So all of us we want to wield the
retire and be comfortable, right?
Will also have to know what that takes.
A lot of planning an money,
but it doesn't have to be impossible, right?
So I spoke with David Dannhoff from
leverage planners about a new long term
care insurance that our state is launching
and what you need to know about it.
Gutter Insley and legislature passed
the Washington State long Term
Care Trust Act and what that does
is long term care insurance is an
insurance coverage that pays for
your nursing home care, chronic care,
the things that need to be paid for when
we run out of regular health insurance.
Because our regular medical
coverage typically only goes for
about 60 to 90 days of expenses.
Now, prior to this act it was covered
from something called Medicaid.
And Medicaid is not Medicare.
Medicare is our health insurance.
When we retire.
Medicaid is basically insurance
for when you're absolutely broke.
Hopefully when we all get a
chance to live long enough,
we're going to want to either age in place
at home where we're comfortable or in a nice,
clean, pristine environment.
And that's not available under Medicaid.
So under the Insulis Act to give example,
$100,000 household income
would pay about $580.
A year and in order to qualify
for the long term care,
the state insurance you have
to have paid in for 10 years.
So that's about $5800 to pay in
and what you get in return is about
$35,000 of long term care coverage.
Now if you look at what it costs
to be in a nursing home,
that's going to cover you roughly about 3-4,
maybe up to six months, and that's it.
So is it better than nothing?
Yes, but there's better ways to go about it.
Well,
what
about inflation or something of that nature?
I mean, is that what would be $35,000?
Now go down to 15,000 in the future
and cannot be used at any facility.
The state Act has no inflation coverage,
which means that it will not increase,
but the costs of health care
is absolutely increasing.
Every year. The tax, however,
is subject to increase each year.
Furthermore, what you pay in is,
use it or lose it.
If you pay and you never end
up using the long term care.
Coverage, then that's how it goes.
It's an outstanding deal for the
taxpayers of Washington State,
because without this deal without people
who would not do their own long term care,
they're going to fall on Medicaid.
And Medicaid is not a federal program,
it's split 5050 between the federal
government and the state taxpayers.
So to have a program like Insulis put
forth that forces people to at least get
a very bare minimum of coverage is good.
For us as taxpayers,
it's not good for us as individual
people being covered.
Just so I'm clear, this is
not something you opt into.
This is now going to be something
taken out whether you like it or not.
So if you don't like it then you need
to get on it and get your own plan
in place. That's exactly
right if you want out.
If you want better and you
want to avoid paying the taxes,
you need to make a move now
before November 1st. I'm glad
that you told us the distinction,
and I think it is great.
I'm glad that our lawmakers are
working to protect everyone.
What would the process be like and how can
you help her? So you need to work
with somebody and it can be us.
Could be anybody somebody that specializes
in long term care coverage for retirees.
And now there are traditional long term
care policies that you pay every month,
every quarter, every year and
every year that you stay healthy.
That's money gone right?
And then there's something called
asset based long term care which
has been around now for about
seven or eight years and it's a
far better design for most people.
Where you make a deposit to an insurance
company and your money is not lossed
if you end up needing critical care,
long term care, chronic care,
every dollar that you put into deposit
equals $3 of spendable support,
but if you never use it never need it.
You can take it all back or all the
money can go to your kids so you're
never losing money along the way and
I understand that you actually
do have a special offer for the
new day viewers to choose, so
we've got a real easy
way to solve this moans.
People that build up a safety net
they keep that safe money somewhere.
Are money market accounts checking,
savings CDs, whatever?
And we can reposition that savings
into an insurance account savings.
It's not going to make much
money about the same as the bank,
but will equal two to three times
the dollars you put in and make
you exempt from the new taxes.
Now, if you get this in place as we
see that how things work out if you
don't like it, you can change it.
Absolutely no penalties and
get all your money back.
Without any costs or charges,
so it's a really easy program
to take advantage of that most
covers you in a far better way
than you'll get from the state
and exemption from the new taxes.
Now if you need help in the Financial
Department and you want to reach out to
David and the leverage planners team,
just call the number on your screen
or visit the link on new days website.
So grateful for him,
always breaking it down into simple
terms and we can all understand.
Alright, well if you're looking
for some other ways to make money,
why not try selling some items
you already have up next?
Antiques, appraiser Doctor Lori
joins us to tell a few of our
viewers what their items are worth.
We're back.
This portion of New Day Northwest
is sponsored by leverage planners.