Using LTCi To Fill Potholes Down the Road
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“I had a client who sold his business for $32 million dollars and asked him, why do you want to buy a long term care insurance policy? You could buy a nursing home if you wanted to. He looked at me very seriously and said Ron, I’ve always been able to look down the road and see potential potholes. And if I can see those potholes before I get there and fill them up, I feel a lot more comfortable and a lot more secure knowing that problem has been taken care of.” – Ron Cohen
On today’s episode of The Insurance Experts, I interview long term care insurance expert, Ron Cohen. Ron got into the business many years ago after his father had a stroke. He discovered Medicare wouldn’t cover his father who needed to go into a nursing home. He realized that there must be millions of Americans across the country facing the same situation where a loved one needs long term care and they are surprised to find themselves paying the cost out of pocket.
Medicare does not cover most long term care services.
Luckily, Ron has helped clients throughout the years develop customized long term care insurance solutions.
Watch the video as Ron shares the story of a high net worth client who recently sold his business. While clients and advisors often assume that if you have more than 5 million or 10 million dollars of assets that insurance is not necessary, it can be just the opposite. Long term care insurance can provide a foundation to support or hedge a self-funding plan and fill potential potholes down the road.
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