S3 E1: What Every Woman Needs To Know About Long-Term Care Insurance

As You Plan For Retirement, Don’t Forget About Long-Term Care Insurance

As women, we have a number of unique considerations when it comes to planning for a financially secure retirement. One topic that comes up repeatedly with my female clients is long-term care insurance–what is it, who needs it, and is it worth paying for? And the answer is: it depends. 

The truth is, long-term care insurance is a complicated issue. While it may make good sense for some women, there are still many factors to consider before purchasing a policy. To help explain the ins and outs of long-term care insurance and clear up some of the more common misconceptions about it, I invited Liz Eshleman onto the Financial Finesse podcast for a very enlightening discussion. 

Liz is a long-term care planning specialist and founder of Eshleman Insurance Services in Sacramento, California. Her mission is to help individuals and families avoid the devastating financial and emotional consequences of not having a long-term care plan in place.

I’ve partnered with Liz on many long-term care planning situations for my clients and could think of no one better to join me for this discussion. I hope you find this episode as illuminating as I did!

Tweetable Quotes

Liz Eshleman on long-term care insurance coverage:

You don't have to crisis-manage on day one... But people sometimes think, well, if I can't get unlimited (coverage), why would I buy this at all? Which I think is missing the point. Click To Tweet

Episode Highlights

  • [04:00] Liz explains who long-term care insurance is for and why a mobility issue might cause problems for you, even if you’re otherwise healthy.
  • [07:38] We talk about the impact the coronavirus pandemic is having on long-term care and your eligibility to purchase insurance if you’ve tested positive for the virus.
  • [08:58] Liz lists some of the more surprising health issues that could make you ineligible for long-term care insurance.
  • [14:50] We discuss the various types of long-term care insurance products on the market today.
  • [20:12] Liz gives a real-life example of when and how an initial claim is triggered.
  • [26:00] Liz shares some of the other benefits of long-term care insurance, specifically having access to a long-term care manager.
  • [40:38] We wrap up our discussion by talking about the potential drawbacks of long-term care insurance for women and how it plays into your financial plan.

Links Relevant To This Episode

Morningstar: 100 Must-Know Statistics About Long-Term Care (Pandemic Edition)

[Of Independent Means] Women and Long-Term Care Insurance: Preparing For Your Future Well-Being

Free Guide: What Issues Should I Consider When Purchasing Long-Term Care Insurance?

Here’s The Full Episode

Enjoy!

https://youtu.be/5n8Hx9JjaUY

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