Steve Cain, Tom Riekse Jr. and Tom Riekse Sr. (38:10 minutes)

Recently, Steve Cain and Tom Riekse Jr. of LTCI Partners sat down with Tom's Dad to discuss their sudden need for help for Carol (Tom Sr's spouse and Tom Jr's Mom) due to Covid - and what being a LTC policyholder and claimant is like.

Tom Riekse Sr. shared 7 lessons he has learned from this process thus far.

Lesson 1: If you can, choose a cash benefit policy where benefits are paid up the monthly policy limit regardless of actual expenses. This means that the family can choose the caregivers without the requirement for a licensed home health agency or certified aids. 

Lesson 2: There are certain unique tax benefits for a cash plan centered around the word “nexus”.  If you want to learn more contact sales@ltcipartners.com. 

Lesson 3: Insurance companies can be difficult to deal with at the start of a claim. Therefore, patience is needed. Once the claim is paying benefits the process works fine. It takes 15 days from the time the required monthly form is submitted until payment is made (which in his opinion is totally unnecessary).

Lesson 4: He found that once Carol went to a nursing home, her own personal aids are wonderful in addition the facility staff - so select a place that will allow outside personal aids. This essentially doubles the cost of care (nursing facility charges plus your own aids costs) but it is wonderful if the family can afford it.

Lesson 5: Pay above the local rate for caregivers and you'll have an easier time recruiting and retaining without the assistance of a professional service. He recommends paying at least $10 more per hour.

Lesson 6: He discovered his net worth is higher now than when Carol started to need care. He didn't have to liquidate resources in the recent market turndown. The family could do things like pay more for excellent, dependable caregivers and provide private caregivers in the Nursing Facility. It is difficult to communicate the full blessing the family has because they protected the family with LTC Insurance. 

Lesson 7: Keep the family informed about finances and be fully transparent if you have family that can benefit from this knowledge.