Insurance for Long-Term Care: The Real Reasons behind Rate Actions. Reassuring Clients about Future Price Stability.

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Insurance for Long-Term Care: The Real Reasons behind Rate Actions. Reassuring Clients about Future Price Stability."

Transcription

1 Insurance for Long-Term Care: The Real Reasons behind Rate Actions Reassuring Clients about Future Price Stability October 16, 2013 Americal Advanced Insurance Solutions, LLC Specializing in Long-Term Care Insurance Strategies President and Principal: Gene Tapper LTC411.com /

2 What is Long-Term Care? Long-Term Care is a range of services and supports systems you may need to meet your health or personal care needs over a long period of time. Most long-term care is not medical care, but rather assistance with the basic personal tasks of every day life, sometimes called ACTIVITIES OF DAILY LIVING (ADLs).

3 What is Long-Term Care? A person needs Physical Care typically anticipated for a period of 90 days or more Transferring Continence Toileting Bathing Dressing Eating OR

4 What is Long-Term Care? A person needs supervision due to Cognitive Impairment Dementia Alzheimer s Disease

5 What is Long-Term Care? LTC also includes Homemaker Services (IADLS) Assistance with Housekeeping Answering the Telephone Shopping Laundry Cooking Taking person to Doctor

6 TYPES AND LEVELS OF LONG-TERM CARE HOW IT ALL FITS TOGETHER The Problem is the Extra Expense Gap HOSPITAL ACUTE CARE SKILLED NURSING CARE WHO PAYS? NOT COVERED EXPENSE GAP - YOU PAY! NURSING HOME ENVIRONMENT SKILLED NURSING $133-$374/DAY $4,045-$11,376/MTH $48,540-$136,512/YR INTERMEDIATE CARE $133-$374/DAY $4,045-$11,376/MTH $48,540-$136,512/YR ASSISTED LIVING RESIDENTIAL CARE $41-$219/DAY $1,250-$6,663/MTH $15,000-$80,000/YR CUSTODIAL CARE CUSTODIAL CARE PERSONAL CARE SELF-CARE INTERMITTENT SKILLED CARE AT HOME CARE $228-$276/DAY $6,935-$8,395/DAY $83,220-$100,740/YR CUSTODIAL CARE (LIMITED HOURS)

7 TYPES AND LEVELS OF LONG-TERM CARE HOW IT ALL FITS TOGETHER The Solution to the Extra Expense Gap Problem HOSPITAL ACUTE CARE Comprehensive Long-Term Care Insurance Pays for Expenses Not Covered By Health Insurance, Medicare, And even Medi-Cal COVERAGE HOME & COMMUNTY CARE COVERAGE H&CC RESPITE CARE ADULT DAY CARE HOSPICE CARE NOT COVERED EXPENSE GAP - YOU PAY! NURSING HOME ENVIRONMENT SKILLED NURSING $133-$374/DAY $4,045-$11,376/MTH $48,540-$136,512/YR INTERMEDIATE CARE $133-$374/DAY $4,045-$11,376/MTH $48,540-$136,512/YR ASSISTED LIVING RESIDENTIAL CARE $41-$219/DAY $1,250-$6,663/MTH $15,000-$80,000/YR AT HOME CARE $228-$276/DAY $6,935-$8,395/DAY $83,220-$100,740/YR SKILLED NURSING CARE DOCTORS ORDER 24 HOUR CARE 7 DAYS/WEEK 8%-10% OF PATIENTS ARE SNC PATIENTS LOS DAYS - NOT FULL 100 DAYS LICENSED NURSES (RN, LVN) THERAPISTS (PHYSICAL, SPEECH, OCCUPATIONAL) CUSTODIAL CARE ASSIST WITH ACTIVITIES OF DAILY LIVING (ADL) TRANSFERRING CONTINENCE TOILETING BATHING DRESSING EATING 90%-92% OF PATIENTS ARE CUSTODIAL CARE PATIENTS NURSES AIDES (CNA) with RN, LVN SUPERVISION CUSTODIAL CARE CARE FOR ADLs NURSES AIDES (CNA) WITH RN, LVN SUPERVISION PERSONAL CARE 24 HOUR SUPERVISION CARE FOR ADLs MEMORY CARE NO MEDICAL CARE SELF-CARE 24 HOUR SUPERVISION INTERMITTENT SKILLED CARE DOCTOR S ORDERS WRITTEN PLAN OF CARE LICENSED NURSES (RN, LVN) THERAPISTS (PHYSICAL, SPEECH, OCCUPATIONAL) CUSTODIAL CARE CARE FOR ADLs HOMEMAKER SERVICES - HOUSEKEEPING - TELEPHONE ANSWERING - SHOPPING - LAUNDRY - COOKING - TAKING PERSON TO DOCTOR WHO PAYS? (LIMITED HOURS)

8 3. Do Long-Term Care Insurance Companies Pay Their Claims? The Long-Term Care Insurance Industry paid 264,000 individuals $6.6 Billion in benefits during A 79 year old lady received custodial care for 3½ years in a SNF due to a paralyzing stroke. Her stay in the nursing home was paid in full by the insurance company. In today s environment, her cost of care for 3½ years at $6,500 per month would be $270,000. An elderly lady with Dementia needing Assisted Living Facility services remains in a positive cash flow situation after receiving long-term care insurance benefits for her cost of care. She paid premium for 20 years and received all of her premium back in 8 months in the form of monthly insurance benefits. She continues to receive her insurance benefits today and they will never run out! The cost of care in an assisted living facility providing Alzheimer / Dementia care supervision can be as high as $7,000+ per month in the Los Angeles region. 5 years of care could cost $420,000 or more when considering the rising cost of medical inflation.

9 3. Do Long-Term Care Insurance Companies Pay Their Claims? A middle aged person receiving personal care at home, after total knee replacement surgery, was reimbursed for her cost of care at home by her long-term care insurance company. She also received benefits from the first day she was home after her surgery because she had a zero day elimination period for home care It was one of her policy benefits. Today, the cost of personal care at home for a 12 hour shift per day, 5 days a week is $240 a day or at the rate of $5,200 per month.

10 4. Today s Monthly Cost of Long-Term Care Insurance Per $1,000 of Monthly Benefit AGE 3 Yr BP 5 Yr BP 10 Yr BP 40 $28 $30 $39 50 $35 $38 $50 60 $50 $55 $72 70 $97 $106 $ $181 $229 $298 Premiums based on John Hancock Benefits: 90 Day Elimination Period (Service Days For Facility) Re: Every day in facility will = Calendar Days 1st Day Coverage for Home Care Married / Partner - both buying Shared Care Re: Because lifetime, unlimited periods are not available Consumer Price Index (CPI) compound inflation protection Standard Rates 100% RCF/HCC Monthly Factor =.0875 For $3,000/mth Benefit for 5 Yr BP at Age 40, -Monthly Prem = 30 x 3 = $90/mth Premium

11 5. Why Have Premiums Increased over the Past Few Years? Lapse rate assumptions were too high. ~ 15% in the 1980s ~ 5% in the 1990s Companies were counting on some insureds dropping policies. However, insureds retained policies longer than expected causing more claims to be filed because insureds were aging and becoming eligible for policy benefits fewer policies were dropped than anticipated. Today, lapse rates have changed to about the 1% range. Financial Market Dropped over the Past Several Years. Insurance Company Return on Investments Tanked, Causing Low Infusion of Funds into Risk Pools. Loss Ratios for Long-Term Care Insurance Market were Higher than Planning Models Anticipated. Results: Premium Increases had to be Implemented to Maintain the Integrity of the Claims Paying Process. Note: California Partnership for Long-Term Care Single Risk Pool Concept has led to NO Partnership Policy Rate Increases with the Major Insurance Companies in the Partnership program.

12 6. Criteria for Rate Increases Factors used in determining premium pricing includes: Expected benefit payments The number of people who allow their coverage to lapse Marketing and sales costs The costs of administrating the coverage Investment returns on the insurer s general account Mortality Morbidity The plan options sold Demographic mix assumptions Unpredictable factors: Advances in medical care and treatment Changes in consumer expectations Changes in social programs

13 7. Client Options When Rate Increases Occur Keep the policy as is and just pay the premium Reduce the benefit period (consider the typical length of claims) Older clients may reduce the rate of inflation (After reviewing current benefits and comparing their benefits with the cost of care) Clients in their 70s and especially 80s might consider reduction in the inflation rate Clients in their 60s should be cautious about changing inflation rates Clients in their 50s or younger should not reduce their inflation rates as the impact could be severe over a multi-decade period of time Avoid reducing the daily benefit amount if possible As a last resort, exercise the contingent nonforfeiture or nonforfeiture benefit clause of the policy, if it was included in the plan

14 8. The Future Optimistic Outlook for Long- Term Care Insurance Companies Rate Stability Act in California does help reduce rate increases Companies have to support their rate calculations with documented logic evidence Return on Investments looks favorable When the investment returns on a company s portfolio increases by one percent, a long-term care insurer with $10 billion in reserves will gain roughly $100 million additional revenue annually. Two of the largest long-term care insurers include: Genworth Financial, Inc. with over 1.1 million policy holders and some $9.96 billion in policy reserves. And, John Hancock owned by Canada s Manulife Financial Corporation, with over 1 million individuals insured and roughly 8.0 billion in policy reserves. As the Financial Market increases investment values, and interest rates rise, insurers will earn more which they will use to pay claims and also to meet profit objectives for their long-term care insurance product lines. Lapse rates used today are realistic.

15 8. The Future Optimistic Outlook for Long- Term Care Insurance Companies Regulators do not allow insurance companies to make up prior losses or increase the premiums so far that the insurance company can make a big profit going forward. Premium increases tend to merely be enough to ensure that the company remains solvent and capable of fully paying all claims for all policy holders.

16 9. Long-Term Care Insurance is Good!!! Although the LTCi industry has gone through some changes, your clients need to address this risk has not. With 10,000 people a day turning age 65 for the next 17 years, the topic of long-term care planning is not going away. Help your clients obtain LTCi coverage when it is appropriate. Help your clients understand the reasons for rate increases if they happen. Find ways to keep your clients policies in force. Whether you partner with a specialist or provide the solutions yourself, the industry awaits with policies to fill this gap in your client s plans.

17 Insurance for Long-Term Care: The Real Reasons behind Rate Actions Reassuring Clients about Future Price Stability October 16, 2013 Americal Advanced Insurance Solutions, LLC Specializing in Long-Term Care Insurance Strategies President and Principal: Gene Tapper LTC411.com /

Company Profile. (800) 224-4582 www.newyorklife.com

Company Profile. (800) 224-4582 www.newyorklife.com s by Age at Enrollment (800) 224-4582 www.newyorklife.com New York Life Insurance Company New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company

More information

Presented By: Mark Kirby Senior Long-Term Care Insurance Specialist 888-532-8232 mkirby@ltcr.com

Presented By: Mark Kirby Senior Long-Term Care Insurance Specialist 888-532-8232 mkirby@ltcr.com Activities of Daily Living: Bathing Transferring Toileting Eating Dressing Continence Cognitive Impairment: Dementia / Alzheimer s Reasoning Orientation Services Personal Care Homemaker Services Skilled

More information

Long Term Care Insurance

Long Term Care Insurance 1 Long Term Care Insurance Traditional health insurance and Medicare do not cover the costs of many long-term care services. They do not cover services in your home, including personal care, as well as

More information

Long-term Care Insurance & Maine s Long-term Care Partnership Program

Long-term Care Insurance & Maine s Long-term Care Partnership Program A Consumer s Guide To Long-term Care Insurance & Maine s Long-term Care Partnership Program Published by: The Maine Bureau of Insurance July 2014 Paul R. LePage Governor Eric A. Cioppa Superintendent A

More information

Long-Term Care Insurance. Pamela Stutch, Esq. Maine Bureau of Insurance (207) 624-8458 (800) 300-5000 (Maine only) www.maine.

Long-Term Care Insurance. Pamela Stutch, Esq. Maine Bureau of Insurance (207) 624-8458 (800) 300-5000 (Maine only) www.maine. Long-Term Care Insurance Pamela Stutch, Esq. Maine Bureau of Insurance (207) 624-8458 (800) 300-5000 (Maine only) www.maine.gov/insurance 1 What is long term care insurance? Provides at least 12 consecutive

More information

The Pennsylvania Insurance Department s LONG-TERM CARE. A supplement to the Long-Term Care insurance guide.

The Pennsylvania Insurance Department s LONG-TERM CARE. A supplement to the Long-Term Care insurance guide. LONG-TERM CARE A supplement to the Long-Term Care insurance guide. These definitions are offered to give you a general understanding of the terms you will hear when looking for Long-Term Care insurance.

More information

LONG-TERM CARE INSURANCE

LONG-TERM CARE INSURANCE Metropolitan Life Insurance Company (MetLife) THE ESSENTIALS LONG-TERM CARE INSURANCE ADF# 1888.09(CA) The MetLife Mature Market Institute Established in 1997, the Mature Market Institute (MMI) is MetLife

More information

Long-Term Care Insurance

Long-Term Care Insurance Vol. 28, No. 9 December 2001 Long-Term Care Insurance What is Long-Term Care? Long-term care consists of medical, social, and/or personal care services required by a person with a chronic illness or disability,

More information

Willamette University Long-Term Care Insurance Outline of Coverage

Willamette University Long-Term Care Insurance Outline of Coverage JOHN HANCOCK LIFE INSURANCE COMPANY Group Long-Term Care PO Box 111, Boston, MA 02117 Tel. No. 1-800-711-9407 (from within the United States) TTY 1-800-255-1808 for hearing impaired 1-617-572-0048 (from

More information

Long-Term Care Insurance Seminar and Sales Presentation

Long-Term Care Insurance Seminar and Sales Presentation John Hancock Life Insurance Company Long-Term Care Insurance Seminar and Sales Presentation Presented by , Designation> Long-Term Care Insurance is underwritten by John

More information

PORTFOLIO OVERVIEW. MutualCare Solutions Long-Term Care Insurance. Mutual of Omaha Insurance Company

PORTFOLIO OVERVIEW. MutualCare Solutions Long-Term Care Insurance. Mutual of Omaha Insurance Company MutualCare Solutions Long-Term Care Insurance Mutual of Omaha Insurance Company PORTFOLIO OVERVIEW M28381 For producer use only. Not for use with the general public. MutualCare Solutions It s a new approach

More information

SHOULD I BUY LONG-TERM CARE INSURANCE?

SHOULD I BUY LONG-TERM CARE INSURANCE? SHOULD I BUY LONG-TERM CARE INSURANCE? Our children think we should buy long-term care insurance, but we re not sure it s worth the cost. Nancy and Todd married for 46 years Planning for when you can no

More information

LONG-TERM CARE INSURANCE

LONG-TERM CARE INSURANCE Metropolitan Life Insurance Company (MetLife) THE ESSENTIALS LONG-TERM CARE INSURANCE ADF# 1888.09 The MetLife Mature Market Institute Established in 1997, the Mature Market Institute (MMI) is MetLife

More information

Financing Long Term Care Al Schmitz, FSA, MAAA Yung-Ping Chen, Ph.D. Bob Yee, FSA, MAAA

Financing Long Term Care Al Schmitz, FSA, MAAA Yung-Ping Chen, Ph.D. Bob Yee, FSA, MAAA of the International Actuarial Association Financing Long Term Care Al Schmitz, FSA, MAAA Yung-Ping Chen, Ph.D. Bob Yee, FSA, MAAA Financing Proposal Summary* Private LTCI Promotion Standardized Policies

More information

Long-Term Care Riders

Long-Term Care Riders Life Insurance with Long-Term Care Riders 64170 MK3375(0509) TC46288(0509) Experience Life Life Insurance can be your Bridge to a More Secure Financial Future Life insurance is a powerful tool that can

More information

Long Term Care Insurance

Long Term Care Insurance John R. Kasich, Governor Mary Taylor, Lt. Governor/Director Long Term Care Insurance Presented by The Ohio Senior Health Insurance Information Program What is Long Term Care & Who Pays Long Term Care is

More information

LONG-TERM CARE INSURANCE

LONG-TERM CARE INSURANCE Metropolitan Life Insurance Company (MetLife) THE ESSENTIALS LONG-TERM CARE INSURANCE ADF# 1888.09(TX) The MetLife Mature Market Institute Established in 1997, the Mature Market Institute (MMI) is MetLife

More information

Policy Comparisons. Comparisons of Connecticut Partnership Long-Term Care Insurance Policies

Policy Comparisons. Comparisons of Connecticut Partnership Long-Term Care Insurance Policies Policy Comparisons Comparisons of Connecticut Partnership Long-Term Care Insurance Policies Connecticut Partnership for Long-Term Care Office of Policy and Management State of Connecticut January 2015

More information

Prudential Long Term Care

Prudential Long Term Care prudential s GROUP INSURANCE Prudential Long Term Care Solid Solutions SM 20 Questions concerning long-term care insurance The Prudential Insurance Company of America (Prudential) 0238884 Should you be

More information

An Introduction to Long-Term Care Insurance

An Introduction to Long-Term Care Insurance Manning & Napier Advisors, LLC An Introduction to Long-Term Care Insurance August 2011 Approved CAG-CM PUB026-R (10/11) Long-Term Care As people approach retirement, their insurance needs often change.

More information

First Unum Life Insurance Company 666 Third Avenue New York, New York 10017 (212) 953-1130 LONG TERM CARE INSURANCE REQUIRED DISCLOSURE STATE

First Unum Life Insurance Company 666 Third Avenue New York, New York 10017 (212) 953-1130 LONG TERM CARE INSURANCE REQUIRED DISCLOSURE STATE First Unum Life Insurance Company 666 Third Avenue New York, New York 10017 (212) 953-1130 LONG TERM CARE INSURANCE REQUIRED DISCLOSURE STATE FOR THE EMPLOYEES OF NEW YORK MEDICAL COLLEGE #222373 Group

More information

Continental Casualty Company

Continental Casualty Company Continental Casualty Company CNA A Stock Company 333 South Wabash Avenue Chicago, Illinois 60604 Continental Casualty Company Group Long Term Care 333 South Wabash Avenue Chicago, IL 60604 1-(800)-528-4582

More information

long-term care insurance

long-term care insurance More and more Americans recognize the need to save for retirement. But few are aware of the need to protect their retirement savings against the steadily growing costs of long-term care. A lifetime of

More information

LTC Insurance: Policy trends and the Role of the GCM. Agenda. What is Long Term Care (LTC) Insurance

LTC Insurance: Policy trends and the Role of the GCM. Agenda. What is Long Term Care (LTC) Insurance LTC Insurance: Policy trends and the Role of the GCM Stuart Armstrong, CFP, CLU, CLU Centinel Financial Group Needham Heights, MA 02494 Phone: 781-446-5041 Email: Web: sarmstrong@centinelfg.com www.stuartarmstrong.com

More information

A Shopper s Guide to

A Shopper s Guide to A Shopper s Guide to LONG-TERM CARE INSURANCE NAIC National Association of Insurance Commissioners A Shopper s Guide to LONG-TERM CARE INSURANCE NAIC National Association of Insurance Commissioners About

More information

Group Long Term Care Insurance Program-Frequently Asked Questions

Group Long Term Care Insurance Program-Frequently Asked Questions Academic Faculty * Administrative Professionals * Post Doctoral Fellows * Veterinary and Clinical Psychology Interns Group Long Term Care Insurance Program-Frequently Asked Questions 1. What is long term

More information

Financial Information Understanding Long Term Care Insurance

Financial Information Understanding Long Term Care Insurance Financial Information Understanding Long Term Care Insurance Many Americans do not plan ahead financially for their long term care needs. Others wrongly assume that Medicare, Medicare supplemental policies

More information

A Shopper s Guide to. Long-Term Care Insurance

A Shopper s Guide to. Long-Term Care Insurance A Shopper s Guide to Long-Term Care Insurance About the NAIC The National Association of Insurance Commissioners (NAIC) is the oldest association of state government officials. Its members are the chief

More information

The Pennsylvania Insurance Department s. Your Guide to Long-Term Care. Insurance

The Pennsylvania Insurance Department s. Your Guide to Long-Term Care. Insurance Your Guide to Long-Term Care Insurance When you re in the prime of life, it s hard to imagine being unable to do the basic activities of daily living because of age or disability. But the reality is that

More information

A Shopper s Guide to. Long-Term Care Insurance

A Shopper s Guide to. Long-Term Care Insurance A Shopper s Guide to Long-Term Care Insurance About the NAIC The National Association of Insurance Commissioners (NAIC) is the oldest association of state government officials. Its members are the chief

More information

It s about living life on your terms.

It s about living life on your terms. A Solutions Guide for Individuals It s about living life on your terms. SignatureCare 500 Partnership Programs insure Insurance invest Strategies retire LTC54000P Contents 1 The need for long term care

More information

Long Term Care Information Meeting

Long Term Care Information Meeting Long Term Care Information Meeting The Municipal Pool Continental Casualty Company Policy SPS1AA-22-TQ Who is CNA? CNA, headquartered in Chicago, is an insurance organization with a 100+ year legacy built

More information

Long-Term Care: An Overview of Long-Term Care Insurance

Long-Term Care: An Overview of Long-Term Care Insurance FACT SHEET Long-Term Care (LTC): An Overview of LTC Insurance (H-002) p. 1 of 6 Long-Term Care: An Overview of Long-Term Care Insurance Long-Term Care (LTC) insurance only pays for long-term care. Long-term

More information

LONG-TERM CARE INSURANCE

LONG-TERM CARE INSURANCE MONTANA LONG-TERM CARE INSURANCE 2015 Rate Comparison Guide RATE COMPARISON GUIDE COMMISSIONER OF SECURITIES & INSURANCE MONICA J. LINDEEN COMMISSIONER MONTANA STATE AUDITOR Dear Montana Senior: I am pleased

More information

Long-Term Care Insurance

Long-Term Care Insurance A Shopper s Guide To Long-Term Care Insurance A Shopper s Guide to LONG-TERM CARE INSURANCE About the NAIC The National Association of Insurance Commissioners (NAIC) is the oldest association of state

More information

It s about living life on your terms.

It s about living life on your terms. A Solutions Guide for Individuals It s about living life on your terms. SignatureCare 500 insure Insurance invest Strategies retire AN APPROVED PARTICIPANT IN THE NEW YORK STATE PARTNERSHIP FOR LONG TERM

More information

Long-term care insurance designed with you in mind

Long-term care insurance designed with you in mind John Hancock Life Insurance Company (U.S.A.) Florida Long-term care insurance designed with you in mind Custom Care III featuring BENEFIT BUILDER LTC-8500FL 1/14 Long-Term Care Insurance Valuable coverage

More information

CA$H-First. UNITED LTCi SOLUTIONS Assured Solutions GOLD. Long-Term Care Insurance. United of Omaha Life Insurance Company A Mutual of Omaha Company

CA$H-First. UNITED LTCi SOLUTIONS Assured Solutions GOLD. Long-Term Care Insurance. United of Omaha Life Insurance Company A Mutual of Omaha Company United of Omaha Life Insurance Company A Mutual of Omaha Company UNITED LTCi SOLUTIONS Assured Solutions GOLD Long-Term Care Insurance FEATURING THE CA$H-First SM ADVANTAGE GC663_MN Your Life... Your Way

More information

TAX-QUALIFIED LONG-TERM CARE INSURANCE POLICY. featuring the CA$H-FIRSTadvantage. AIM-CA v:uoo1

TAX-QUALIFIED LONG-TERM CARE INSURANCE POLICY. featuring the CA$H-FIRSTadvantage. AIM-CA v:uoo1 TAX-QUALIFIED LONG-TERM CARE INSURANCE POLICY SM featuring the CA$H-FIRSTadvantage AIM-CA v:uoo1 Your life Your way! You ve always done things your way. Forged your own path. Never been one to follow along

More information

Continental Casualty Company

Continental Casualty Company Continental Casualty Company 333 S. Wabash Avenue A Stock Company Chicago, Illinois 60604 Continental Casualty Company Group Long-term Care 333 S. Wabash Avenue Chicago, IL 60604 1-(800)-528-4582 LONG-TERM

More information

A Shopper s Guide to Long-Term Care Insurance

A Shopper s Guide to Long-Term Care Insurance A Shopper s Guide to Long-Term Care Insurance About the NAIC The National Association of Insurance Commissioners (NAIC) is the oldest association of National Association of Insurance Commissioners About

More information

LONG TERM CARE INSURANCE IS NOT FOR THE ELDERLY!

LONG TERM CARE INSURANCE IS NOT FOR THE ELDERLY! LONG TERM CARE INSURANCE IS NOT FOR THE ELDERLY! What s that you say? Long Term Care insurance (LTCi) is NOT for the elderly?! Did you know that over 45% of all claims for Long Term Care are for people

More information

Unum Life Insurance Company of America 2211 Congress Street Portland, Maine 04122 (207) 575-2211

Unum Life Insurance Company of America 2211 Congress Street Portland, Maine 04122 (207) 575-2211 Unum Life Insurance Company of America 2211 Congress Street Portland, Maine 04122 (207) 575-2211 QUALIFIED LONG TERM CARE INSURANCE OUTLINE OF COVERAGE FOR THE EMPLOYEES OF OREGON EDUCATORS BENEFIT BOARD

More information

The Prudential Insurance Company of America. Long-Term Care Insurance. Questions. concerning long-term care insurance 0163472-00002-00

The Prudential Insurance Company of America. Long-Term Care Insurance. Questions. concerning long-term care insurance 0163472-00002-00 The Prudential Insurance Company of America Long-Term Care Insurance 20 Questions concerning long-term care insurance 0163472 0163472-00002-00 1WHAT IS LONG-TERM CARE? Long-term care covers a wide range

More information

Your Long-Term Care Insurance Benefits

Your Long-Term Care Insurance Benefits Long-Term Care Long-Term Care Insurance can help you or an eligible family member pay for costly Long-Term Care assistance when you can no longer function independently. For more information on See Page

More information

LONG-TERM CARE INSURANCE

LONG-TERM CARE INSURANCE MONTANA LONG-TERM CARE INSURANCE 2016 Rate Comparison Guide RATE COMPARISON GUIDE COMMISSIONER OF SECURITIES & INSURANCE MONICA J. LINDEEN COMMISSIONER MONTANA STATE AUDITOR Dear Montana Senior: I am pleased

More information

US ARMY NAF EMPLOYEE LONG TERM CARE INSURANCE

US ARMY NAF EMPLOYEE LONG TERM CARE INSURANCE US ARMY NAF EMPLOYEE LONG TERM CARE INSURANCE INTRODUCTION This booklet is published by the US Army NAF Employee Benefits Office. It is intended to provide you with useful information about the US Army

More information

Long Term Care Insurance SAMPLE ICC14-364

Long Term Care Insurance SAMPLE ICC14-364 Long Term Care Insurance COVER Shield PROTECT DEFEND ICC14-364 Planning for your long term care needs is a smart and important decision. By doing so, you are able to decide how to reduce the impact a long

More information

Your Long-Term Care Insurance Benefits

Your Long-Term Care Insurance Benefits Long-Term Care Long-Term Care Insurance can help you or an eligible family member pay for costly Long-Term Care assistance when you can no longer function independently. For more information on See Page

More information

Chapter 4. Long-term Care Plan

Chapter 4. Long-term Care Plan 4 Chapter 4. Long-term Care Plan Table of Contents VLDP LONG-TERM CARE PLAN 1 Eligible Participants Plan Highlights Plan s Applying for Long-term Care s Continuing Long-term Care Coverage COV VOLUNTARY

More information

Unum Life Insurance Company of America 2211 Congress Street Portland, Maine 04122 (207) 575-2211 LONG TERM CARE INSURANCE OUTLINE OF COVERAGE FOR THE

Unum Life Insurance Company of America 2211 Congress Street Portland, Maine 04122 (207) 575-2211 LONG TERM CARE INSURANCE OUTLINE OF COVERAGE FOR THE Unum Life Insurance Company of America 2211 Congress Street Portland, Maine 04122 (207) 575-2211 LONG TERM CARE INSURANCE OUTLINE OF COVERAGE FOR THE EMPLOYEES OF INTELIDENT SOLUTIONS, INC. Policy: 294446

More information

LONG TERM CARE INSURANCE: WHAT YOU NEED TO KNOW

LONG TERM CARE INSURANCE: WHAT YOU NEED TO KNOW LONG TERM CARE INSURANCE: WHAT YOU NEED TO KNOW About Long Term Care: What is it? The Likelihood of Needing Long Term Care The Cost of Long Term Care in New York Is Long Term Care Covered By Medicare or

More information

caring the part of your retirement plan.

caring the part of your retirement plan. Enroll in NYPERL an important benefit: New York State Public Employee and Retiree Long-Term Care Insurance Plan the caring part of your retirement plan. 364-501 (10-13) What s inside: About MedAmerica:

More information

Unum Life Insurance Company of America 2211 Congress Street Portland, Maine 04122 (207) 575-2211 QUALIFIED LONG TERM CARE INSURANCE OUTLINE OF

Unum Life Insurance Company of America 2211 Congress Street Portland, Maine 04122 (207) 575-2211 QUALIFIED LONG TERM CARE INSURANCE OUTLINE OF Unum Life Insurance Company of America 2211 Congress Street Portland, Maine 04122 (207) 575-2211 QUALIFIED LONG TERM CARE INSURANCE OUTLINE OF COVERAGE FOR THE EMPLOYEES OF TOTAL SYSTEM SERVICES, INC.

More information

Guide to Long Term Care Insurance. Table of Contents Page

Guide to Long Term Care Insurance. Table of Contents Page Guide to Long Term Care Table of Contents Page Introduction 1 What Is Long-Term Care? 2 Will I Need Long-Term Care? 3 How Much Does Long-Term Care Cost? 3 Who Usually Pays for Long-Term Care? 4 What Is

More information

Long-Term Care Insurance

Long-Term Care Insurance ltc_lp_10_cover.qxp 2/11/2011 11:57 AM Page 1 Formed in 1871, the National Association of I nsurance Commissioners (NAIC) is a voluntary organization of the chief insurance regulatory officials of the

More information

understanding long term care

understanding long term care understanding long term care Your Guide to Planning for Long-Term Care, Courtesy of Extend Health Long-term care is an issue that touches every senior. While not everyone will need it, odds are you know

More information

Help protect your future and your family s well-being

Help protect your future and your family s well-being John Hancock Life Insurance Company (U.S.A.) Help protect your future and your family s well-being ICC10-LTC-8000 2/11 Custom Care III Long-Term Care Insurance John Hancock A name people know and trust

More information

Unum Life Insurance Company of America 2211 Congress Street Portland, Maine 04122 (207) 575-2211

Unum Life Insurance Company of America 2211 Congress Street Portland, Maine 04122 (207) 575-2211 Unum Life Insurance Company of America 2211 Congress Street Portland, Maine 04122 (207) 575-2211 QUALIFIED LONG TERM CARE INSURANCE OUTLINE OF COVERAGE FOR THE EMPLOYEES OF SARASOTA COUNTY GOVERNMENT #123354-004

More information

Long-Term Care Insurance

Long-Term Care Insurance A Shopper s Guide To Long-Term Care Insurance National Association of Insurance Commissioners A Shopper s Guide to LONG-TERM CARE INSURANCE National Association of Insurance Commissioners About the NAIC

More information

Unum Life Insurance Company of America 2211 Congress Street Portland, Maine 04122 (207) 575-2211

Unum Life Insurance Company of America 2211 Congress Street Portland, Maine 04122 (207) 575-2211 Unum Life Insurance Company of America 2211 Congress Street Portland, Maine 04122 (207) 575-2211 QUALIFIED LONG TERM CARE INSURANCE OUTLINE OF COVERAGE FOR THE EMPLOYEES OF MULTNOMAH COUNTY OREGON - #094319

More information

Agent Fast Facts. for TransCare III Long Term Care insurance. Transamerica Life Insurance Company ICC13 TC3 A FF

Agent Fast Facts. for TransCare III Long Term Care insurance. Transamerica Life Insurance Company ICC13 TC3 A FF Transamerica Life Insurance Company Agent Fast Facts for TransCare III Long Term Care insurance ICC13 TC3 A FF For Agent/Producer Information Only. Not for public distribution. When it comes to care, family

More information

Contract Profile. MEMBERS Long-Term Care Insurance. Move confidently into the future TM 015-0015 REV 1108

Contract Profile. MEMBERS Long-Term Care Insurance. Move confidently into the future TM 015-0015 REV 1108 Contract Profile MEMBERS Long-Term Care Insurance Move confidently into the future TM 05-005 REV 08 Preserve your independence MEMBERS Care Choice Plan is a comprehensive long-term care insurance policy

More information

A Guide to Long-Term Care Insurance

A Guide to Long-Term Care Insurance A Guide to Long-Term Care Insurance America s Health Insurance Plans America s Health Insurance Plans (AHIP) is a national trade association representing nearly 1,300 member companies providing health

More information

Facts About Long-Term Care Insurance In Virginia

Facts About Long-Term Care Insurance In Virginia 1-877-310-6560 http://www.scc.virginia.gov/boi Facts About Long-Term Care Insurance In Virginia Shop Carefully and Avoid Pitfalls Long-term care insurance is designed to assist individuals with some or

More information

T L n g INSURANCE IOWA GUIDE TO LONG-TERM CARE INSURANCE THE TIME TO EXPLORE YOUR THE SENIOR HEALTH INSURANCE INFORMATION PROGRAM

T L n g INSURANCE IOWA GUIDE TO LONG-TERM CARE INSURANCE THE TIME TO EXPLORE YOUR THE SENIOR HEALTH INSURANCE INFORMATION PROGRAM IOWA GUIDE TO LONG-TERM CARE INSURANCE THE TIME TO EXPLORE YOUR INSURANCE OPTIONS IS NOW. T L n g erm C are INSURANCE - THE SENIOR HEALTH INSURANCE INFORMATION PROGRAM a service of the State of Iowa Need

More information

Unum Life Insurance Company of America 2211 Congress Street Portland, Maine 04122 (207) 575-2211

Unum Life Insurance Company of America 2211 Congress Street Portland, Maine 04122 (207) 575-2211 Unum Life Insurance Company of America 2211 Congress Street Portland, Maine 04122 (207) 575-2211 QUALIFIED LONG TERM CARE INSURANCE OUTLINE OF COVERAGE FOR THE EMPLOYEES OF CHEROKEE BOARD OF COMMISSIONERS

More information

There s more to life than you may think

There s more to life than you may think CLIENT BROCHURE The Nationwide LONG-TERM CARE RIDER There s more to life than you may think Introducing the Nationwide long-term care rider A lifeline if you need it, a legacy if you don t. Nationwide

More information

WILLAMETTE UNIVERSITY LONG-TERM CARE INSURANCE (LTCI) PLAN SUMMARY

WILLAMETTE UNIVERSITY LONG-TERM CARE INSURANCE (LTCI) PLAN SUMMARY You may be unfamiliar with long-term care insurance. This plan summary is designed to help you understand the coverage by providing you with: An overview of plan benefits Instructions on how to apply for

More information

APPENDIX D GLOSSARY OF COMMON LONG-TERM CARE TERMINOLOGY

APPENDIX D GLOSSARY OF COMMON LONG-TERM CARE TERMINOLOGY APPENDIX D GLOSSARY OF COMMON LONG-TERM CARE TERMINOLOGY Activities of Daily Living (ADLs) Everyday functions and activities individuals usually do without help. ADL functions include bathing, continence,

More information

PROTECTION LONG-TERM CARE RIDER. An Accelerated Death Benefit Rider Protection when you need it most CONSUMER GUIDE

PROTECTION LONG-TERM CARE RIDER. An Accelerated Death Benefit Rider Protection when you need it most CONSUMER GUIDE CONSUMER GUIDE PROTECTION LONG-TERM CARE RIDER An Accelerated Death Benefit Rider Protection when you need it most ICC13 IM4125CG 01/14 THE PURPOSE OF THIS COMMUNICATION IS THE SOLICITATION OF INSURANCE.

More information

Building your coverage under a Group Long Term Care Insurance Policy underwritten by Aetna Life Insurance Company (Aetna)

Building your coverage under a Group Long Term Care Insurance Policy underwritten by Aetna Life Insurance Company (Aetna) Building your coverage under a Group Long Term Care Insurance Policy underwritten by Aetna Life Insurance Company (Aetna) When you make the decision to purchase Long Term Care (LTC) insurance, you are

More information

Guide to Long-Term Care Insurance

Guide to Long-Term Care Insurance Guide to Long-Term Care Insurance www.ahip.org This guide is designed to give consumers a, general introduction to long-term care insurance. Although revised often, this booklet contains information that

More information

Taking the Long-Term Care Journey MANAGING RETIREMENT DECISIONS SERIES

Taking the Long-Term Care Journey MANAGING RETIREMENT DECISIONS SERIES Taking the Long-Term Care Journey MANAGING RETIREMENT DECISIONS SERIES Long-term care (Ltc) may not be the first thing people think about as they approach retirement, but it is a subject that may require

More information

The Federal Long Term Care Insurance Program. book two. Additional Information

The Federal Long Term Care Insurance Program. book two. Additional Information The Federal Long Term Care Insurance Program book two Additional Information Table of Contents Where to find more information 2 Questions and answers 3 Benefits and Features Worksheet 5 Glossary 9 Note:

More information

help Preserve freedom of

help Preserve freedom of TLC PBR NC 0608 A Even the most carefully laid out fi nancial plan can be negatively impacted by a long term care need. For this reason, Transamerica Life Insurance Company has designed an insurance plan

More information

AICUP Group Long Term Care Insurance

AICUP Group Long Term Care Insurance AICUP Group Long Term Care Insurance Prepared for: Saint Francis University May 2016 Underwritten by Genworth Life Insurance Company. 2013 Genworth Financial, Inc. All rights reserved. For employer and

More information

There s more to life than you may think

There s more to life than you may think There s more to life than you may think The Long-term Care rider from Nationwide Life has so much to offer including the possible need for long-term care It s important to conduct a periodic checkup of

More information

UNITED TEACHERS LOS ANGELES (the Policyholder)

UNITED TEACHERS LOS ANGELES (the Policyholder) Unum Life Insurance Company of America 2211 Congress Street Portland, Maine 04122 (207) 575-2211 LONG TERM CARE INSURANCE - OUTLINE OF COVERAGE FOR THE EMPLOYEES OF UNITED TEACHERS LOS ANGELES (the Policyholder)

More information

Individual Long Term Care Insurance

Individual Long Term Care Insurance Individual Long Term Care Insurance Enrollment Ends 03/31/14 To apply on-line, visit www.uofmnltc.com For more information, call LTC Enrollment Services at 855-549-8911 What is Long Term Care? Care versus

More information

provides lots of choices about your long-term care insurance

provides lots of choices about your long-term care insurance Mutual of Omaha Insurance Company Long-Term Care II provides lots of choices about your long-term care insurance Long-Term Care II is a tax-qualified insurance plan. The policy pays expenses for long-term

More information

A Primer on Long-term Care Insurance

A Primer on Long-term Care Insurance A Primer on Long-term Care Insurance What Is It? Long-term care insurance (LTCi) provides a daily financial benefit to cover the cost of long-term custodial care (LTC) for those who are unable to take

More information

LONG-TERM CARE 1. Table of Contents

LONG-TERM CARE 1. Table of Contents LONG-TERM CARE 1 Table of Contents What is Long-Term Care? Will I Need Long-Term Care? How Much Does Long-Term Care Cost? Who Usually Pays for Long-Term Care? What is Long-Term Care Insurance? What is

More information

QoL Flex Term. QoL1 8532 FT REV0815

QoL Flex Term. QoL1 8532 FT REV0815 QoL Flex Term QoL1 8532 FT REV0815 Important Questions... Ask yourself these three very important questions 1. How much life insurance do I need to protect my family? 2. How much life insurance can I afford?

More information

What You Should Know About Long Term Care. Answers to the most commonly asked questions from the Indiana Long Term Care Insurance Program

What You Should Know About Long Term Care. Answers to the most commonly asked questions from the Indiana Long Term Care Insurance Program What You Should Know About Long Term Care Answers to the most commonly asked questions from the Indiana Long Term Care Insurance Program What You Should Know About Long Term Care The Indiana Long Term

More information

Consumer Guide to Long-Term Care Insurance. Helping Montana seniors and their families make informed decisions about long-term care

Consumer Guide to Long-Term Care Insurance. Helping Montana seniors and their families make informed decisions about long-term care Consumer Guide to Long-Term Care Insurance Helping Montana seniors and their families make informed decisions about long-term care COMMISSIONER OF SECURITIES & INSURANCE MONICA J. LINDEEN COMMISSIONER

More information

Personal Long-Term Care Plan Long-Term Care Insurance. Plan Benefits First-Occurrence Nursing Home Assisted-Living Home Care

Personal Long-Term Care Plan Long-Term Care Insurance. Plan Benefits First-Occurrence Nursing Home Assisted-Living Home Care Personal Long-Term Care Plan Long-Term Care Insurance Plan Benefits First-Occurrence Nursing Home Assisted-Living Home Care Form A27075B1 IC(1/08) Personal Long-Term Care Plan Policy Series A-27000 When

More information

Long-Term Care Insurance Outline of Coverage [Home Health Care Indemnity Policy Form HHC-TX (Rev.)]

Long-Term Care Insurance Outline of Coverage [Home Health Care Indemnity Policy Form HHC-TX (Rev.)] 601 E. BRITTON ROAD OKLAHOMA CITY, OKLAHOMA 73114 TOLL FREE TELEPHONE NUMBER: 1-800-654-9106 Long-Term Care Insurance Outline of Coverage [Home Health Care Indemnity Policy Form HHC-TX (Rev.)] Reserve

More information

Financial Protection against Chronic and Terminal Illnesses

Financial Protection against Chronic and Terminal Illnesses 20501 1/15 Financial Protection against Chronic and Terminal Illnesses As common as they seem to be, illnesses wreak havoc on the lives of Americans every day disrupting both family life and financial

More information

Michigan Review Pending

Michigan Review Pending SERFF Tracking Number: MULF-127027120 State: Michigan Filing Company: John Hancock Life Insurance Company (USA) State Tracking Number: Company Tracking Number: 2010 INFORCE RATE INCREASE - JH CCII07 TOI:

More information

Facts About Long-Term Care Insurance In Virginia

Facts About Long-Term Care Insurance In Virginia 1-877-310-6560 www.scc.virginia.gov/division/boi/index.htm Facts About Long-Term Care Insurance In Virginia Shop Carefully and Avoid Pitfalls Long-term care insurance is designed to assist individuals

More information

Learn about long term care insurance

Learn about long term care insurance Princeton University GROUP LONG TERM CARE INSUANCE PROGRAM FREQUENTLY ASKED QUESTIONS Learn about long term care insurance 1. What is long term care insurance? Long term care insurance is designed to help

More information

THE DREXEL UNIVERSITY GROUP LONG TERM CARE INSURANCE PROGRAM FREQUENTLY ASKED QUESTIONS

THE DREXEL UNIVERSITY GROUP LONG TERM CARE INSURANCE PROGRAM FREQUENTLY ASKED QUESTIONS THE DREXEL UNIVERSITY GROUP LONG TERM CARE INSURANCE PROGRAM FREQUENTLY ASKED QUESTIONS This material is intended for use by eligible Drexel University employees. 1. What is long term care insurance? Long

More information

LPL Insurance associates. Guide to Long-Term Care Insurance

LPL Insurance associates. Guide to Long-Term Care Insurance Guide to Long-Term Care Insurance Long-term care insurance can be confusing, no matter who you are, especially if you don t know who to turn to for expert advice. The decision to purchase long-term care

More information

A Case Study of Long-Term Care Product Alternatives

A Case Study of Long-Term Care Product Alternatives A Case Study of Long-Term Care Product Alternatives Jim Pittman Insurance Consulting Services, Inc. Email: jim@icspdx.com Phone: 503-542-4085 Web: www.icspdx.com March 2012 Overview Long-term care (LTC)

More information

ALASKA LONG-TERM CARE INSURANCE CONSUMER GUIDE 2007 STATE OF ALASKA DEPARTMENT OF COMMERCE, COMMUNITY AND ECONOMIC DEVELOPMENT DIVISION OF INSURANCE

ALASKA LONG-TERM CARE INSURANCE CONSUMER GUIDE 2007 STATE OF ALASKA DEPARTMENT OF COMMERCE, COMMUNITY AND ECONOMIC DEVELOPMENT DIVISION OF INSURANCE ALASKA LONG-TERM CARE INSURANCE CONSUMER GUIDE 2007 STATE OF ALASKA DEPARTMENT OF COMMERCE, COMMUNITY AND ECONOMIC DEVELOPMENT DIVISION OF INSURANCE LONG-TERM CARE INSURANCE CONSUMER GUIDE 2007 SARAH H.

More information

Underwritten by Genworth Life Insurance Company

Underwritten by Genworth Life Insurance Company The Teacher Retirement System of Texas Group Long Term Care Insurance Program for New TRS Members Underwritten by Genworth Life Insurance Company 2007 Genworth Financial, Inc. All rights reserved. 45145

More information

LONG TERM CARE INSURANCE OUTLINE OF COVERAGE POLICY P148 NOTICE TO BUYER:

LONG TERM CARE INSURANCE OUTLINE OF COVERAGE POLICY P148 NOTICE TO BUYER: Physicians Mutual Insurance Company 2600 Dodge Street Omaha, Nebraska 68131 800-645-4300 LONG TERM CARE INSURANCE OUTLINE OF COVERAGE POLICY P148 NOTICE TO BUYER: This policy may not cover all of the costs

More information

LAn Employer s Guide to Long-Term Care Insurance

LAn Employer s Guide to Long-Term Care Insurance LAn Employer s Guide to Long-Term Care Insurance Long-term care it may well be the nation s greatest uninsured need. In fact, the U.S. Department of Labor s Advisory Council on Employee Welfare and Pension

More information

BANKERS LIFE AND CASUALTY COMPANY 111 East Wacker Drive, Suite 2100, Chicago, Illinois 60601-4508 Telephone 1-312-396-6000

BANKERS LIFE AND CASUALTY COMPANY 111 East Wacker Drive, Suite 2100, Chicago, Illinois 60601-4508 Telephone 1-312-396-6000 BANKERS LIFE AND CASUALTY COMPANY 111 East Wacker Drive, Suite 2100, Chicago, Illinois 60601-4508 Telephone 1-312-396-6000 COMPREHENSIVE LONG-TERM CARE INSURANCE POLICY OUTLINE OF COVERAGE Policy Form

More information