LTC Bullet:  New Books on Long-Term Care Planning 

Wednesday, August 15, 2007 

Seattle-- 

LTC Comment:  Three new books on LTC planning.  We review Phyllis Shelton's today, after the ***news.*** 

*** TERRY SAVAGE, the Chicago Sun-Times nationally syndicated financial columnist, had kind words for last week's "LTC Bullet:  Nursing Home Pot Calling LTCi Kettle Black?," August 8, 2007 at http://www.centerltc.com/bullets/latest/707.htm:  

"Steve -- great letter, and I felt good that I say the same things in my speech.  But the last line was fantastic, and I'll adopt it if you don't mind.  'Sure, scrutinize the way LTC policies work -- but also take a close look at Medicaid, because that's your 'Plan B'!!  I love it.  Terry" *** 

*** SPECIAL ANNOUNCEMENT:  The Center for Long-Term Care Reform's "LTC Graduate Seminar" will be available ONLINE in October.  On August 29, 2007, Steve Moses will describe the LTC Grad Seminar in a free, 30-minute Webinar.  Sign up today for the free introductory Webinar at:  https://www.gotomeeting.com/register/669770207 .  Then, we trust you'll want to enroll in the "LTC Graduate Seminar" itself.  We've conducted the program face to face in dozens of cities all around the country to rave reviews.  Read all about it at http://www.centerltc.com/LTC_Grad_Seminar/online.htm, including many pages of testimonials.  Now, you'll be able to take this course in easy, hour-long, online doses over eight weeks.  But first, find out all about it at our introductory Webinar August 29.  Register now at https://www.gotomeeting.com/register/669770207 . *** 

*** SAMPLE TESTIMONIALS ON THE LTC GRADUATE SEMINAR:

"Thank you for the excellent job you did here in Portsmouth on August 10.  Your seminar exceeded our expectations.  This kind of in-depth training is what I think every LTC/LTCI business needs, if it is to manage effectively in a complex environment.   Several people remarked to me afterwards that it was impressive that you could hold people's attention for almost seven hours.  I told them it was because you really knew your subject and would have made a very good professor."  (Paul Forte, Chief Executive Officer, Long Term Care Partners, LLC; comment on LTC Graduate Seminar for LTC Partners in Portsmouth, New Hampshire, August 10, 2006)

"Every word was relevant.  Encore!  Couldn't get enough.  Thank you for sharing this deeply valuable resource with us.  Should have continual follow-ups.  . . .  Great presentation!  Loved the way it was done!  . . .  Very knowledgeable & effective presenter.  Steve was able to get across somewhat dry material in a very interesting & compelling way.  Would definitely recommend this program to anyone in the LTC industry!  . . . I have never seen someone so passionate about an issue and I think that is great."  (Comments on the LTC Graduate Seminar for LTC Partners in Portsmouth, New Hampshire, August 10, 2006)

"Wonderful course-best I’ve ever attended re long-term care and benefits. . . . GOOD - TERRIFIC! Material and presentation in a useful and motivating manner. . . . Amazing amount of historical as well as current information presented in detail. . . . Outstanding course and perspective on the topic." (Comments from four of the attendees at the Pasadena, California, LTC Graduate Seminar, January 6, 2005)

"This course brought a level of expertise in the LTC funding arena that surpassed any training I’ve had over the last 15 years."  (Comment from the Boston, Massachusetts LTC Graduate Seminar, November 11, 2004) ***
 

LTC BULLET:  NEW BOOKS ON LONG-TERM CARE PLANNING 

LTC Comment;  When it comes to books on long-term care planning, we have an embarrassment of riches all of a sudden. 

Harley Gordon's new book, "In Sickness and in Health:  How to Discuss and Create a Plan for Long-Term Care and the Consequences to Your Family and Finances if You Don't" will be out in September.  We'll review it then. 

Valerie Van Booven tells me her new book, titled "The Senior Solution:  A Family Guide to Keeping Seniors Home for Life!," is available now on Amazon for $16.95.  We'll review it when we receive a copy. 

The latest edition of Phyllis Shelton's "Long-Term Care:  Your Financial Planning Guide" is out.  Buy it at www.phyllisshelton.com for $18.00.  I'll keep today's review brief, because I've assessed earlier editions of Shelton's book at least three times . . . and very positively: 

LTC Bullet: Year 2000 Shelton LTC Guide Available, September 21, 2000, http://www.centerltc.com/bullets/archives2000/phyllis.htm

LTC Bullet:  Shelton Does it Again, Tuesday, July 10, 2001, http://www.centerltc.com/bullets/archives2001/285.htm.   

LTC Bullet:  Shelton's 2003 LTC Planning Guide is Good and Current, June 12, 2003, http://www.centerltc.com/bullets/archives2003/446.htm.  

Each edition is better than the previous one and this latest is no exception.  Fully revised and updated to cover all the latest legislation and regulations, professionals will find it a helpful reference.  Prospects and clients--at least those who like to dig in to the details and understand what they're buying and why--will appreciate the book's clarity and comprehensiveness. 

Endorsements from some of my favorite people in the field grace the covers: 

Mary Beth Franklin of Kiplinger's says "Anyone thinking about buying long-term care insurance should read this book." 

Ken Dychtwald of Age Wave confirms "this is the most comprehensive guide on a topic that will affect every American in the 21st Century!" 

Nationally syndicated Chicago Sun-Times Financial Columnist Terry Savage [also quoted in today's ***news***] assures "Phyllis Shelton's advice about long term care planning can make all the difference for your entire family." 

Phyllis Shelton is an institution in the field of long-term care training.  So you can count on the chapters about service delivery and insurance being accurate, complete, and up to date.  

Naturally, my eye always turns to the section on Medicaid when I read books on LTC financing.  Shelton gets that subject right too.  She warns about the downsides of relying on publicly funded LTC, points out the risks of Medicaid planning, and lays out the basics of Medicaid eligibility in a very readable form. 

A blurb at the beginning of the book says:  "Special book excerpts or customized printings can also be created to fit specific needs."  To find out what that means, call Bill Pomakoy at 1-888-400-1118. 

And Shelton has another new product on the market.  According to a marketing email we received:  "The 'Build Your Brand' Book Authoring Program from Phyllis Shelton. . . . [is] the most revolutionary lead-generation idea to come along in this decade! . . .  'Long-Term Care:  Is Your Family Protected?'  This exceptional book, ghostwritten by Phyllis Shelton, has customizable chapters throughout."  Call that same number (888-400-1118) if you're interested. 

So, whether you want to read a book, give one to your customers, or publish one yourself, Phyllis Shelton has you covered. 

Congratulations, Phyllis, on another important contribution to the long-term care mission. 

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Excerpts:  Here are some passages that caught my eye (minus page numbers as I'm working with an unpaginated electronic version of the book): 

People often ask me what can we do for people who don't qualify medically for LTC insurance:   

"Other ways people consider financing long-term care are through accelerated death riders to life insurance policies, viatical or life settlements, life/long-term care insurance policies, annuity/long-term care insurance policies, reverse mortgages and critical illness policies. An overview of each of these six options is presented as additional information for the long-term care planning process."   

Home equity conversion is a great source for funding long-term care AND premiums for LTCi: 

"Rather than pay for long-term care services directly, much more mileage can be obtained from the money by purchasing long-term care insurance if the owner is insurable. He or she can purchase a long-term care insurance policy outright by paying a monthly, semi-annual or annual premium.  Some borrowers take the reverse mortgage as a line of credit, and then use the interest growth each year to pay their long-term care insurance premiums. Or, a lump-sum obtained from a reverse mortgage can be used to purchase a single-pay long-term care insurance plan that is available in some states or an annuity, which can then be set up to pay the LTC insurance premiums for the rest of the insured’s life. Or, the lump sum can be used to purchase a life insurance or annuity long-term care insurance policy as described in the preceding section that pays LTC expenses with a guaranteed premium." 

Not everyone can afford a Lexus OR a comprehensive LTCi policy.  So:   

"The Bare-Bones/Best Value Policy for the Premium Conscious
Summary: If premium is the main consideration, the most 'bare-bones' policy with the best premium value for the dollar is a policy that pays:
   assisted living and nursing home only, sometimes called a 'Facilities-Only' policy
   a 20- or 30-day waiting period
   a two or three-year benefit period
  the appropriate inflation choice for the client's age
You can delete the home care as long as assisted living is covered. Do not delete the inflation coverage. If the benefit is too small at claim time and your clients can't make up the difference, they could wind up on Medicaid quickly (or whatever type of public assistance/welfare benefit is available at the time)."