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Should I Buy Long Term Care Insurance?

TOP10 1. Carrier rating Considerations when Between 7M to 9M Americans carry private LTCI Buying Things to look at when choosing a carrier: LTCI LTCI Products Company Assets Financial Ranking Long Term Care Insurance Rating 2. Type of Policy a. Facility Coverage policies cover only nursing b. Comprehensive policies a pool of $ funds to meet long term home care care needs – home health care to nursing 3. Affordability home care Average Annual Premiums, 2002 to 2010 $3500 $2800 $2100 - 2010 $1400 - 2002 $700 Age Under 55 4. Insurance, Agent 5. Coverage for Types of Care of private LTCI provided coverage for different types of care services. • Specializes in LTCI • Well-informed • Represents different carriers Average Length of Stay • Prioritizes the buyer's needs Nursing home Assisted living residences • Has a lot of Home care other clients • Credible 3 Years 6. Inflation Protection Options How inflation protection increases your daily benefit over the years $700 $600 $500 - 5% Compound $400 - 5% Simple $300 - 3% Compund - None / GPO $200 (sample growth of $150 daily benefit) $100 5 10 15 20 25 30 35 40 Years 7. Insurance Riders Getting insurance riders is a way of maximizing the benefits you will receive when needing care. A 5 Important Long Term Care Insurance Riders VInflation Protection Spouse Shared Care V Cash Benefit VRestoration of Benefits Waiver of Home Health Care Elimination Period 8. Care Coordination Option Care Coordinator - acts as an intermediary for the family and an advocate for the policyholder • Establish plan of care • Locate network of quality care providers 9. Benefits Adjust your LTCI benefits to meet your budget Benefit triggers: Benefit amount Cognitive Impairment Waiting period Inability to perform 2 out of 6 Activities of Daily Living Inflation protection (eating, bathing, dressing, toileting, transferring/walking and continence) Insurance riders 10. Partnership Program Certified Long Term Care Partnership Program – State initiative that allows an individual who purchased LTCI to protect a portion of assets that would needed to be spent down to qualify for Medicaid Requirements: - Be tax-qualified under Federal Law - Include age-specific inflation protection - Meet certain consumer protection requirements specified in the DRA and certified by the Insurance Commissioner of the state where you purchased the policy Resources AARP Public Policy Institute, Long-Term Care Insurance: 2012 Update, June 2012 America's Health Insurance Plans, Research Findings: Long-Term Care Insurance in 2002, 2002 ExplainMyClaim, Common benefit triggers in the insurance policy which qualify a policyholder for coverage Grote, Jim. Journal of Financial Planning, Keeping Ahead of the Long-Term Care Domino, 2013 Guide to Retirement Living Sourcebook, How To Choose Long-Term Care Insurance (LTC), 2013 InsuranceQnA you ask - experts answer, Top worthy and worthless long-term care insurance riders, 2009 Johnson, Brian. LifeHealthPro, Care Coordination: The Key to More Long Term Care Insurance Sales, September 2010 Lenenberg, Jack. LTC Partner, Long Term Care Insurance Inflation Protection, 2013 MasterCare Solutions, Insurance Products, 2010 Brought to you by: ACSIA Powell, Bob. Marketwatch The WallStreet Journal, Long-term care insurance: Is it worth the bet?, 2009 Send2Press, How to Pick a Long Term Care Insurance Agent; Six Questions to Identify a Real Pro, 2006 SunLife Financial, What are activities of daily living?, 2013 The Federal Long Term Care Insurance Program, Miscellaneous - Partnership Program, 2013 Long Term Care, Inc. Independent Long Term Care planning since 1974 The Star-Ledger, Long-term care insurance market shrinking as Prudential, others pull back, March 2012 Wright, Bernadette. AARP Public Policy Institute, October 2004 Let our LTCI specialists assist you in planning for long term care. Premium Benefit Amount 69-99 70-74

Should I Buy Long Term Care Insurance?

shared by ltcacsia on Nov 26
Here are the ten things that you need to take in consideration before you buy long term care insurance policy.


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