Financing Options for Long Term Care Services and Supports
|
|
- Laureen Chandler
- 8 years ago
- Views:
Transcription
1 Financing Options for Long Term Care Services and Supports AARP National Policy Council Summer Meeting July 2013
2 LONG TERM CARE INSURANCE: INDUSTRY IN TRANSITION Talk about the industry s past, present and future Favorable and unfavorable changes over time Current state of the market What the future holds
3 OVERVIEW: LTC FINANCE AND DELIVERY OPTIONS No single option today perfectly meets current or growing needs. Some cost more than many people feel they can pay; Some only provide only partial protection; Some limit eligibility based on health, income, age or other criteria; Others impose asset and income restrictions. Options mistakenly believed to offer LTC protection: Medicare and Medicare supplement insurance Private disability insurance Social Security disability benefits Also, today s LTC options provide limited reach due to the challenges of raising awareness, motivating and enabling planning, and overcoming denial.
4 OVERVIEW OF OPTIONS
5 HYBRID LIFE/LTC AND ANNUITY/ LTC PRODUCTS Small but growing market: 266,000 life/ltc combo 10,200 annuity/ltc hybrids* More flexible, but also more complex Help overcome denial What if I don t need LTC? Expensive, mostly single premium products Example = Life/LTC single premium of $70,000 provides roughly 2 years of LTC benefits Example = Life/LTC annual premium of $5,000 provides about 4 years Similar buyer demographics to standalone LTCI *Only half of all companies selling reported
6 HEALTH SAVINGS ACCOUNTS Tax-advantaged pool of dollars used for health care expenses not covered by insurance, including LTC expenses or premiums Must have high deductible health plan Account funds and growth can roll-over tax-free Annual caps on HSA contribution limits likelihood they can pay for LTCI: $3,250/year individual and $6,450/year family Average individual contribution amount $886 ($1,559 for family) After paying health expenses, not much left for LTC As of 2011, one-third of HSAs had rollover amounts less than $500
7 USING HOME EQUITY $3.14 trillion in home equity, median home value $160,000 (2011) Options: Sell home/move, home equity loan, reverse mortgage Sell home: Funds produced may not be adequate for care needs. Emotionally and physically difficult. Timing is an issue Home Equity Line: Interest payments may be tax deductible. Credit history and income qualifications apply Funds produced may not be adequate. Might owe more than home worth if housing values drop. Risk foreclosure if can t maintain payments.
8 REVERSE MORTGAGE Must be age 62 or older Loan comes in variety of forms No payments while living in the home Loan becomes due when last borrower dies, sells or moves out permanently Just over 775,000 RMs to date
9 REVERSE MORTGAGE (continued) Advantages: No income, health or credit history Non-taxable Never owe more than home value at time loan repayment is due. Concerns: Large up-front costs Amounts may not be adequate to pay for LTC or insurance Depletes home values New models emerging
10 LTCI: IN THE BEGINNING Products left much to be desired Market sales dominated by senior market players Medicare model in terms of coverage, language, and leading players Skewed toward facility care, post-hospital, skilled care Bottom line not well suited to meet true long term care needs Insurers didn t understand the nature of the risk and how best to manage it while also meeting consumer needs
11 PRODUCT DESIGN IMPROVEMENTS Comprehensive coverage all relevant care settings and providers Removed artificial gates and benefit triggers Pool of dollars concept for lifetime coverage amounts Care coordination and support, provider discounts Emergence of best practice risk management: Objective benefit triggers (ADLs and Cognitive Loss) Appropriate underwriting Objective assessment and timely re-assessment
12 HOW POLICIES CHANGED OVER TIME Policy Characteristics Comprehensive Coverage Average for 2010 Average for % 37% Nursing Home DBA $154 $72 Home Care DBA $153 $36 Benefit Duration 4.8 years 5.6 years Inflation Protection 92% 40% Annual Premium $2,268 $1,071 Source: Who Buys Long-Term Care Insurance in ? A Twenty Year Study of Buyers and Non-Buyers in the Individual Market. AHIP, March 2012
13 THE CURRENT MARKET Between million policies in force Individual market represents 58% of entire market today down from 75% in Group market today at 42% of total, with more than 11,000 employer groups sponsoring coverage, including state and federal government Total annualized premiums of over $10 billion Average annual sales growth over past 5-10 years roughly 5-6% Significant market exits Source: The Current State of the Private LTCI Industry. Presented to the LTC Commission by Marc A. Cohen, PhD., LifePlans, June 27, 2013
14 WHY PEOPLE BUY: LIFESTYLE PROTECTION Source: Who Buys Long-Term Care Insurance in ? A Twenty Year Study of Buyers and Non- Buyers in the Individual Market. AHIP, March 2012
15 HOW PEOPLE USE LTC 70% of individuals 65+ will require some type of LTC service during their lifetime. LTC needs are significant for adults <65 due to stroke, trauma, early-onset dementia, etc.
16 CLAIMANTS ARE WELL-SERVED Roughly 95% of all claims are paid Among those on claim: 94% had no disagreement with the insurer and 3% had a disagreement that was satisfactorily resolved Insurance covers between 72% and 98% of care costs Most claimants say their policy benefits meet care needs -- 90% feel their policy provides flexibility in service choice In absence of insurance, half the claimants felt they would have to seek facility care or not be able to afford care Most (77%) do not find it difficult to file a claim Source: The Current State of the Private LTCI Industry. Presented to the LTC Commission by Marc A. Cohen, PhD., LifePlans, June 27, 2013
17 SIGNIFICANT SLOW DOWN IN SALES Thousands 8,000 7,000 6,000 5,000 4,000 3,000 3,697 3,338 3,202 2,601 2,946 4,130 4,793 4,497 5,179 5,612 6,404 6,053 7,115 7,157 7,263 6,995 6,894 7,030 2,000 1,704 1, Year Source: The Current State of the Private LTCI Industry. Presented to the LTC Commission by Marc A. Cohen, PhD., LifePlans, June 27, 2013
18 WHY PEOPLE DON T BUY Source: Who Buys Long-Term Care Insurance in ? A Twenty Year Study of Buyers and Non-Buyers in the Individual Market. AHIP, March 2012
19 BEHIND THE DATA Non-Buyers underestimate the risk of needing LTC Underestimate the costs of LTC services Over-estimate the cost of obtaining coverage So, don t see the value proposition of paying for LTC insurance
20 SLOW SALES: FACTORS Economy people don t buy when they feel they are worse off today than in prior years Right pricing rate increases making the product more expensive While re-enrollments in group market doing well, little growth in new employer-sponsorship Other factors: denial, confusion, the product s value proposition, and more
21 RECAP OF PAST 25 YEARS: INDUSTRY BEHAVIOR RIGHT Claim results and claimant satisfaction Provide care in least restrictive setting Pay for and help provide/ arrange for care (including caregiver support) Bringing value add to the product: provider discounts, information and referral WRONG Pricing interest rates and lapses Underwriting and claims management Letting distribution drive product evolution Managing industry image
22 RECAP OF PAST 25 YEARS: MARKET ENVIRONMENT POSITIVE Improved expertise in pricing and managing risk Products with more consumer appeal and flexibility Standardized features driven by HIPAA Consumer protections Large private and public employers as role models State tax credits and deductions Reposition product to lifestyle and asset protection NEGATIVE Challenging regulatory environment Recession Distribution system challenges Dim view of product from rating agencies Negative press Market exits
23 SIGNIFICANT UNTAPPED MARKET POTENTIAL About 59 million people are not eligible (based on estimates of affordability, insurability and Medicaid)
24 MARKET SHIFTING AWAY FROM MIDDLE/ LOWER MARKET Note: Low income <33% of income distribution; Middle income = 33% - 66%; Higher income = >66% Source: Who Buys Long-Term Care Insurance in ? A Twenty Year Study of Buyers and Non-Buyers in the Individual Market. AHIP, March 2012
25 PREMIUM PRICE SENSITIVITY Market acceptance triples from roughly 20% to about 60% if premiums are significantly reduced (cut in half). Challenge designing low cost products that still provide value and consumer protection Some options: More cost sharing on daily benefit or duration Alternative ways to fund inflation protection Longer waiting periods Benefit amounts tiered to level of disability Lower cost products still exposes consumer to more out-ofpocket costs. Is some coverage better than none? Source: Forbes Consulting, 2013
26 WAYS TO RE-VITALIZE THE MARKET Product innovation (cost-sharing) to reduce price Regulatory changes: Lower mandated inflation protection offer Allow innovative inflation protection options (e.g., benefit bank) Allow significant cost-sharing for ALF (care costs only) Consider reduced benefit payments for loss in 2 vs 3 ADLs Allow longer elimination period and/or short coverage duration Legitimate rate relief along with enhanced consumer disclosure
27 Public Sector Role is Critical Awareness & Education Federalize regulation including rate relief Tax credits/deductions Mandated offer leverage affinity sponsors Expanded state and/or federal plan offers Medigap standardized plan model Medicaid reform home care buy-in National Partnership model/demo many forms European models: France, Israel Include LTCI with Medicare Advantage
28 CONCLUSION By all measures private market not meeting expectations Explore public sector role(s) Encourage strategies that help to minimize risks outside of the control of companies to de-risk to lower capital requirements Important to provide companies with more certainty around rate relief Public policy and regulatory approaches should be designed to help the industry re-set to attract middle market buyers: Lower cost policies (cost sharing and inflation protection) Greater product funding flexibility Support new forms of combination products
29
The Current State of the. Private Long-Term Care Insurance Industry
The Current State of the Private Long-Term Care Insurance Industry Presented to The Long-Term Care Commission by Marc A. Cohen, Ph.D. LifePlans, Inc. June 27, 2013 Presentation Topics Current overview
More informationAn Analysis of the Value of Private Long-Term Care Insurance
An Analysis of the Value of Private Long-Term Care Insurance Presented to Minnesota Department of Commerce Public Hearing Presented by: Marc A. Cohen, Ph.D. Chief Research and Development Officer August
More informationOverview of Current Long-Term Care Financing Options
Overview of Current Long-Term Care Financing Options By Eileen J. Tell This series summarizes current issues in financing long-term care and outlines policy options for increasing affordable access to
More informationLong-term Care Insurance: A Product and Industry in Transition
Long-term Care Insurance: A Product and Industry in Transition Presented to NAIC Senior Issues Task Force by Marc A. Cohen, Ph.D. LifePlans, Inc. Gaylord Convention Center in National Harbor, Maryland
More informationThe Current State of the Long-Term Care Insurance Market
The Current State of the Long-Term Care Insurance Market Presented to 14 th Annual Intercompany Long-Term Care Insurance Conference by Marc A. Cohen, PhD Ph.D. LifePlans, Inc. Rosen Centre Orlando, Florida
More informationTaking 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 informationLong-term Care. A product in transition. ASNY Spring Meeting
Long-term Care A product in transition ASNY Spring Meeting Agenda Section One Needs of LTCI Strong need due to increasing life expectancy Public options are not ideal Medicaid and Medicare are not enough
More informationLong-Term Care Insurance: Barriers to Purchase and Opportunities for Growth. Information Brief #2
Long-Term Care Insurance: Barriers to Purchase and Opportunities for Growth Information Brief #2 Presented to The Colorado Health Foundation By LifePlans, Inc. September, 2013 1 Introduction In an effort
More informationUniversal Life LTC Combinations & Annuity - LTC Combinations. Product Design, Distribution, Underwriting, and Marketing Considerations
Universal Life LTC Combinations & Annuity - LTC Combinations Product Design, Distribution, Underwriting, and Marketing Considerations Carl Friedrich November, 2007 II. Life/LTC Combination Products 2 Background
More informationReverse Mortgages and Long Term Care
Reverse Mortgages and Long Term Care Who Is Eligible? Clients over age 62 Principal residences Single Family Homes up to 4 units Clients With Existing Mortgages Myths vs. Reality 1 - Who Retains Title
More informationLong-Term Care Insurance Buyer Profiles: Implications for CLASS
Long-Term Care Insurance Buyer Profiles: Implications for CLASS By Eileen J. Tell Spring 2011 No. 15 The Community Living Assistance Services and Supports (CLASS) Plan a groundbreaking component of the
More informationThe Benefits of Long-Term Care Insurance and What They Mean for Long-Term Care Financing. By LifePlans, Inc.
The Benefits of Long-Term Care Insurance and What They Mean for Long-Term Care Financing By LifePlans, Inc. November 214 LIST OF TABLES and figures Table 1. Key LTC Insurance Market Parameters, 212....
More information... Life/Annuity Long-Term Care Combination Products. ... by Carl Friedrich +
Published in The Four Pillars Newsletter No. 51, September 2012....... Life/Annuity Long-Term Care Combination Products....... by Carl Friedrich + Despite the ageing of the American population and the
More informationFinancing 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 informationOverview of Current Long Term Care Finance Options
Overview of Current Long Term Care Finance Options Eileen J. Tell Senior Vice President Univita Health No single option today perfectly meets either current or growing needs. Some cost more than many people
More informationA 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 informationMary, age 62, and Bob, age 65, have worked
Long-Term Care Insurance Could Montana s New Partnership Plan Have Helped the Smiths? by Jerry Furniss and Michael Harrington Editor s Note: On July 1, 2009, Montana joined 29 other states by having regulations
More informationLTC 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 informationPaying for Health Care in Retirement
Paying for Health Care in Retirement One of the complications in retirement planning is the need to make predictions what will our future living expenses be, and what about inflation rates? A big mistake
More informationBridging the Gap LTC Combination Products
Bridging the Gap LTC Combination Products Session 28 : Current Topics in Mortality Tony Laudato, Vice President and Actuary Hannover Life Reassurance Company of America Valuation Actuary Symposium Indianapolis,
More informationOperations & Technology
Operations & Technology Using Reverse Mortgages to Fund Longevity Michael Banner National Education Director Security One Lending American C.E. Institute 1 Who Is Eligible? Clients over age 62 Principal
More informationHow To Get A Reverse Mortgage
Reverse Mortgage Credit Union Mortgage Association 9693-A Main Street Fairfax, VA 22031 Toll Free: (800) 231-8855 Ext. 128 Local: (703) 425-1204 Ext. 128 www.cumortgage.net Summary What is a Reverse Mortgage?
More informationLong-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 information2005 National LTCi Producer Summit
2005 National LTCi Producer Summit As Reverse Mortgage Popularity Soars, How Can You Tap the Growing Market? Adrian Prieto, Key Account Manager Financial Freedom Senior Funding Corp. Financial Freedom
More informationFinancial 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 informationModerator: Carl A. Friedrich, FSA, MAAA. Presenters: Benjamin Goodman, FSA, MAAA Lane Kent
Session 39 PD, The Retirement Dilemma: Buying Longevity Products or Covering Your Health Care Costs Analysis from a Sales and Marketing Viewpoint Moderator: Carl A. Friedrich, FSA, MAAA Presenters: Benjamin
More informationSource: Genworth Financial Home Equity Access, Inc. Reverse Mortgage Study- 10/2008 2
REVERSE MORTGAGES 1 Source: Genworth Financial Home Equity Access, Inc. Reverse Mortgage Study- 10/2008 2 Benefits of a Reverse Mortgage Senior will receive money without having to leave their home No
More informationA 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 informationLong-Term Care Insurance: Latest Trends & Developments
Long-Term Care Insurance: Latest Trends & Developments 06.04.2015 FPA Central Virginia Michael E. Kitces MSFS, MTAX, CFP, CLU, ChFC, RHU, REBC, CASL Partner. Director of Research, Pinnacle Advisory Group
More informationLTCI: Standard Products and new Developments
LTCI: Standard Products and new Developments Laure de MONTESQUIEU Scor Global Life Head of the International Research & Development Centre for Long Term Care Insurance Introduction: Long-Term Care, a problem
More informationMarketing CLASS: What we can Learn from Buyers and Non-buyers of LTC Insurance. October 2010
Marketing CLASS: What we can Learn from Buyers and Non-buyers of LTC Insurance October 2010 Purpose Setting baseline expectations What do we know about factors related to purchase of LTC insurance? What
More informationLife Insurance/LTC Combination Products A Pricing Perspective
Life Insurance/LTC Combination Products A Pricing Perspective Reid Settle, FSA, CERA, MAAA Core Life Product Development August 3, 2013 2013 Lincoln National Corporation The Need for Long-Term Care 70
More informationIs the LTC Market Dead? An Update on LTC. Introduction
Introduction Is the LTC Market Dead? An Update on LTC Steve Schoonveld, FSA, MAAA Head of Linked Benefit Product Solutions Lincoln Financial Group What is the Long-Term Care Insurance Market? Traditional
More informationThose survey respondents
Life & Health Insurance Advisor MRCT Benefits Plus is a comprehensive employee benefits, wellness and Human Resources consulting firm offering a variety of financial services to businesses and individuals
More informationhousing information www.housing-information.org Reverse Mortgages A project of Consumer Action
housing information www.housing-information.org Reverse Mortgages A project of Consumer Action One of the major benefits of buying a home is the opportunity to build equity, or ownership, in the property.
More informationSeniors Reverse Mortgage Fact File and Answers to Frequently Asked Questions
Seniors Reverse Mortgage Fact File and Answers to Frequently Asked Questions A public information service from Access Reverse Mortgage 1-888-340-0305 2014 Access Reverse Mortgage Corp.. All rights reserved.
More informationHow LTC Hybrid Products Really Work. Hybrids for Dummies
How LTC Hybrid Products Really Work Hybrids for Dummies AALTCI Producers Summit April 2011 Scott D. Boyd, LTCP, CSA V.P. LTC The National Benefit Corp This presentation is for Producer Use Only Not intended
More informationSession 89 PD, Future of the Long-Term Care Insurance Industry Moderator: Allen J. Schmitz, FSA, MAAA
Session 89 PD, Future of the Long-Term Care Insurance Industry Moderator: Allen J. Schmitz, FSA, MAAA Presenters: Anthony C. Laudato, FSA, MAAA Allen J. Schmitz, FSA, MAAA The Future of the LTC Industry
More informationComparing Long-Term Care Alternatives By Joe Tomlinson December 18, 2012
Comparing Long-Term Care Alternatives By Joe Tomlinson December 18, 2012 Should clients buy expensive long-term care insurance they might never need, or go without insurance and risk a big hit to their
More informationBonnie Burns, California Health Advocates
#2006-13 May 2006 COMPARING LONG-TERM CARE INSURANCE POLICIES: BEWILDERING CHOICES FOR CONSUMERS by Bonnie Burns, California Health Advocates The AARP Public Policy Institute, formed in 1985, is part of
More informationBRIEF No.10 SPRING 2002
THE HOME CARE RESEARCH INITIATIVE: A PROGRAM OF THE ROBERT WOOD JOHNSON FOUNDATION P O L I C Y BRIEF No.1 SPRING 22 The Use of Nursing Home and Assisted Living Facilities Among Private Long-Term Care Insurance
More informationLPL INSURANCE ASSOCIATES. Guide to Long-Term Care Insurance
LPL INSURANCE ASSOCIATES Guide to Long-Term Care Insurance The greatest gift of long-term care insurance is that it allows loved ones to supervise your care and not have to provide your care. What Is Long-Term
More informationDeconstructing Long-Term Care Insurance
Insights November 2012 Deconstructing Long-Term Care Insurance In spite of the growing need for long-term care financing, two observations about the current state of long-term care insurance market are
More informationEXPANDING PRIVATE LONG-TERM CARE INSURANCE AND STRENGTHENING MEDICAID RICHARD G. FRANK HARVARD UNIVERSITY
EXPANDING PRIVATE LONG-TERM CARE INSURANCE AND STRENGTHENING MEDICAID RICHARD G. FRANK HARVARD UNIVERSITY POLICY DESIGN CHALLENGE Assuming that the social insurance approach to LTSS is unlikely in the
More informationPrudential 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 informationLong 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 informationPERFECT STORM STATISTICS
FPA Symposium ABOUT US At Fairway, customer service is a way of life. Fairway is dedicated to finding the best rates for customers and also offers some of the fastest turn times in the industry. The goal
More informationThe New Tool For Retirement Income Planning. Presented by: Becky Bell, Regional VP, Mortgage Banking
The New Tool For Retirement Income Planning Presented by: Becky Bell, Regional VP, Mortgage Banking Why Consider a Reverse Mortgage? Allows Clients to Take a Dormant Asset (Home Equity) and Put it to Work
More informationFinancial 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 informationCombination Products
Alternative Products Pi Pricing i Mechanics of Combination Products March 4, 2013 Dallas, Texas Moderator: Speakers: Missy Gordon, FSA, MAAA, Milliman Minneapolis Bruce Moon, ChFC, CLU, CASL, OneAmerica
More informationLife & Health Insurance Advisor
Life & Health Insurance Advisor MRCT Benefits Plus is a comprehensive employee benefits, wellness and Human Resources consulting firm offering a variety of financial services to businesses and individuals
More informationLAn 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 informationThe Own Your Future Long-Term Care Awareness Campaign: Implications for CLASS
The Own Your Future Long-Term Care Awareness Campaign: Implications for CLASS By Eileen J. Tell Spring 2011 No. 13 The Community Living Assistance Services and Supports (CLASS) Plan a groundbreaking component
More informationCan 1 + 1 = 3? A Look at Hybrid Insurance Products with Long-Term Care Insurance. by Marc P. Freiman, Ph.D. RTI International
#2007-11 May 2007 Can 1 + 1 = 3? A Look at Hybrid Insurance Products with Long-Term Care Insurance by Marc P. Freiman, Ph.D. RTI International The AARP Public Policy Institute, formed in 1985, is part
More informationBuying Long-Term Care Insurance
1 A Consumer s Guide to: Buying Long-Term Care Insurance And other ways to pay for long-term care Washington State Office of the Insurance Commissioner www.insurance.wa.gov 1 No one likes to think about
More informationGuaranteed Protection Universal Life. Discover What s Possible
Guaranteed Protection Universal Life Discover What s Possible Guaranteed Protection Universal Life Peace of mind for you, protection for your heirs As the center of a sound financial plan, permanent life
More informationlong-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 informationToday s Long-term Care Coverage: Understanding the Fine Print
Today s Long-term Care Coverage: Understanding the Fine Print with these new LTC solutions comes the need for proper due diligence so their functionality and intricacies are clearly understood. Most advisors
More informationSOA 2010 Annual Meeting & Exhibit Oct. 17-20, 2010. Session 119 PD, Impact of Housing on Economic Security in Retirement
SOA 2010 Annual Meeting & Exhibit Oct. 17-20, 2010 Session 119 PD, Impact of Housing on Economic Security in Retirement Moderator: Anna M. Rappaport, FSA, EA, MAAA Presenters: Thomas N. Herzog, ASA Anna
More informationHEALTH CARE REFORM FREQUENTLY ASKED QUESTIONS
HEALTH CARE REFORM FREQUENTLY ASKED QUESTIONS Consumers When will the health care reform law take effect? The health insurance reforms adopted as part of the Patient Protection and Affordable Care Act
More informationPresented 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 informationPaying for Long-Term. Care. by Jon Caswell
F E A T U R E Paying for Long-Term by Jon Caswell Care any stroke families don t know how to care for a family member who can t handle a few activities of daily living (ADLs) but isn t so compromised that
More informationSection 2: INDIVIDUALS WHO CURRENTLY HAVE
Section 2: INDIVIDUALS WHO CURRENTLY HAVE COVERAGE OR AN OFFER OF COVERAGE FROM THEIR EMPLOYER Section 2 covers enrollment issues for individuals who have coverage or an offer of coverage whether through
More informationA 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 informationFor some reason, a majority of individuals
Life & Health Insurance Advisor info@mmibi.com momentousins.com Your future Our commitment Long-Term Care December 2010 Volume 8 Number 12 How to Get Long-Term Care Coverage Without Buying an LTC Policy
More informationLong-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 informationPlanning for Long-Term Care
long-term care insuranceo october 2014 2 The Reality of Living Longer 4 Why Should You Consider Long-Term Care Coverage? 7 Protecting Your Assets, As Well As Your Health Planning for Long-Term Care Summary
More informationComplete Guide to Reverse Mortgages
Complete Guide to Reverse Mortgages Contents I. What Is a Reverse Mortgage? 2 Reasons for taking out a reverse mortgage 2 Differences between reverse and traditional mortgages 2 II. Where to Get Reverse
More informationChanges in Retiree Health Coverage
Changes in Retiree Health Coverage Implications for States, as Employers Reduce Private Sector Retiree Health Care Coverage Changes in Retiree Health Care Employer Trends in Offering Retiree Health Care
More informationReverse Mortgage. Work With a Local Expert
Reverse Mortgage Work With a Local Expert I offer a variety of reverse mortgages (HECM FHA, Jumbo, Purchase and Fixed Rate) designed to eliminate current mortgage payments and give borrowers easier access
More informationLONG-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 informationYOU CAN OWN? WHY RENT WHEN
WHY RENT WHEN YOU CAN OWN? A COMPARISON OF TERM & PERMANENT LIFE INSURANCE This guide helps you understand the differences between term and permanent coverage by comparing them to renting versus owning
More informationLONG-TERM CARE RIDER An Accelerated Death Benefit Rider Protection when you need it most TECHNICAL GUIDE
TECHNICAL GUIDE LONG-TERM CARE RIDER An Accelerated Death Benefit Rider Protection when you need it most FOR AGENT USE ONLY. NOT FOR USE WITH THE PUBLIC. Table of Contents Product Overview... 2 Accelerating
More informationGuide 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 informationFacts That Can Protect Your Assets & Quality of Life. Provided Courtesy of:
Caring is Sharing Facts That Can Protect Your Assets & Quality of Life Provided Courtesy of: A note from the author At this point, you have a choice you can learn more about long term care insurance or
More informationLTC/Combo Products on Life Insurance and Annuities- Understanding the Current Tax Laws and Defining Sales Opportunities
LTC/Combo Products on Life Insurance and Annuities- Understanding the Current Tax Laws and Defining Sales Opportunities Shawn Britt, CLU Director, Long-term Care Initiatives Advanced Consulting Group Nationwide
More informationThe State Life Insurance Company P. O. Box 6062 Indianapolis, IN 46206-6062
P. O. Box 6062 Indianapolis, IN 46206-6062 Life Insurance Illustration Single Premium Deferred Individual Retirement Annuity and Current Interest Whole Life Insurance with Long-Term Care Benefits for Either
More informationModule 8: Reverse Mortgages and Other Private Financing Options for Long-Term Care. Posted 5/31/05
Module 8: Reverse Mortgages and Other Private Financing Options for Long-Term Care Posted 5/31/05 Answers to Key Questions What LTC financing options are available other than insurance? What are the differences
More informationA 3-Step Guide to. Long-Term Care Planning
Understanding the risks AVOIDING Mistakes 1 2 3 reducing your costs A 3-Step Guide to smarter Long-Term Care Planning The time to prepare is now The need for long-term care is one of the biggest financial
More informationUSE YOUR HOME TO STAY AT HOME
USE YOUR HOME TO STAY AT HOME Role of Reverse Mortgages to Pay for Long-Term Care at Home Press Briefing National Council on the Aging January 26, 2005 Contact: Scott Parkin, NCOA VP Communications 202-479-6975
More informationfor INCOME IN USING YOUR HOUSE RETIREMENT A retirement PLANNING GUIDE
A retirement PLANNING GUIDE USING YOUR HOUSE for INCOME IN RETIREMENT It s something Americans increasingly need to consider. And increasingly need to do. A retirement PLANNING GUIDE By Steven Sass, Alicia
More informationPROTECTION LONG-TERM CARE RIDER. An Accelerated Death Benefit Rider Protection when you need it most PRODUCER GUIDE
PRODUCER GUIDE PROTECTION An Accelerated Death Benefit Rider Protection when you need it most THIS MATERIAL IS FOR INSTITUTIONAL/BROKER-DEALER USE ONLY. NOT FOR DISTRIBUTION OR USE WITH THE PUBLIC. Strength.
More informationReverse Mortgages. The pit-falls and how to avoid them. Dangerous to your health?
Every Mortgage Payment Added to Your Equity YOUR HOME IS A GIANT PIGGY BANK Reverse Mortgages Dangerous to your health? The pit-falls and how to avoid them Bob Adams, Director InvestEd Inc. Associate Director,
More informationLONG-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 informationFindings. Who Buys Long-Term Care Insurance in 2010 2011?
Findings Who Buys Long-Term Care Insurance in 2010 2011? America s Health Insurance Plans Who Buys Long-Term Care Insurance in 2010-2011? is a twenty year study of the long-term care insurance marketplace
More informationReverse Mortgage Is it right for you?
Reverse Mortgage Is it right for you? Reverse Mortgages are being hyped as a tremendous tool for retirement income. This type of mortgage uses part of the equity in a home as collateral. A Reverse Mortgage,
More informationHow To Plan For Long Term Care
CLIENT UPDATE: 1ST QUARTER 2014 Education is the most powerful weapon which you can use to change the world. Nelson Mandela News To Note When was the last time that you had a free comprehensive insurance
More informationPlanning for Long-Term Care
long-term care insurance october 2013 2 What is Long-Term Care? 4 Why Should You Consider Long-Term Care Coverage? 6 Protecting Your Assets, As Well As Your Health Planning for Long-Term Care summary the
More informationTable of Contents Reverse Mortgage O verview... Reverse Mortgage K ey Questions... 5 Reverse Mortgage Pros and Cons... 7 Reverse Mortgage Borr
1 Table of Contents Reverse Mortgage Overview... Reverse Mortgage Key Questions... Reverse Mortgage Pros and Cons... Reverse Mortgage Borrower Qualification... Reverse Mortgage Key Items... Reverse Mortgage
More informationFacts 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 informationA 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 informationChoosing Health Care Insurance Medicare Supplements
Choosing Health Care Insurance By Steve Meinhardt http://yumainsurancehealth.com Office: 928-217-3621 Mobile: 928-580-7102 Fax No: 928-344-3507 Email: steve@yumainsurancehealth.com Or - Fill out the contact
More informationA 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 informationNo Professional Care Required. No Waiting Period. No Professional Care Required. No Waiting Period
Life Insurance with Access Rider: A Competitive Comparison Many prominent carriers offer products that provide death benefit and chronic illness care protection. Which product or carrier is appropriate
More informationIncreasing the Sustainable Withdrawal Rate using the Standby Reverse Mortgage
Increasing the Sustainable Withdrawal Rate using the Standby Reverse Mortgage John Salter, PhD, CFP, AIFA Associate Professor, Texas Tech University Vice-President, Wealth Manager, Evensky & Katz Wealth
More informationA 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 informationVUL Protector PROTECTION. GROWTH. FLEXIBILITY. Issued by Pruco Life Insurance Company
VUL Protector PROTECTION. GROWTH. FLEXIBILITY. Issued by Pruco Life Insurance Company VULNLG-2015 FOR USE IN CA ONLY. ABOUT THIS BROCHURE This brochure provides an overview of the key features of VUL Protector
More informationHow To Get A Death Benefit From A Life Insurance Policy
Combination Products Filing Combo Products Karen Schutter Executive Director, Interstate Insurance Product Regulation Commission Dalora Schafer Financial Administrator, Florida Office of Insurance Services,
More information