Long-Term Care. Consider this...

Consider This 
I've heard this often including some "experts" in the LTC field - “No one needs more than 5 years of LTC coverage” 

I shake my head and wonder why they are in the insurance industry to begin with. If they do not understand risk and risk management, why would an absolute statement like that be made? Other times, I believe the messenger is preconditioned to believe that they are immune to that risk or that they have adequate resources to provide both the income that they need in retirement and a deep emergency fund in the event of an extended healthcare event.

Consider this...the typical auto insurance claim is for windshield damage; for homeowners policies, it is hail damage to the roof; and, health policies are for accidental injuries. We do not purchase insurance policies that address each of the "most common" , or "typical" or "average" perils. We purchase "complete" or "total" coverage to protect our car, home, and health.

Why? Because it is the catastrophic event that we can’t adequately address without insurance. So, why do we allow extended healthcare to not be addressed in the same light? Certainly, the cost associated with 3 years of a private room at a nursing home could purchase a $300,000 home or an Aston Martin sports car or provide several years of income. Then, why do we not consider the impact?

"But, I will not need care for 5 years," they say. How do you know? How can you know? Can you self-fund that risk? A mantra that I learned when I first entered the insurance industry was "you cannot predict, but you can prepare." This is one of those times where preparation might be a good idea.

According to Morningstar, the estimated end-of-life care costs in a patient's last five years for someone without dementia is $217,820; the cost rises to $341,651 if there is dementia present. 

So, what's the plan? Accept the risk and create a self-funded pool of $300,000? Ignore the potential issue and opt to the plan of hope? Or, address the risk head-on and implement a guaranteed, stable and predictable solution where the client benefits one way or another (a pool of money if they need it for an extended healthcare event or a pool of money that they can pass on to the next generation)?

If it's up to me, I'd consider the full risk and protect against that ... but it's just me.

For more information, please contact me at 610-382-5000.

Lawrence (Larry) Koresko is the president of Insmax Insurance Brokerage, Inc. Lawrence Koresko offers insurance solutions to small businesses and their financial advisors.

Three Tips for Choosing the Right Motorcycle Helmet

An insurance industry professional with over two decades of experience, Lawrence “Larry” Koresko operates as the president of Philadelphia-based INSMAX Insurance Brokerage, Inc. Away from his work, Lawrence Koresko is a keen motorcyclist. Here are three tips for selecting the right motorcycle helmet:

1. Weight: Helmets typically weigh between 1,400 and 1,800 grams. Though a lighter helmet may seem like the most attractive option, the fit is the key decider when choosing a helmet weight. You should look for a helmet that fits in such a way that the weight distributes evenly across your shoulders and head, as even lighter helmets cause strain when fitted poorly.

2. Avoid second hand: Though second-hand helmets come with lower price tags, they may also have been involved in previous crashes. Each crash damages the structural integrity of the helmet, meaning a second-hand helmet may offer less protection than needed.

3. Minimum standards: The United States Department of Transportation (DOT) has created a minimum safety standard for motorcycle helmets. Avoid any that don’t carry the DOT label.

NAILBA Offers NAILBA University for Continuing Education

Lawrence “Larry” Koresko was most recently partner at Koresko Financial. While there his responsibilities included recruiting and educating new brokers while ensuring the company's growth. A resident of Philadelphia, Lawrence Koresko is currently the president of Insmax Insurance Brokerage, where he focuses on business development and the professional growth of his employees. He is a member of the National Association of Independent Life Brokerage Agencies, also known as NAILBA. 

NAILBA offers several benefits to its members, including the NAILBA University. Individuals who can benefit from the university include business owners, those working with brokerage channels, and independent producers working with agencies affiliated with NAILBA. 

Among the school's offerings are various webinars and classes that focus on field underwriting and preventing money laundering, as well as other training series and guides. Members of the university are encouraged to expand their education by taking advantage of discounts and participating in courses and other learning opportunities that are only available to NAILBA members.

Three Reasons to Teach Your Child Swimming

A Philadelphia-based insurance professional with over two decades of experience, Lawrence “Larry” M. Koresko assists clients in his capacity as president of Insmax Insurance Brokerage, Inc. The father of two children, Lawrence “Larry” M. Koresko enjoys swimming in his free time.

For parents thinking about whether or not to enroll their children in swim lessons, here are three reasons why encouraging them to learn how to swim is a great choice.

Data collected by the National Safe Kids Campaign reveals that drowning is the number-two cause of accidental death in children aged 1 to 14. With water found in many areas where children live and play, children who learn how to swim when they are young are at a significantly decreased risk of drowning.

In addition to the safety benefits, swimming is a fantastic exercise activity for children. It offers high cardiovascular benefit and is also a total body workout, engaging almost every muscle in the arms, chest, core, and legs.

Beyond the physical gains swimming offers, children can see increased learning performance by engaging in the sport. Research indicates that there is a link between swimming and advanced academic achievement. According to studies, children who participated in swimming activities in their developmental years were able to reach learning benchmarks more quickly than those who weren’t swimmers.

Improve Your Arm Action During a Backstroke

President of INSMAX Insurance Brokerage, Inc., Lawrence “Larry” Koresko guides the growth and management of the Pennsylvania-based company. A Philadelphia resident, he works with a range of clients, including financial advisors, insurance agencies, attorneys, and accountants. In his leisure time, Lawrence Koresko enjoys swimming.

Certain tips can allow you to improve your arm action during a backstroke. As your arm comes out of the water, lead with your thumb. Ensure that your arm lifts out through the movement from your shoulders. With your palm facing outward and your arm straight, allow your little finger to enter the water first.

Allow your palm to face down and sweep your hand downward and outward until it is aligned between your shoulders and upper chest, while your elbow is bent. Lastly, turn your palm to shift down facing your feet and push yourself through the water until you are ready to lift your arm out of the water again via the rotation of your shoulders.

Springsteen Autobiography Reveals the Man Behind the Music

As the president of Insmax Insurance Brokerage Inc. in Philadelphia, Pennsylvania, Larry M. Koresko stays busy providing consulting for estates and businesses and speaking at numerous broker education events. When he is not working, Larry M. Koresko enjoys riding his motorcycle, seeing the country, and listening to music. One of his favorite artists is Bruce Springsteen.

Bruce Springsteen, who skyrocketed to international fame in 1975 with the release of his album, Born to Run, is a New Jersey native who relies on his working-class roots to connect with his audience. For nearly 40 years, his concerts have consistently sold out across the nation and around the world. In 2015, “The Boss” released a collection titled The Ties that Bind: The River Collection, which celebrates the 35th anniversary of his album, The River, which was originally released in 1980.

On September 27, Springsteen will be releasing his autobiography, entitled Born to Run, published by Simon & Schuster. The book, which has been over seven years in the making, outlines Springsteen’s upbringing, family, and the personal struggles that have inspired his best work. In the book, Springsteen hopes to give his fans a glimpse of the heart and mind behind his music.

Philadelphia Landmarks-The Liberty Bell and Independence Hall

 

In his professional life, Lawrence M. “Larry” Koresko leads as president of Insmax Insurance Brokerage in Collegeville, Pennsylvania. Lawrence M. Koresko also enjoys exploring the many historic sites in Philadelphia, Pennsylvania, and beyond.

Philadelphia has many of the most famous historic sites in the United States. One of the best-known is the Liberty Bell Center, which houses the famous bell originally cast to call the members of the Pennsylvania Assembly to convene. It has since become a symbol of freedom for abolitionists, Civil Rights activists, and other groups seeking equal rights for all. Visitors to the Liberty Bell Center can read about the stories that surround it, watch a video on its history, and examine X-rays that show its world-famous crack in detail.

The Liberty Bell Center is conveniently located just a block away from Independence Hall, where the Founding Fathers signed the Declaration of Independence and later wrote the US Constitution. Now, visitors come to take a guided tour with National Park rangers and see such artifacts as George Washington's chair, a draft of the Constitution, and the inkstand used for the same document's signing. Admission is free and available 365 days per year, but the required free tickets may run out by early afternoon in the busy season.