just like health insurance is treated for
self employed people. We need to provide him with some reasonable basis
for taking this deduction so his CPA will sign off on the return for the
year. Can you help me?
Sorry to disappoint you, but the 60% self-employed deduction is based
on the portion of premium allowable by the HIPAA table. Below is information
that relates to HIPAA, along with a paragraph about potential deductibility
if a C-Corp. pays a single premium for an employee:
"A portion of long-term care insurance
premium based on the age of the policyholder now counts as a medical expense.
Since medical expenses in excess of 7 1/2 percent are tax deductible,
this means that a portion of your long-term care insurance premium will
help you reach that threshold and may even put you over it to receive
a tax deduction. (In 1997, the average deduction for medical expenses
for people with AGI in the $20,000 to $30,000 range was $4,500. See a
list of IRS eligible medical expenses in the IRS Publication 17, Table
23-1 - Medical and Dental Checklist.) Here are the amounts that count
for *2000, and they are allowed to increase each year based on the Medical
Consumer Price Index:
age before the close of the taxable year Amount that counts as
an allowable medical expense
*2001 amounts can be found on our page: 2001
Employers will receive a tax deduction for any
portion of long-term care insurance premiums paid for employees. (Important:
Employers who are considered self-employed, such as sole proprietors,
partnerships, greater than 2 percent shareholders of S-Corporations or
Limited Liability Corporations, may deduct only LTC premium paid for employees.
If the business pays the self-employed owner’s premium, the premium
is taxable income to the self-employed owner, and is deductible only in
the form of salary.) 100% of LTC premium contributions are tax deductible
to a C-Corporation on behalf of all employees, regardless of ownership
in the company."
You point out that the chances of needing nursing home care or home care
is 50%. And there are other commonly used statistics to the effect that
40 - 50 % of people 65 years old will spend some time in a nursing home
and that 10% of patients in nursing homes have been there more than 5
years. However, many patients spend only a short time in a nursing home.
I have not seen a statistic on the proportion of the general population,
say those who reach age 60 or 65, who spend more than 5 years in a nursing
home. Do you have that number? In other words, since many LTC policies
are for periods of 4 to 6 years or life, what are the odds that a healthy
60 year old will need more than 5 years of nursing home care?
See the National Nursing Home Study, 1995. Or, if you have my book, Long-Term Care:
Your Financial Planning Guide, this info is in the first chapter.
Even better, if you have been to an LTC Consultants’ seminar this
year, the distribution is shown in the handout materials, pages 1 and
2. Just remember - the nursing home studies are only a tiny part of the
picture because less than 15% of LTC happens in a nursing home. So don’t
focus mainly on nursing homes, okay?