Assisted Living, Alzheimer's Care, Residential Care (Board & Care), Nursing Home, Home Care, Home Health Care, Respite Care, Day Care, Care Management etc.
More links to be added latter:
Genworth Life Assurance: Genworth Caregiving
Tuesday, August 28, 2012
LTC-101 Guide to Senior Living and Care
Assisted Living, Alzheimer's Care, Residential Care (Board & Care), Nursing Home, Home Care, Home Health Care, Respite Care, Day Care, Care Management etc.
More links to be added latter:
Genworth Life Assurance: Genworth Caregiving
Veterans LTC Benefits
War Era Veterans and their surviving spouses may be entitled to a tax-free benefit. This benefit is available for Veterans and their surviving spouses who are spending the majority of their income on health care.
War Era Veterans Alliance
CA Elderlaw Center: Vets Benefits Division
Monday, August 20, 2012
LTCi SALES Underwriting and Processing
Money Just Pays for LTCi
Health Buys It
It is extremely important
that the Agent check with the company underwriting published guidelines or call
the carriers underwriting department if there are questions. All Carriers have different underwriting requirements.
The underwriting process for LTCi may include
a telephone interview, face-to-face interview, Attending Physicians Statement
(APS). If the client has not seen a
Physician in the last 18 months a physical may be requested.
HEALTH RATINGS: Substandard
ratings are limited, with many carriers only issuing policies without any
additional ratings. These carriers will not consider flat extras or table
ratings to approve an applicant they feel is likely to submit an immediate
claim against the company, nor do carriers make table-rated offerings.
INFORMATION
TRANSFER: LTC insurance carriers will not transfer information to other carriers upon request. Some carriers may notify the Medical Information
Bureau of any declines
TRAINING, TAX
ADVANTAGES, AND LIABILITY:
The
majority of states now require LTCi-specific Continuing Education credit or Long Term Care
Partnership Training.
LTCi offers potential tax advantages to the business market and
individuals.
A
potential liability may exist if an agent fails to offer Long Term Care insurance
for protection of a clients assets and financial plan.
UNDERWRITING TIME: Underwriting
LTCi may take longer than Life insurance because the carrier is evaluating
morbidity and/or mortality issues. Expect underwriting to take 6 to 8 weeks.
LTC-101 LEGAL: Estate Planning
With Long Term Care Insurance we are planning for
the last years of life. It is necessary to
know the fundamentals of Estate Planning.
Please check with an attorney for more detail discussion
on these terms.
Wills:
A
Will or testament is a legal declaration by which a person, the testator, names
one or more persons to manage his or her estate upon his or her death and
provides for the transfer of his or her property to specified beneficiaries
Trust:
The most common Trust is a Revocable Living Trust.
It represents a private contract between the person or persons creating it and
the person or entity they choose to be their Trustee. It does not require court
involvement to authorize, create or oversee its administration. It is
"Living" as it is prepared and used during the life of the person(s)
creating it by transferring an asset into it also referred to as “funding” the
trust. When it is funded, the trust is legally in existence and has
"life". Once funded, the trust can serve many family and estate tax
planning needs. Assets can be added to it at anytime, whether during your
lifetime or upon death. The Trustee is responsible for holding, managing and
distributing the assets in the trust based on the rules you establish when you
create trust. A Trust can avoid the need for court involvement such as a
probate.
Special Needs Trusts:
Special
needs trusts allow a disabled beneficiary to receive gifts, lawsuit
settlements, or other funds without losing eligibility for “needs based” government programs. The trusts are written so that
the funds will not be considered available to the beneficiary when determining
eligibility for public benefits.
Advanced Medical Directive:
They enable you to
designate a trusted individual as your agent to carry out your specified health
care decisions including the decision to maintain or withdraw life support in
the event of your incapacity.
Powers
of Attorney:
Allow a trusted person designated
by you, to manage your financial affairs in the event of your incapacity. They
can be very broad or limited to a specific transaction and can be drafted to
last for a specified period of time or indefinitely
Medical-Planning:
Planning & Application:
Medi-Cal is a needs-based medical government program in the state of California. It is based on disability and
financial needs. The State program is administered by the California Department
of Health Care Services, which is administered locally by the Department of
Social Services. Attorneys assist clients in gaining eligibility for Medi-Cal
long-term care (for those who require skilled nursing care) as well as Medi-Cal
for those who are residing in their own homes.
Estate Recovery:
After a Medi-Cal
beneficiary passes away, the State of California is entitled to repayment for
the benefits paid during the life of the beneficiary also known as estate
recovery. It is critical that beneficiaries and their families discuss the
regulations regarding estate recovery during the life the beneficiary to
explore the ramifications of actions taken or not taken while their loved one
is receiving Medi-Cal benefits.
Thursday, August 9, 2012
2011 Sales Results of LTC
This information was complied by: American Association for Long-Term Care Insurance, 2012 LTCi Source Book .
This is an edited report of what are the highlights of the Sales and Claims of 2011.
National Sales results of Individual Policies
Sales by Age: 45-54: 22% 55-64: 56.5% 45-64: 78.5%
Sales by Benefit Period (x days)
Less than 3 years (x 730 days/ x 365 days): 11.5%
3 years ( x 1,095 days): 33.8%
4 years ( x 1490 days): 25.5%
5 years ( x 1825 days): 20%
Sales by Daily Benefit
$100-$149: 36% $150-$199: 23.5% $200-$250: 17.5%
Note: CA average cost of Simi-Private Room: $260 a day
Benefit Increase Mode
5% Compound (life): 33.8% 3% Compound: 23.5%
5% Simple (life): 11.6% CPI Based Formula: 8.1%
Future Purchase Option: 8.2% None: 4%
Percentage of Applicants Declined Coverage
Below age 50: 11% 50-59: 16% 60-69: 24% 70-79: 41%
Wednesday, August 8, 2012
LTC 101: LTC a Woman's Issue
As I have mentioned, women usually are the care givers. Not only for their children, but their parents, spouses parents and yes their spouses. The unfortunate fact is when they require care, no one is there for them.
Tuesday, August 7, 2012
LTCi Agent Posting: August 7th
NOVEMBER IS NATIONAL LONG TERM CARE AWARNESS MONTH
The American Association for Long Term Care Insurance is having it's tenth national summit November 10-12, 2012, in Las Vegas
3 days of ideas that answer the "whys" of LTCi and how to create new markets and how to be highly successful.
If you are a seasoned LTCi pro, or a newer producer, there will be something for you
Answers to the questions:
Why do I keep getting the same objections?
How do I network with financial advisors?
To register: www.aaltci.org/2012summit/conference.html
On your registration form, let them know that you were referred by Charles Schug
To Join AALTCI first time agents get 50% off annual membership Email: Charles@LTC-Guide.com
Friday, August 3, 2012
LTC Sales:Right Time To Purchase LTCi
Advice from my father..."When you can afford your first home.... buy it." My advice " Best time to purchase LTCi ...When you can afford it. The younger and Healthier you are the more affordable LTCi coverage.
Best to secure your future between ages 45-60.
The younger and healthier you are the easier it is to be accepted for coverage. Below is the percentage of declines for health reasons. The "what if" I don't need long-term care is not a objection when you can't buy the protection at any price.
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