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PODCAST

Preparing For Tomorrow podcast

Diane Stoddart, Certified Long Term Care Consultant, CLTC

Diane Stoddart, Certified Long Term Care Consultant, will show you how to protect your family and loved ones from the financial, physical and emotional burdens and consequences when long term care is needed. In each episode, Diane will help you to navigate through long term care concepts, terms and options and to discuss what strategies are available that can best protect both your family and your nest egg. We will invite guests to sit with us and share ideas regarding various parts of our lives

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All Episodes

08:14

LTC Awareness Month - Caregiver strain- TIME

Preparing For Tomorrow podcast ·

2023/11/01

LTC planning has little to do with the person needing care. It's really about protecting those we love most from the physical, emotional and financial consequences they'll face when a parent or loved one needs help to get through each day. This month, we'll focus on five stressors a family caregiver WILL face to some degree. The level of that strain depends on if there is a plan in place to manage and afford the care and responsibilities that come with caregiving. This week, we talk about time.

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14:08

If I move to another state or country, will I need to...

Preparing For Tomorrow podcast ·

2023/10/25

Carmen asked if her LTC insurance plan that she bought in South Carolina can be accessed if she moves to another state or country. It can, but when you are in the planning stages, we need to consider how state Partnership protection differs in different states as well as the cost of the type of care you would like in the state or country where you will reside during retirement. FYI, the Partnership protected amounts today are still $2000 for the spouse needing care, and in 2023, the community

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14:49

Is there a time limit for me to use my LTC benefits?

Preparing For Tomorrow podcast ·

2023/10/18

Sherry in Texas asked if there is a time limit to use the benefits once her LTC policy is activated. That depends on how much insurance you own and how it is designed. You can use the Genworth Cost of Care website to help determine how much insurance will work best to both compliment and protect your retirement savings. You can find the chart at Schedule a meeting with me to design YOUR LTC plan at LTC insurance is like a coupon to reduce your out of pocket expenses for LTC needs. The

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09:18

What are consequences of waiting to buy?

Preparing For Tomorrow podcast ·

2023/10/11

Joanne in Alabama wants to know what are the potential drawbacks to waiting to buy LTC insurance. There are several, but one has more severe consequences than the others. Ask your question from the Contact Us tab at Schedule time with me to learn how to prepare today and avoid these consequences tomorrow.

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17:27

Don't do this to your kids!!!

Preparing For Tomorrow podcast ·

2023/10/04

This episode is from 2022, and Diane shares stories from her family and from clients who have shared with her over the years. These are things our parents have done that caused much stress to the whole family, and they are things that could have been avoided if parents were really thinking about the consequences of their decisions (or non-decisions). We need to learn from the mistakes of others and use this knowledge to get this right when it's our turn to need help living. Over half of us will

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12:10

What can I do if my LTC company increases my premium?

Preparing For Tomorrow podcast ·

2023/09/27

When a traditional LTC plan's rates are increased, it's vital to seek out an expert to learn options rather than just get angry. This week, Diane shares how her clients, Jim & Linda, can avoid future rate increases and still keep meaningful LTC coverage. Protecting our family, assets and choices are more valuable as we hope to age in place during our final years. If you or a parent receives a letter stating that their LTC premiums are increasing, let me help you determine the best course of

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13:17

Why do you need to know my financial information to...

Preparing For Tomorrow podcast ·

2023/09/20

Thomas in New Mexico wants to know why sharing his financial details is needed to run a quote for LTC insurance. Diane offers multiple reasons why it's important to understand how you expect retirement to be like in order to determine the best way to protect your family and your savings with LTC coverage. We may uncover a way to pay for coverage without impacting your monthly budget. It's important to work through ideas to learn the wisest way to be Prepared for Tomorrow. Schedule some time to

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11:26

What does Tax-Qualified mean?

Preparing For Tomorrow podcast ·

2023/09/13

Kevin in Colorado asked what a tax-qualified LTC plan is and wants to know how a tax qualified LTC plan can benefit his family. Diane shares when tax-qualified plans were put into effect and how they benefit consumers and business owners when both paying premiums and receiving benefits. Thank you in advance for sharing this with those you care about most. In 2023, 100% of LTC premiums are tax deductble for a C corporation. S corporations, self employed, and partnerships can deduct amounts based

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14:33

Should I include inflation protection in my LTC plan,...

Preparing For Tomorrow podcast ·

2023/09/06

Irene in Nebraska wants to know if she should include inflation protection on her LTC plan, at a significantly higher cost. The real decision is to either pay more for insurance by adding inflation growth or pay more out-of-pocket for care at claim time. Nursing home costs have averaged a 5% annual increase in cost over the last 30 years! Diane shares how inflation protection works and how plans with the rider help so much more when care is needed She shares how her mom-in-law's plan had grown

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15:13

Hurricanes & Dementias - cone of uncertainty

Preparing For Tomorrow podcast ·

2023/08/30

This episode was first published in 2022, after hurricane Ian hit Florida a couple of hours south of us in Tampa. As I work to republish this still very relevant info, hurricane Idalia is getting ready to pass Tampa and hit the "armpit" of Florida. Unless somethng causes a sharp right turn, we'll miss the worst of the storm again. There are coastal areas who are expecting over 6' of storm surge tonight. That will flood homes and businesses throughout our region. Please send thoughts and prayers

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10:44

Can the cash value in my life insurance be used to...

Preparing For Tomorrow podcast ·

2023/08/23

Matt listened to last week's episode about using an annuiy to fund LTC insurance and wants to know if life insurance values can also be transferred to fund a long term care plan. The answer is yes, and Diane shares how a 1035 exchange can help reduce or eliminate premiums. With Matt's new plan, both the LTC benefits and the death benefits are 100% tax-free and won't impact any tax obligatio9ns or future Medicare premiums. If you have cash value built up in your life insurance policy, and your

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11:57

Can I use an annuity to fund my LTC plan and avoid...

Preparing For Tomorrow podcast ·

2023/08/16

This episode was originally published in May, 2021. Diane shares how she helped Tom and Kay use a 20 year old annuity to design a long term care plan that pays tax-free benefits for care or pays your family back if care is never needed. If you recall, interest rates were much lower in 2021 than they are today after the Fed raised rates multiple times this year. There are more companies offering annuities with LTC benefits worth three, four or five times the cash value of the annuity. If you have

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12:02

Can I use my IRA to fund an LTC plan for my spouse?

Preparing For Tomorrow podcast ·

2023/08/09

Rick in Vermont will need to start withdrawing $50,000 annually from his IRA the year this was recorded. He already owns LTC insurance and wants to buy a plan for his wife. He wants options to use his IRA to pay for her insurance. Diane shares why they contacted her and how she's helping them prepare for tomorrow. Don't let an unscrupulous agent trick you into "seeing what you can qualify for" without telling you that they are applying for insurance. There are numerous consequences in this

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11:33

How is long term disability insurance different than...

Preparing For Tomorrow podcast ·

2023/08/02

In this episode, Melanie Erb-Wokurka with Juice Plus in Tampa, Florida, wants to know how LTC insurance is different than the long term disability plan her company is offering. Listen as Diane shares how the products are different and where each fits into our planning puzzle. For asking, we'll send Melanie a gift to say thank you for helping listeners understand what to consider when preparing for tomorrow.

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11:36

Is it worth it to wait for better health?

Preparing For Tomorrow podcast ·

2023/07/26

This week, I ask you a question rather than the other way around. What consequences are there to waiting to buy LTC insurance that you may not have considered? Many people want to wait until they are at optimum health or until they fit in those old jeans before they apply, thinking that a better health and build will lower their premiums. Insurance companies can release new plans or adjust discounts when they see the need, and when states approve the changes. If you're considering LTC coverage,

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14:00

What are some pitfalls to watch for when considering...

Preparing For Tomorrow podcast ·

2023/07/18

Beth in Tampa, Florida asks another great two questions! She wants to know what are some critical or costly "items" that may not be covered by LTC insurance. Diane shares how LTC insurance works and what to pay attention to when planning and also when opening claims so you can be sure to get the most from your plan. Use the Genworth Cost Of Care site to find bot tody's costs and projected future costs of care anywhere in the United States at Schedule a zoom or phone meeting with me to design

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12:35

What are you really sacrificing when you wait to buy...

Preparing For Tomorrow podcast ·

2023/07/12

There are a lot of numbers in this eposide. I recommend you listen to it the first time all the way through and then listen again to grab the math. The younger we are when we plan, the less total premiums we'll pay over our lifetimes. And if we shorten the premium duration to 10 or 15 years, we can save significantly more while building a much stronger plan when we need it most. More importantly, this episode shares how, by waiting, we significantly reduce the amount of LTC benefits we can

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10:29

Prepare Today to Celebrate Independence Tomorrow

Preparing For Tomorrow podcast ·

2023/07/04

This week, Diane shares how LTC insurance can help us to remain independent and maintain our freedoms. Eleanor Roosevelt said, "With freedom comes responsibility". When we have a plan for when life doesn't go as planned, we give ourselves permission to live out our retirement years the way we choose. We won't have to wonder if we have enough money set aside to pay for extended long term care needs because we already have a bucket of tax-free money dedicated for that purpose. Connect with Diane

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14:42

February Case Study: What if I was declined?

Preparing For Tomorrow podcast ·

2023/06/28

Meet my client who was declined several years ago for LTC insurance. Learn what options she has today to protect herself, her family and her assets from the risk of needing long term care at home, in assisted living or wherever care is needed. Once a decline is in your history, it's important to know which companies are more likely to approve an application. Ask me, I can help you find answers. The episode was fies published in February, 2022, and more tax-free LTC products have been released in

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12:31

Why should we include our adult children when...

Preparing For Tomorrow podcast ·

2023/06/21

This episode was originally published on July 19, 2022, and we heard from the kids. What do they want to know about our LTC insurance plans? How will it help them if we have a plan to provide for our needs? It's important to include our family when planning for what could easily be the most fragile and most expensive part of our lives. Having a plan for when life doesn't go as planned shows our kids that we value our relationship with them and their families. We don't want to burden them by

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