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Cash indemnity benefits offer value to many clients compared to reimbursement plans — or even basic indemnity plans. Because the insurance company does not restrict how LTC benefits are used, and requires no monthly paperwork to collect benefits5 — cash indemnity policies may be more flexible and easier to use.
Cash indemnity plans do not discriminate against alternative care services, and no permission is required in order to use LTC benefits to pay for such care.
Reimbursement plans may have contract language to address use of alternative care services — but there are standards the alternative care service must meet to gain approval — thus the insurance company has the authority to decline benefit payments for these types of services.
Cash indemnity plans can be used to pay immediate family members or unlicensed caregivers that may be less expensive to provide 100% of the insured’s care.6 Reimbursement plans generally do not allow immediate family members to be reimbursed for providing care to the insured and often have limitations or deny reimbursement for unlicensed care providers.
Cash indemnity benefits can be used to pay for care services existing now as well as services invented in the future. This would include traditional care services as well as alternative or “boutique” care services.
One cannot predict if a reimbursement plan would pay for creative or alternative services invented in the future.
You know as soon as people discover you’re an insurance agent they immediately form an impression about you that is a stereotype. Unfortunately, that stereotype is often negative.For Life Insurance agents, where the stereotype can be strong, I recommend you address the stereotype head-on. Here is what I mean- suppose you are asking a potential client to do a policy review Here is how I meet the stereotype head on:
“If I tell you I sell Life Insurance you probably think “plaid jacket” guy who is pushy and sells policies to unsuspecting clients, right?”
Then I pause. I want to give the person time to move the stereotype from their unconscious mind to their conscious part. They might even want to chime in about a negative experience they have had about dealing with “people like you”. That is exactly what we want. Now they are ready for you to explain how your business, your service is different. How your approach fixes the problem that everyone else in your industry has created.
“When we do our policy reviews, we always come back with three possible outcomes. One, we tell you can get the same insurance for less money. Two, we tell you you can get more insurance for the same money. Or three, we tell you that the policy you have is the best for you. That is a win-win-win for you the client. Doesn’t that make sense?”
Read a great book on the plane last week. Martin Limbeck is a sales trainer and author of “No Is Short For Next Opportunity.” His ideas reminded me of what I learned from one of my mentors. The most powerful words a great salesmen has in his repertoire is “next.” Don’t let the “no’s” get you down. If you are doing the right thing the next opportunity is right around the corner.
Limbeck has some other great ideas to share. Here are three of his tips for sealing the deal:
3 Smart money moves for clients in their 40s
People in their 40s are likely to have achieved a certain level of financial freedom and have a better sense of their needs and expenses in retirement. This puts them in a better position to assess their retirement plans and act accordingly to secure their golden years. One smart strategy to consider is maxing out contributions to their retirement account, such as traditional or Roth IRA. Another is to save for their children’s education through a 529 saving plan. Finally, they should start thinking about what will happen to their assets when they die. Having a will in place is a good first step.
Economic anxiety extends to retirement
Government lawmakers should consider creating a retirement system that combines the flexibility of a 401(k) plan and the best features of a traditional pension to address the growing anxiety of American workers about retirement. This should mean making retirement saving easy for workers, boost transparency requirements for retirement plans, include lifetime income options for these plans, and provide financial planning tools for retirement savers, says the expert.
1 big expense retirees are more than willing to pay
Many Medicare beneficiaries are getting a Medicare Supplemental Insurance policy to cover out-of-pocket medical expenses, according to this article on personal finance website Motley Fool. Most of them are buying the most expensive plan despite the costs, as this would give them peace of mind that their future health care expenses will be taken care of. The American Association for Medicare Supplement Insurance says that two-thirds of seniors who get a Medigap plan opt for Plan F, the most comprehensive but most expensive plan, with monthly premiums ranging from $159 to $239, depending on the policyholders’ location.
This Roth IRA move can create a massive tax headache
Converting a portion or full balance of their traditional IRA assets into a Roth account could result in a heavy tax liability for clients, according to this article from Money. That is because the converted amount is treated as taxable income, unless the money involved is their nondeductible contributions. “I always tell clients to do a tax projection before they convert, so that they can see what the tax bill will be,” says a financial planner.
How high earners can set up a Roth IRA
Clients whose income exceeds the income threshold have the option to make nondeductible contributions to a traditional IRA, but not Roth IRA, according to this article on Kiplinger. Once the money is in traditional IRA, they also have the option to convert the funds to a Roth IRA. The Roth conversion of nondeductible contributions won’t trigger tax liability, except for the earnings portion of the converted amount. Clients will owe taxes on the entire converted amount if it involves tax-deductible contributions.
The tax preparers at H&R Block had to take a new class before their busy season started this year: empathy training. For real. They have added this training. H & R Block preparers listened to a mock exchange between an employee and a customer whose refund would not just shrink but disappear. The fictitious client had received a $1,500 refund last year, but this year would owe $575.
The playacting was a foreshadowing of what they knew was coming. The tax overhaul that took effect last year promised relief, but now that returns are being filed, some people are baffled. They’re getting smaller refunds — or sometimes having to write a check — even though nothing in their situation seems to have changed.
The average refund among early filers was down 8.4 percent, according to the Internal Revenue Service. The smaller checks, in some cases, stem from the loss of certain deductions. For others, it’s because less money is being withheld from their paychecks. The I.R.S., in trying to more closely match the amount held out of paychecks with the amount that taxpayers will owe, changed its withholding tables.
The result is that taxpayers may be paying less over all but still getting a bill after filing their return. That has caught many people off guard.
The overhaul has been President Trump’s signature accomplishment. It lowered tax rates for businesses and individuals, and it provided a break to self-employed people and those with so-called pass-through businesses, where income passes through the business to the owner’s personal tax returns.
But it also eliminated or cut back some popular deductions, most notably capping the deduction for state and local taxes at $10,000 — a provision that drew significant criticism from residents of high-tax states. Although most people will see their tax burden decline, the Government Accountability Office expected about four million people to pay more.