Long-Term Care (LTC) is a range of services and supports your clients may need to meet their personal care requirements. Most long-term care is not medical care, but rather assistance with the basic tasks of everyday life, sometimes called the Activates of Daily Living (ADLs), such as bathing, eating, continence, dressing, toileting, and transferring.
Long-term care insurance is a complex product, but one that should be discussed as a part of any retirement plan. There are a multitude of options available to your clients.
A stand alone long-term care is the most flexible option for individuals looking to structure benefits and pricing.
A combination fixed annuity with long-term care will give the client protection of an asset, fixed interest, and the ability to double or triple their account for use when long-term care services are needed.
This combination of benefits gives both a life insurance death benefit, plus the ability to accelerate a portion or all of their death benefit, to be used in the event of a catastrophic health incident such as stroke, cancer, or heart attack.
Short-Term Care (STC) is an insurance program designed to meet pay for short duration, long-term care services typically not more than one year in duration. Typically these programs are less expensive and more streamlined on the underwriting process than a traditional long-term care program.
This program is a joint federal-state policy initiative to promote the purchase of long-term care insurance. The Partnership Program is intended to expand access to private long-term care insurance policy to pay for long-term care services.
Purchasing a Partnership-qualified long-term care benefit, described as “dollar-for-dollar” asset disregard or “spend-down” protection. Individuals who purchase these policies earn on Medicaid asset, disregard for every dollar of insurance coverage paid on their behalf.