Episodes

  • [Health Insurance] 36, LTC Elimination Period Benefit Period and Inflation Protection

    [Health Insurance] 36, LTC Elimination Period Benefit Period and Inflation Protection
    May 2 2026
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The LTC elimination period is a time-based deductible, and a longer period will lower the policy's premium. - The benefit period is the maximum duration for which the policy pays, and a longer period increases the premium. - Inflation protection is a vital LTC feature to ensure benefits keep pace with the rising cost of care. - Compound inflation protection provides more significant benefit growth and is the most suitable option for younger purchasers. - Exam questions frequently test the inverse relationship between the elimination period and premium, and the direct relationship between the benefit period and premium. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
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    3 mins
  • [Health Insurance] 35, Benefit Triggers and Activities of Daily Living

    [Health Insurance] 35, Benefit Triggers and Activities of Daily Living
    May 1 2026
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The two primary triggers for activating benefits in a tax-qualified long-term care policy. - That an insured must be unable to perform exactly two of the six Activities of Daily Living (ADLs). - The six official ADLs are: Bathing, Dressing, Toileting, Transferring, Continence, and Eating. - How to spot common exam traps that use Instrumental Activities of Daily Living (IADLs) like cooking or shopping as incorrect answer choices. - That a severe cognitive impairment is an alternative trigger, and a licensed health care practitioner must certify any qualifying condition. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
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    4 mins
  • [Health Insurance] 34, Long-Term Care Insurance Fundamentals

    [Health Insurance] 34, Long-Term Care Insurance Fundamentals
    Apr 30 2026
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - That standard health insurance and Medicare do not cover long-term custodial care, creating the need for LTC insurance. - The distinction between the three levels of care: Skilled (24/7 medical professional), Intermediate (intermittent skilled care), and Custodial (help with ADLs). - Why custodial care, assistance with Activities of Daily Living like bathing and dressing, is the most common type of long-term care. - The different settings where LTC services can be delivered, including nursing homes, assisted living, home health care, and adult day care. - A simple mnemonic, 'S-I-C' (Skilled, Intermediate, Custodial), to remember the levels of care from highest to lowest medical intensity. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
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    3 mins
  • [Health Insurance] 33, Business Uses of Disability Insurance

    [Health Insurance] 33, Business Uses of Disability Insurance
    Apr 29 2026
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - Business Overhead Expense (BOE) insurance covers fixed costs like rent and employee salaries, but explicitly excludes the owner's salary. - BOE policy premiums are tax-deductible as a business expense, but the benefits received are considered taxable income to the business. - Key Person Disability insurance protects a business from the financial loss of a vital employee, with the business receiving the benefit tax-free. - Disability Buy-Sell insurance provides funds for remaining owners to purchase the business interest of a partner who becomes permanently disabled. - Premiums for Key Person and Disability Buy-Sell policies are not tax-deductible, and the benefits are received by the business income tax-free. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
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    3 mins
  • [Health Insurance] 32, Disability Income Riders and Additional Benefits

    [Health Insurance] 32, Disability Income Riders and Additional Benefits
    Apr 28 2026
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The COLA rider adjusts disability benefits for inflation, but only after a claim has been paid for a specified period, typically one year. - The Future Increase Option rider allows you to buy more coverage in the future as your income rises, without needing to prove good health. - The Return of Premium rider refunds a portion of your premiums if you don't file a claim, but it is an expensive add-on. - The Social Insurance Supplement (SIS) rider pays an additional benefit when Social Security disability benefits are not being paid, such as during the waiting period or if the claim is denied. - The Waiver of Premium rider excuses you from paying premiums after you've been disabled for a specific waiting period, often 90 days. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
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    4 mins
  • [Health Insurance] 31, Residual and Partial Disability Benefits

    [Health Insurance] 31, Residual and Partial Disability Benefits
    Apr 27 2026
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - Residual disability benefits are triggered by a loss of income, with payments proportional to the percentage of earnings lost. - Partial disability benefits are paid when an insured can perform some, but not all, of their essential job duties, often for a flat percentage and a limited time. - The exam tests your ability to distinguish the two based on keywords: "loss of income" points to residual, while "inability to perform duties" points to partial. - Benefit calculations are a key difference: residual is a variable percentage based on income loss, while partial is typically a fixed 50% of the total benefit. - A helpful mnemonic is: "Residual is for Reduced Revenue" and "Partial is for Performing Part of the job." For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
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    3 mins
  • [Health Insurance] 30, Elimination Period and Benefit Period for Disability

    [Health Insurance] 30, Elimination Period and Benefit Period for Disability
    Apr 26 2026
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The elimination period in disability insurance acts as a time-based deductible before benefits are paid. - A longer elimination period decreases the policy premium, while a shorter period increases it. - The benefit period is the maximum duration for which disability benefits will be paid. - A longer benefit period increases the policy premium due to the insurer's higher potential payout. - How to distinguish the per-claim elimination period from the one-time probationary period at the start of a policy. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
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    3 mins
  • [Health Insurance] 29, Own Occupation vs Any Occupation Definition of Disability

    [Health Insurance] 29, Own Occupation vs Any Occupation Definition of Disability
    Apr 25 2026
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The definition of "own occupation" disability and why it's most favorable to the insured. - The more restrictive definition of "any occupation" disability and how it limits benefit eligibility. - How "modified own occupation" policies create a common exam trap. - Why many policies switch from an "own occupation" to an "any occupation" definition after a set period, a key concept for the exam. - A simple mnemonic to quickly distinguish between "own occupation" and "any occupation" on your test. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
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    3 mins