Long-Term Care

<p>This is Josh Tirado. You're listening to Making Smart Decisions. And this episode, we're going to touch on longterm care insurance. So when it comes to the topic of longterm care insurance, there has become more public acceptance recently, but for a very long time, People did not want to discuss longterm care insurance.</p><p>[00:02:00] They would actually just rather discuss life insurance, longterm care insurance because the concept of being here and not being here was easier than the concept of being here, but being physically impaired in some way and needing longterm care.  I started selling longterm care insurance and handling it from my clients about 20 years ago.</p><p>[00:02:18]the market for it has come. Full circle. it's come so far in 20 years. It is amazing how much better is now. It also amazes me, the understanding that the general public has and the need for it. And also the level of care. brief history when longterm care first started out, they were called nursing home policies.</p><p>[00:02:37] designed to cover the cost of a nursing home over time, though, that has greatly evolved in longterm care has actually become an anti nursing home or facility type policy where the purpose of longterm care is to help you stay independent and in your own home and deal with whatever has happened to you.</p><p>[00:02:54] And if possible, recover from it and go back to living, as opposed to saying, we're just covering the costs of what's going to happen for the nursing home. It's actually much more of a recovery and lifestyle enhancement type policy. So it will cover a number of things. But what I want to address is when it first came out, and a lot of people still have this preconceived notion when it first came out, I very much likened it to your auto insurance.</p><p>[00:03:20] You paid for it, you had it for your entire life, and you really hoped you never used it. And in the end. All that money for all those years was gone. You didn't get anything back, but you were happy that you didn't use i