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LRC and Associates
Newsletter Archives > Got an extra $563,643 lying around?

27 Sep 2007

Got an extra $563,643 lying around?
For Agents Information only....

Ever hear this?
" Those Medicare Supplements or "medi-gap" policies really don't pay for anything much." 

"In fact, if you self insure for what those things end up paying you could put that money towards paying for a good long term care plan". "that is really where your exposure is."

We've heard it before and our stock answer is always "tell me how you're gonna get sick and I'll tell you what you should buy."  So far no one has been able to answer that question - no crystal balls out there apparently.
There was actually an LTCi "specialist" out there that wrote an article, sold all kinds of training materials about LTC and promoted this self-insuring concept.
  • Being around this senior market for 25 years we have gotten to see many things including all kinds of Medicare Supplement claims. Claims from pennies to 6 figures! 
Try selling the concept of self-insuring and getting rid of the Medicare Supplement coverage to the family of one of our deceased insureds!
This insured incurred over $563,643 of bills and that was only what our supplemental carrier paid before he passed away. Yes they were mainly hospital bills and of course we all know people don't stay in the hospital long enough to worry about Medicare running out, right?? Well, guess again!! It happens more than you might think. 
So look at the Medicare Supplement products again and while we certainly encourage you to promote long term care coverage too, don't do it at the expense of a good Medicare Supplement policy.  They should have both!

Todd Concklin