LTC

LTC


Increased success working with Insurance Advisors

Agents who work with us find increased success in both individual and group markets. From overcoming the hurdle of Starting the LTC Conversation to setting them up for success through underwriting, case design, and presentation support, you will like what we can do for you. Agents increase their sales within their own book of business and add a value proposition their clients want all without disrupting their primary focus.

John Dodd Jr.
“We like Partnering with Insurance Advisors because when it comes to long term care insurance, they work with our agents, show them how to sell LTCI in multiple markets, have the best sales tools and hands-on service which is what an agent really needs to be successful in selling LTCI.”
John Dodd Jr.

What is LTC?


“Long Term Care is not a place like a nursing home or a condition.  It’s a life-changing event that would have devastating consequences to your spouse and children and your ability to keep financial promises during retirement.”

~Harley Gordon, Esq

People need to make a plan of care to protect their family and limit the emotional & financial burden from an LTC event.

Philosophy & Approach


Philosophy & Approach

Training

Teach agents the keys to success and how to start the LTC conversation

3 Premises we operate by

1. Clients should protect their family and financial plan with LTC
2. Some coverage is better than no coverage at all
3. Clients should only purchase what they can afford

Guide clients through the sale – 3 Key Agreements

Learn the 3 key agreements that help every client understand the importance of LTC coverage as well as what coverage is right for them.

Each client is unique

We help guide you to the right solutions for your clients that is designed for them to provide great coverage without over insuring.

How we support agents


Training

Expert underwriting assistance

Case design

Submission assistance

Case management

Marketing & sales materials

Sales support

Referral support

4 Options of covering expenses


Self Funding:

Pros:

  • No premiums to pay
  • No application

Cons:

  • Exposed to major financial risk and potential burden to family

Traditional LTC:

Pros:

  • Lowest cost upfront & best leveraging
  • Protects assets from Medicaid spend down
  • Many policy benefits and possible tax deductions

Cons:

  • If LTC is not needed – no benefits paid

Hybrid Option:

Pros:

  • Leverages dollars for LTC
  • Risk management tool

 

Cons:

  • First part of claim is self-funded
  • No Partnership protection or tax deductions

Back-up Plans:

There are options for those who either failed to plan or do not qualify due to health concerns.  These options typically do not leverage nearly as well as Traditional or Hybrid options.  Below is a list of these different options:

  • Short Term Care (STC)
  • Guaranteed Issue LTC SPIA
  • Life Settlements
  • Deferred Immediate Annuity (DIA)
  • Reverse Mortgages

Things to consider when purchasing LTC


A LTC plan helps protect your spouse, family, and financial plan from a potential devastating event that would have a negative impact on the ones you love. A LTC plan puts your family in a position of managing care instead of providing your care. It also ensures the plan of care you want. Download The 2018 Consumer Guide to LTC for more info.

Statistically you will hear that 69-70% of people will need long term care in their lifetime. While statistically true this is not the right question. The correct question is that should you need long term care are you ok with the devastating consequences that will impact your spouse and family should you not have a plan in place.

To learn more download The 2018 Consumer Guide to LTC.

There is No One solution for everyone. Hybrids and Traditional LTC have their own specific advantages and differences, and they fit different people. The key is that some coverage is better than no coverage at all. Hybrids are more of a risk mitigation tool and Traditional LTC is primarily an income protection tool. We will help guide you to a decision that is right for you!

We believe strongly in not over insuring people and finding the right benefit for them. Customizing the benefit selection to the client helps provide them the proper amount of coverage while keeping costs low as they are not paying for benefits they will not likely need. We use the simple formula below to determine the monthly benefit that is ideal for the client:

*Cost of Care (COC) – **Estimated Monthly Income (EMI) = Ideal Monthly Benefit

*Check using Genworth’s Cost of Care Map

**Available monthly income that could be put towards care (Ex. Social Security,
Pension, 401(k))

NOTE: Add 3% compound onto policy to keep up with inflation

Partnership Protection is about the States Partnership Qualified polices that protect your assets from Medicaid spenddown. Medicaid will pay for long term care services but only after you spend down in assets to a low level (see your states info on these levels). States are even putting liens on the family residence and requiring being named remainder beneficiary on certain annuities to recover costs associated with long term care services. Partnership protection can be very important, especially for those having between $200k and $600k in assets. Partnership protection is only available on Traditional LTC policies.

The three-year benefit is the most commonly sold policy out there. A three-year benefit covers most claims however you should look at your family history. Those with a family history of Alzheimer’s or Dementia should seriously consider a longer benefit period as genetics are very good indicators for the future.

YES!!!!

Hands down the best rider available for couples and highly recommended. Provides an extension of care dollars should you or your spouse exceed your personal allotment. Ask your agent to show you how this works.

The elimination period is the length of time you will need to cover care services prior to your policy paying out, like a car insurance deductible when you have an accident. The industry standard is 90 days. There are options to shorten this such as Zero Day Home Health Care (HHC) riders or the purchase of a 100-day Short Term Care (STC) policy to essentially eliminate the elimination period.

Contact Us

Call us – (800) 471-7191 or send a message.

Learn about our Referral Program

See how we can help even if you’re not comfortable, don’t have time, or have your LTC certification complete – and still get paid!

Request a Quote

Check us out! Request a quote for your case.

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