Everything You Need To Know About Long-Term Care Insurance with Carol Burk

Check out Jeremy’s latest podcast on long-term care insurance by listening on “Apple Podcasts” or “Google Podcasts or read below for 7 Pro-Tips for Efficient Long Term Care Planning.

#53 – While trying to find the ideal long-term care (LTC) insurance plan, you might encounter various questions.

When do I apply? Should I opt for a hybrid policy? What if I have an existing medical condition? Should I get fully insured or partially insured? How do I find the right carrier?

The list goes on…

But don’t worry. We’ll answer all of these questions in this episode!

Jeremy Keil speaks with Carol Burk, LTC solutions specialist at Newman Long Term, a wholly owned subsidiary of Thrivent Financial for Lutherans. They discuss the key things you need to consider before getting a long-term care insurance plan, and explain why they encourage every retiree to at least consider getting LTC insurance.

Having been a caregiver for her own loved ones, Carol is here to help you build a solid long-term care plan so that you can deal with unexpected medical crises without putting yourself into financial distress.

Carol discusses:

  • Reasons to start your long-term care planning as early as possible
  • Key differences between hybrid and traditional insurance policies
  • How you can meet your unique home care needs through the right insurance coverage
  • The impact of ongoing medical conditions on your insurance plan
  • How LTC insurance eases the burden for caregivers
  • And more

7 Pro-Tips for Efficient Long-Term Care Planning

  1. Apply Early

As you get older, it can get increasingly difficult to get long-term care insurance.

For instance, if you start experiencing high cholesterol or blood pressure as you age, it can affect your insurance plan.

Plus, applying early can make you eligible for certain preferred discounts that can significantly lower your premiums.

Remember, having a long-term care insurance plan in place well ahead of time can be a great help during a time of medical crisis.

  1. Get Insurance (Best Way To Address a “What If?”)

A lot of retirees don’t like to get long-term care insurance. They feel that they will account for that in their financial plan and “self-pay” when needed.

However, long-term care is a big what-if. You might need it. You might not.

In both of these scenarios, your expected expenses differ wildly, which makes it difficult to plan for long-term care.

The best way to deal with such a “what-if” situation is through long-term care insurance.

  1. Understand Hybrid Policies

Recently, several retirees have been opting for a hybrid insurance policy, where you receive the combined benefits of long-term care insurance and life insurance.

But before getting into it, you should understand its costs and benefits, and if it’s actually the ideal option for you.

While you’re getting double the benefits, you’re also paying significantly more (at least $700 – $1000 more in most cases!)

So, do you really need both? Or are you only looking for long-term care coverage?

Whatever it is, choose your policy accordingly.

  1. Work With an Experienced Insurance Broker

There are several insurance carriers out there.

If you want to compare the different plans offered by each of them and identify the best one, consider working with an experienced insurance broker.

With several connections in the industry, they can usually get you a list of the most suitable plans to choose from depending on your unique needs.

  1. Decide: Partially Insured or Fully Insured?

If you have a considerable amount of savings and are expecting high retirement income in the future, you might not need to get fully insured.

If and when needed, you can easily self-pay for part of your nursing home or memory care expenses.

Oftentimes, retirees don’t even need to move into a long-term care facility. They can simply get the required care at home, which is much less expensive.

So why plan for the high cost of long-term care, when most of the time you will be paying for lower cost in-home or assisted living care? Perhaps just buy enough insurance to cover the lower cost of those options, instead of trying to buy insurance that covers $10k/mo+ of the highest level of care.

  1. Relieve the Stress on Caregivers

Being a caregiver is not easy. It can take a toll on your own health and well-being, while trying to look after a loved one.

Having a well-defined long-term care plan can help you overcome this problem and relieve some of the stress for caregivers.

For instance, if the dad’s health starts declining, the mom would not need to worry about finding long-term care facilities, taking care of him at home, or even covering the finances. It’s all taken care of.

So, if you truly want to build an efficient long-term care plan, make sure you also factor in the health of the caregiver.

  1. Plan for Home Care

Having the right home care can significantly lower the risks of accidents that can lead you to move into long-term care facilities.

This is another instance where having an insurance plan can be a major help.

If you know that your home care will be paid for by the insurance company, you won’t hesitate to access every source of help possible.

This increases your chances of being able to age at your own home!


Also, check out the resources below, as they can assist you in your search for the ideal long-term care insurance plan.

If you have any questions, feel free to reach out to us or our guest Carol Burk using the contact information provided below, and we’ll be more than happy to help you!


Connect With Carol Burk:

Connect With Jeremy Keil:

About Our Guest:

Carol Burk is an employee of Newman Long Term Care, a wholly owned subsidiary of Thrivent Financial for Lutherans. Carol’s passion for long-term care planning is based on her own experiences providing care. She knows first-hand the work that goes into being a caregiver and maneuvering through the extended care system. With over 20 years of experience in the insurance industry, Carol fully understands and can explain the broad array of planning solutions now available – from traditional long-term care insurance, to linked benefit solutions (life insurance plans or annuities with long-term care benefits) to worksite options available through an employer. She has worked both as an independent insurance agent and as a career agent for one of the country’s largest insurance carriers. 


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