Long Term Care Insurance (LTC)
ISN offers producers a wide array of long term care insurance (LTC) programs from highly rated and well known insurers. Our online and toll free proposal resources give you access to customized client solutions so you can do what you do best – prospect clients, gather information about their LTC needs, and meet your client with a competitive solution that works best for them. Produce your own quotes online here or request a quote by fax using our proposal form. Or call us at (800) 338-1892.
ISN is also well-versed in a new generation of universal life and annuity programs that offer potential LTC benefits for those of your clients who believe they don’t need a separate LTC policy, but have existing annuities, or understand the importance of providing their heirs with the benefit of tax free death benefits for estate planning or wealth transfer purposes.
ISN works with the most competitive providers and offers compensation and contracts at levels you will seldom find elsewhere. We also manage the application and underwriting process so you eliminate the administrative burden of doing business without sacrificing income. Truly a “win-win” proposition.
What is LTC?
Long term care refers to the personal care and other related services provided on an extended basis to people who need help with certain Activities of Daily Living (ADL's) or who need supervision due to severe cognitive impairment such as Alzheimer's Disease. Care can be provided at home, in the community, in an assisted care facility or in a nursing home.
Your clients often don’t recognize the odds of needing this important coverage. Life expectancy is on the rise. More than half of the U.S. population will require some type of long-term care during their lives-nursing home care, home health care, assisted living facility care, or rehabilitation facility care. One out of five Americans over the age of fifty is at risk of needing LTC in the next 12 months. By 2020, one out of six Americans will be 65 or older and more than 12 million will require long-term care. However, it isn't just older persons, however, that need LTC. According to the Employee Benefit Research Institute, individuals between the ages of 18 to 64 represent 40 percent of those who currently need long-term care, and about 12 million people of all ages need help with some activities of daily living.
A study by the U.S. Department of Health and Human Services indicates that people of age 65 face at least a 40 percent lifetime risk of entering a nursing home. About 10 percent will stay there five years or longer. Sadly, the Health Insurance Portability and Accountability Act (HIPAA) in 1996 made it clear that your clients are now responsible for paying for long term care. Long term care services aren't adequately covered by governmental programs including Medicare and Medicaid. Most private medical and major medical insurance plans do not cover long term care either.
What to consider when presenting LTC to your clients:
Benefit Amount: The amount available to cover long term care expenses, usually stated in terms of a daily or monthly maximum.
Benefit Period: The length of time that the policy can pay the benefit amount, usually a number of years
Waiting Period: The time that you are responsible for your long term care expenses before the insurance begins to pay benefits, usually your choice of between 0 and 365 days
Benefit Increase (or "Inflation Protection") Option: An optional feature that increases your benefit amount each year to help your coverage keep up with future increases in long term care costs.
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