Today starts a three part series interview with Long Term Care Insurance expert Scott Olson. Scott is a long term care insurance professional with years of experience. He is author of “Making Long Term Care Insurance Easier ” which can be purchased on his website: ltcinsuranceshopper.com.

Scott Olson, author of “Making Long Term Care Insurance Easier,” has been selling insurance for over 13 years. He sold face to face until he became a care-giver and had to spend much of his time providing in-home care. He now works over the phone and online with his clients. He is pretty unique in his approach because what he does is to help clients shop for Long Term Care insurance – not “sell” it to them.

Scott was one of the first two hundred insurance professional in the country to get the CLTC (Certified in Long-Term Care) designation. This designation was started in 1999 and requires coursework and successfully passing an examination. “The CLTC course reflects the nature of long-term care which is a continuum of care, housing and services people may need when they live a long life. Students are provided the information and training needed to offer guidance to families on a range of issues including home care, assisted living, nursing homes, social services, taxes, law and most important, what will pay for these resources.”

LTCD: Why write the book?

Scott Olson: Two reasons really. The first is that most people have no idea HOW a long term care insurance policy works. It is different than medical insurance that it can be difficult to understand.

The second reason is that people are making decisions on features that are insignificant. There are a lot of “bells and whistles” to some policies that, when looked at logically, add little value. Consumers aren’t focusing on what really matters – what will give you the most value?

LTCD: What are some examples of confusing bells and whistles?

Scott Olson: The Survivorship Benefit is the first that comes to mind. This feature sounds great –survivors have the benefit of this policy, but in reality this feature often comes with a lot of conditions. It might not be worth it because it might not help. For the same amount of money, you could get a different feature, with not as many conditions, that could help you in a much larger way. It is about weighing what is really important and not focusing on the “bells and whistles”.

LTCD: Where do your clients get most confused when choosing a Long Term Care Insurance Policy?

Scott Olson: The inflation benefit is always the most confusing. How is this policy going to grow? There are so many options and they can use similar language. Many people who look at long term care insurance get stuck here. It can be hard to not only compare inflation benefits from policy to policy but also to figure out which one you need or want.

Tomorrow we will discuss the Five Foundational Features that can be found in Scott’s book “Making Long Term Care Insurance Easier.” For more information on Scott or his book, please feel free to email our blog or visit Scott’s website at ltcinsuranceshopper.com.