Long Term Care with Claude Thau

Bonnie Yam welcomes Claude Thal, who shares his expertise in retirement and long term care planning. The episode covers key elements of developing a long term care plan, including understanding costs and types of care, and the timing for purchasing insurance. Claude addresses common hesitations, comparing self-insuring to buying insurance, and explores financial planning strategies. A case study highlights family dynamics in planning, emphasizing early discussions and optimal decision-making age. The conversation includes financial mechanisms for premiums, tax benefits, and New York's tax credit incentive. The episode concludes with final thoughts on long term care insurance and a preview of the next podcast topic.

(0:00) Introduction and welcome
(0:31) Guest introduction: Claude Thal's background in retirement and long term care planning
(1:47) Key elements of developing a long term care plan
(3:23) Understanding the costs and types of long term care
(7:05) Timing and considerations for buying long term care insurance
(15:13) Overcoming hesitations and comparing self-insuring vs. buying insurance
(19:40) Financial planning strategies involving long term care insurance
(23:00) Case study: Addressing family dynamics in planning
(26:07) The importance of early discussions about long term care
(27:29) Optimal age and decision-making for long term care planning
(28:34) Financial mechanisms for long term care insurance premiums
(30:56) Tax benefits of long term care insurance
(32:17) New York's tax credit incentive for long term care insurance
(33:02) Final thoughts on long term care insurance
(33:43) Conclusion and announcement of next podcast topic