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Reminders for Long-Term Care Insurance Awareness Month

Did you know that “personal effects” such as jewelry are exempt from the asset test for Medicaid? Also on that exempt list: • Clothing • Automobile • Personal belongings • Household furnishings • Burial trust (up to $15,000) • Home equity interest (up to $668,000) What is counted: • Cash • Property • Retirement accounts • Any item that can be valued and turned into cash (besides the above) Starting in 2024, California won’t require any spend-down to qualify for Medicaid (aka Medi-Cal). There is still an income test! So how do you plan around a massive Medicaid expansion? Easy—make sure your clients aren’t dependent on an impacted government safety net and instead help them secure private LTC coverage.

And make sure your clients know whether or not they’re *actually* covered with long-term care insurance! They might be confusing their employer-offered Group LTD with LTC!

From the article: “The Nationwide study also revealed that more than half (51%) of respondents who mistakenly thought they owned LTC insurance confused it with long-term disability insurance, and almost a third (30%) confused it with health insurance.”

This might sound inconceivable to some, but unfortunately, it is a common mistake.

Many people (advisors included!) have mistaken Long Term Care for Long Term Disability.

It is so important to be able to articulate the differences to your clients and prospects.

Visit our marketing page for educational resources on long-term care insurance, disability insurance, and more.


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