Page 33 - Bulletin Vol 26 No 3 - Sept. - Dec. 2021 - FINAL 3 version (1)

Finance Article | continued

It quickly became obvious that in order for the LTC policy to be viable, the insurance company
needed to limit the payout on the back end, make the underwriting process more strenuous on
the front end, and charge higher premiums. People were not happy with those changes and
simply stopped buying the product. One by one, the near two dozen major companies that of-
fered LTC stopped making it available. Today, depending on capacity, there are 3 or 4 compa-
nies that offer LTC insurance.

One new derivative was designed a little over 5 years ago, which is actually a Life Insurance
Policy that allows you to spend a portion of your death benefit as a LTC benefit. It is a reasona-
ble solution. It is a fraction of the “Cadillac” plan, but for those who do not have millions set
aside in personal assets, it is worth considering. Even if you have substantial assets and cate-
gorize yourself as “self-insuring”, when assisted living expenses begin, especially if dementia is
involved, the costs can be extraordinary. I don’t care how much money you have – when that
snowball starts rolling down hill, it will mow through all the money. Having some of the risk of-
floaded and if you die, your heirs will still receive a benefit, is worth considering.

Rob Brinkman is one of the Co-Founders of Ascendancy Health, LLC. He has been in the Financial Services Industry for over 30 years, opened his first
investment firm for Edward Jones in 1987 and served many years as Registered Principal and Executive for one of the largest Investment/Insurance
companies in the world. He speaks Internationally and was selected by Jim Collins, author of the New York Times Best-Selling book Built to Last, to
panel his pre-release of the again Best-Selling book Good to Great. For the past decade, Rob has focused on mentoring and coaching business owners
and high net-worth individuals on how to leverage their success more toward a life of meaning and significance. He has offices in Texas and New
York. Married to Sarah, with 5 children, all of which are conquering the world in their own unique way. Ascendancy Health is the healthcare industry’s
only financial, practice, and marketing management collaborative dedicated to helping practitioners take control of the future of their business and to
create the Practice and Life they have always dreamed of. If you are passionate about building and future-proofing your business while enabling your

Nassau County Dental Society ⬧ (516) 227-1112 | 33