94. How Long-Term Care Insurance Works: Costs, Coverage, and Options for Expats

Once you turn 65, you have roughly a 50/50 chance of needing extended care at some point. This episode breaks down what long term care insurance actually covers, what it costs, and how to structure it properly, especially for expats who may end up using benefits outside the US. This episode offers practical financial advice for expats and advice for immigrants trying to plan care decisions across two countries.   Richard Taylor, Chartered Financial Planner and founder of Plan First Wealth, is joined by returning guest Mark Maurer, President and CEO of LLIS, to explain the IRS triggers that qualify someone for long term care benefits and why average claim durations (around 2.5 years for men, 3.5-4 years for women) are far shorter than the worst-case scenarios people fear. As a British expat who built his practice around expat retirement planning, Richard frames the whole conversation through the lens of clients living abroad.   Richard and Mark walk through the three main ways to fund long term care: traditional standalone policies, permanent life insurance with a long term care rider and annuities with a long term care rider. They cover the real differences in premium structure, death benefits, tax treatment of benefits, underwriting requirements, and how 1035 exchanges can move an old annuity with deferred gains into a long term care policy tax-free.  They also discuss what happens to coverage if you move abroad. How international benefit provisions vary by carrier, why some policies cap overseas benefits at two years before requiring a return to the US, and what to check before relying on a policy while living outside the country. For anyone moving to the US or moving to America later in life, this is exactly the kind of detail that gets overlooked.   Whether you're 55 and starting to plan, caring for an aging parent, or advising clients with cross-border retirement assets, this episode covers the mechanics of long term care insurance in detail, not just the broad strokes. It fits into cross border financial planning for anyone managing international wealth across the UK and US. -- Expat Wealth is supported by Plan First Wealth. Plan First Wealth is a Registered Investment Advisor serving fellow expatriates and immigrants living across the US on matters such as retirement planning, investment management, tax planning and non-US asset management. https://planfirstwealth.com/   --   Expat Wealth is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.    Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.