Welcome to “10 minutes” on  Long Term Care
Today we’ll explore  <ul><li>Risks </li></ul><ul><li>Costs </li></ul><ul><li>Solutions </li></ul>Paul Workmaster LTC Speci...
? Long Term Care –  The Key Questions <ul><li>What is  LONG   TERM CARE ? </li></ul><ul><li>What is  LONG TERM CARE INSURA...
What is Long Term Care? <ul><li>Long term care is the medical and social services term for helping people who develop disa...
Where is care given? <ul><li>Settings </li></ul><ul><ul><li>Your Home </li></ul></ul><ul><ul><li>Adult Family Homes </li><...
What is Long Term Care Insurance? <ul><li>Long Term Care Insurance pays for long term care services and related expenses s...
<ul><li>Fire insurance </li></ul><ul><li>Liability insurance    Major Medical </li></ul><ul><li>  Risk of needing long ter...
Do you know anyone who:   <ul><li>Had a devastating fire in their home? </li></ul><ul><li>Lost their assets in a lawsuit? ...
<ul><li>  Fire insurance </li></ul><ul><li>Liability insurance    Major Medical </li></ul><ul><li>  Risk of needing long t...
Long Term Care Fact Sheet <ul><li>12 million people  are currently receiving long term care and that number is growing. </...
… Long Term Care Fact Sheet <ul><li>Aging of America: </li></ul><ul><li>78 million Americans are baby boomers and will beg...
… Long Term Care Fact Sheet <ul><li>Average stays: </li></ul><ul><li>Home Health Care . . . . . . . . . . . . . .  4.5 yea...
Can you imagine a greater threat than the need for Long  Term Care that can involuntarily drain away your assets, rob you ...
If your lifetime goal is to pay for a new wing in your local nursing home, doing nothing could be just what you need to do...
What are Common Long Term Care Options? <ul><li>Family </li></ul><ul><li>Government - Medicare/Medicaid </li></ul><ul><li>...
… Options - Family <ul><li>Smaller Families Living Farther Apart </li></ul><ul><li>Women in the Workforce </li></ul><ul><l...
… Options - Government <ul><li>Medicare </li></ul><ul><ul><li>National health insurance program for people 65+ </li></ul><...
… Options - Transfer the Risk <ul><li>Ensure a Choice of Care (Who, Where, When)  </li></ul><ul><li>Guarantee Access to Qu...
The Ohio Partnership Plan = financial relief for Ohio’s Medicaid program. <ul><li>Nationally only 7% of Medicaid claims ar...
How do I qualify for coverage? <ul><li>Underwriting Process </li></ul><ul><ul><li>6-8 weeks </li></ul></ul><ul><li>Applica...
Kinds of Policies HIS HERS HIS HERS INDIVIDUAL SHARED
How do I choose my benefits? <ul><li>Required Benefit Selections </li></ul><ul><ul><li>Monthly (or Daily) benefit </li></u...
How Do I Qualify to Receive My Benefits? <ul><ul><li>Require Help with Two Activities of Daily Living </li></ul></ul><ul><...
How do I select the Best Insurance Company for me? <ul><li>Strong Financial Reserves </li></ul><ul><ul><li>A.M. Best Ratin...
Is Long-Term Care Insurance for me? <ul><li>Do you want peace of mind?  </li></ul><ul><li>Do you want to maintain your ind...
When should I buy Long Term Care Insurance? <ul><li>Premiums are based on your age when you apply  </li></ul><ul><li>Eligi...
When should I buy Long Term Care Insurance? <ul><li>A wise Chinese proverb says:  </li></ul><ul><li>“ The best time to pla...
<ul><li>Questions??? </li></ul>
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10 Minute LTCi Presentation

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  • WELCOME My name is, Curt Horowitz and I am an independent broker, (if in New York, GE Capital Life Assurance Company of New York). WHAT IS LP? Mission (help protect you financially/providing peace of mind) Nearly a decade—have helped thousands of families Independent broker—objectivity Provide you with the information—no pressure or obligation Know everyone has a unique situation ask questions to determine current circumstances/future goals/then use the info to develop a strategy to get you there WHY A SEMINAR I provide these educational workshops because education empowers consumers to begin answering the many questions pertaining to their financial and health goals. The underlying goal in bringing you this workshop is to become a resource for you. I hope you’ll feel comfortable contacting me [or associate name] if you have any questions about your individual situation. If you would like to take advantage of a complimentary-no obligation follow-up meeting concerning the purchase of long term care insurance, please see me after the meeting. EXPECTATIONS For you to get educated and determine your next step
  • WELCOME My name is, Curt Horowitz and I am an independent broker, (if in New York, GE Capital Life Assurance Company of New York). WHAT IS LP? Mission (help protect you financially/providing peace of mind) Nearly a decade—have helped thousands of families Independent broker—objectivity Provide you with the information—no pressure or obligation Know everyone has a unique situation ask questions to determine current circumstances/future goals/then use the info to develop a strategy to get you there WHY A SEMINAR I provide these educational workshops because education empowers consumers to begin answering the many questions pertaining to their financial and health goals. The underlying goal in bringing you this workshop is to become a resource for you. I hope you’ll feel comfortable contacting me [or associate name] if you have any questions about your individual situation. If you would like to take advantage of a complimentary-no obligation follow-up meeting concerning the purchase of long term care insurance, please see me after the meeting. EXPECTATIONS For you to get educated and determine your next step
  • Hello and welcome to our presentation today on the topic of long term care, issues and answers. (Presenter instruction: Remember to smile!). I am delighted to be here today. [Optional: I want to thank the many individuals or (the name of the sponsoring organization) for the opportunity to provide you with this educational workshop on the topic of long term care. After “how do I choose my benefits” put “building my policy” page from worksheet
  • 10 Minute LTCi Presentation

    1. 1. Welcome to “10 minutes” on Long Term Care
    2. 2. Today we’ll explore <ul><li>Risks </li></ul><ul><li>Costs </li></ul><ul><li>Solutions </li></ul>Paul Workmaster LTC Specialist
    3. 3. ? Long Term Care – The Key Questions <ul><li>What is LONG TERM CARE ? </li></ul><ul><li>What is LONG TERM CARE INSURANCE ? </li></ul><ul><li>What are my RISKS of needing care? </li></ul><ul><li>What could Long Term Care COST me? </li></ul><ul><li>How do I QUALIFY to receive MY BENEFITS ? </li></ul><ul><li>What are my OPTIONS ? </li></ul><ul><li>How do I QUALIFY FOR COVERAGE ? </li></ul><ul><li>How do I choose MY BENEFITS ? </li></ul><ul><li>How do I select the RIGHT Insurance Company? </li></ul><ul><li>Is Long Term Care Insurance Right for Me ? </li></ul><ul><li>WHEN should I buy Long Term Care Insurance? </li></ul>
    4. 4. What is Long Term Care? <ul><li>Long term care is the medical and social services term for helping people who develop disabilities or chronic care needs. </li></ul><ul><li>Long term care services may be brief with full recovery, or they can continue for many months or years. </li></ul>
    5. 5. Where is care given? <ul><li>Settings </li></ul><ul><ul><li>Your Home </li></ul></ul><ul><ul><li>Adult Family Homes </li></ul></ul><ul><ul><li>Adult Day-Care </li></ul></ul><ul><ul><li>Assisted Living Facilities </li></ul></ul><ul><ul><li>Alzheimer’s Facilities </li></ul></ul><ul><ul><li>Nursing Homes </li></ul></ul><ul><li>Services </li></ul><ul><ul><li>Personal Care </li></ul></ul><ul><ul><li>Homemaker Services </li></ul></ul><ul><ul><li>Skilled Nursing Care </li></ul></ul><ul><ul><li>Physical Therapy </li></ul></ul>
    6. 6. What is Long Term Care Insurance? <ul><li>Long Term Care Insurance pays for long term care services and related expenses so you don’t have to. </li></ul><ul><li>Policies vary in terms of what they will cover. </li></ul><ul><li>Insurance Companies do require that applicants qualify for the coverage. </li></ul>
    7. 7. <ul><li>Fire insurance </li></ul><ul><li>Liability insurance Major Medical </li></ul><ul><li> Risk of needing long term care </li></ul>What risks can wipe out your nest egg?
    8. 8. Do you know anyone who: <ul><li>Had a devastating fire in their home? </li></ul><ul><li>Lost their assets in a lawsuit? </li></ul><ul><li>Suffered a catastrophic major medical loss? </li></ul><ul><li>Needed some kind of long term care? </li></ul>
    9. 9. <ul><li> Fire insurance </li></ul><ul><li>Liability insurance Major Medical </li></ul><ul><li> Risk of needing long term care </li></ul>Why should the risk of needing long term care be any less important than the need to protect against these other risks?
    10. 10. Long Term Care Fact Sheet <ul><li>12 million people are currently receiving long term care and that number is growing. </li></ul><ul><li>82% of those cared for are either at home or in Assisted Living. </li></ul><ul><li>Only 18% of those needing care are in nursing homes. </li></ul><ul><li>39% of people needing long-term care are working age adults, ages 18 to 64. </li></ul>
    11. 11. … Long Term Care Fact Sheet <ul><li>Aging of America: </li></ul><ul><li>78 million Americans are baby boomers and will begin turning 65 in 2011 </li></ul><ul><li>35 million Americans are currently over age 65, growing to 70 million by 2030 </li></ul><ul><li>Fastest growing segment of population – 85+ will grow to 8.5 million </li></ul><ul><li>75,000 people over age 100, projected to triple in 20 years. </li></ul>
    12. 12. … Long Term Care Fact Sheet <ul><li>Average stays: </li></ul><ul><li>Home Health Care . . . . . . . . . . . . . . 4.5 years </li></ul><ul><ul><li>Assisted Living . . . . . . . . . . . . . . . . . . . 1.5 years </li></ul></ul><ul><ul><li>Nursing Home . . . . . . . . . . . . . . . . . . . 2.4 years </li></ul></ul><ul><ul><li>Life span of Alzheimer’s patient: . . . . . . 4.9 average, </li></ul></ul><ul><ul><li>5.7 for women, 4.2 for men </li></ul></ul><ul><ul><li>Home Health Care . . . . . $ 18/hour = $78,840/year </li></ul></ul><ul><ul><li>Assisted Living . . . . . . . . $110/day = $40,150/year </li></ul></ul><ul><ul><li>Adult Day Care . . . . . . . . $ 55/day = $20,075/year </li></ul></ul><ul><ul><li>Nursing Home . . . . . . . . $189/day = $68,985/year </li></ul></ul><ul><li>Long term care costs are projected to triple in </li></ul><ul><li>24 years (current costs/national averages). </li></ul>
    13. 13. Can you imagine a greater threat than the need for Long Term Care that can involuntarily drain away your assets, rob you of your dignity, and take away your independence? Based on $69,000 per year for nursing home care, let’s see how long a $300,000 nest egg will last: $300,000 divided by $69,000 = 4.3 years Wow! I bet if you’re like most people it took far more time than 4.3 years to accumulate that wealth! What do you think?
    14. 14. If your lifetime goal is to pay for a new wing in your local nursing home, doing nothing could be just what you need to do to make this goal a reality. Don’t think of LTCi as nursing home insurance. It is actually Nursing Home Prevention Insurance because you get to choose where you will receive your care.
    15. 15. What are Common Long Term Care Options? <ul><li>Family </li></ul><ul><li>Government - Medicare/Medicaid </li></ul><ul><li>Spend Personal Assets </li></ul><ul><li>Transfer the Risk </li></ul>Long Term Care Insurance
    16. 16. … Options - Family <ul><li>Smaller Families Living Farther Apart </li></ul><ul><li>Women in the Workforce </li></ul><ul><li>Inadequate Experience in Providing Care </li></ul><ul><li>Physical and Emotional Demands </li></ul><ul><li>Personal Dignity </li></ul>
    17. 17. … Options - Government <ul><li>Medicare </li></ul><ul><ul><li>National health insurance program for people 65+ </li></ul></ul><ul><ul><li>NOT intended to provide long term custodial care </li></ul></ul><ul><li>Medicaid </li></ul><ul><ul><li>National welfare program created for the poor </li></ul></ul><ul><ul><li>Provides primarily for institutional care </li></ul></ul><ul><ul><li>Access is becoming MORE RESTRICTIVE </li></ul></ul>
    18. 18. … Options - Transfer the Risk <ul><li>Ensure a Choice of Care (Who, Where, When) </li></ul><ul><li>Guarantee Access to Quality Care </li></ul><ul><li>Avoid Indignities of Medicaid </li></ul><ul><li>Maintain Independence </li></ul><ul><li>Help Protect Assets </li></ul><ul><li>Help Protect Your Spouse’s and Your Family’s Quality of Life </li></ul><ul><li>Relieve the Burden on Your Loved Ones </li></ul>Long Term Care Insurance
    19. 19. The Ohio Partnership Plan = financial relief for Ohio’s Medicaid program. <ul><li>Nationally only 7% of Medicaid claims are for long term care. </li></ul><ul><li>But those 7% account for 52% of Medicaid’s budget. </li></ul><ul><li>Something had to give so Ohio decided to give consumers an incentive to buy LTC insurance. </li></ul><ul><li>Ohio offers a dollar for dollar plan. </li></ul><ul><li>For every $1,000 of LTC insurance you buy, you get to keep the same value of assets and still qualify for Medicaid’s help. </li></ul>
    20. 20. How do I qualify for coverage? <ul><li>Underwriting Process </li></ul><ul><ul><li>6-8 weeks </li></ul></ul><ul><li>Application </li></ul><ul><ul><li>Telephone or Face-to-Face Interview </li></ul></ul><ul><ul><li>Health History of 10 Years </li></ul></ul><ul><ul><li>Current Medications </li></ul></ul><ul><ul><ul><li>Stability of Condition </li></ul></ul></ul><ul><ul><li>Hospital Stays/Emergency Room Visits </li></ul></ul><ul><ul><li>Surgeries </li></ul></ul><ul><ul><li>Lifestyle </li></ul></ul><ul><ul><ul><li>Exercise </li></ul></ul></ul><ul><ul><ul><li>Smoker </li></ul></ul></ul><ul><ul><ul><li>Height/Weight </li></ul></ul></ul>
    21. 21. Kinds of Policies HIS HERS HIS HERS INDIVIDUAL SHARED
    22. 22. How do I choose my benefits? <ul><li>Required Benefit Selections </li></ul><ul><ul><li>Monthly (or Daily) benefit </li></ul></ul><ul><ul><li>Benefit period </li></ul></ul><ul><ul><li>Deductible </li></ul></ul><ul><li>Optional Benefit Selections </li></ul><ul><ul><li>Inflation protection </li></ul></ul><ul><ul><li>Shared policies </li></ul></ul><ul><ul><li>Restoration of benefits </li></ul></ul><ul><ul><li>Survivorship </li></ul></ul><ul><ul><li>Spousal Waiver of premium </li></ul></ul><ul><ul><li>Waiver of deductible </li></ul></ul><ul><ul><li>Return of premium </li></ul></ul><ul><li>Money Saving Tips </li></ul><ul><ul><li>Partner discounts </li></ul></ul><ul><ul><li>Preferred health discounts </li></ul></ul><ul><ul><li>Group and/or employer discounts </li></ul></ul>
    23. 23. How Do I Qualify to Receive My Benefits? <ul><ul><li>Require Help with Two Activities of Daily Living </li></ul></ul><ul><ul><ul><li>Bathing </li></ul></ul></ul><ul><ul><ul><li>Transferring </li></ul></ul></ul><ul><ul><ul><li>Toileting </li></ul></ul></ul><ul><ul><ul><li>Eating </li></ul></ul></ul><ul><ul><ul><li>Dressing </li></ul></ul></ul><ul><ul><ul><li>Continence </li></ul></ul></ul><ul><ul><li>Require Supervision Due to Cognitive Impairments </li></ul></ul><ul><ul><ul><li>Memory </li></ul></ul></ul><ul><ul><ul><li>Orientation </li></ul></ul></ul><ul><ul><ul><li>Reasoning </li></ul></ul></ul><ul><li>Your Doctor’s Certification that you meet one or both of the following criteria; </li></ul>And the care is expected to last at least 90 continuous days
    24. 24. How do I select the Best Insurance Company for me? <ul><li>Strong Financial Reserves </li></ul><ul><ul><li>A.M. Best Rating of A or better </li></ul></ul><ul><li>20+ Years Experience Offering LTC Insurance </li></ul><ul><li>A History of LTC Rate Stability </li></ul><ul><li>At Least 500,000 LTC Customers </li></ul><ul><li>History of Paying LTC Claims in a Timely Manner </li></ul>Information is available from the Ohio Insurance Department & Paul Workmaster
    25. 25. Is Long-Term Care Insurance for me? <ul><li>Do you want peace of mind? </li></ul><ul><li>Do you want to maintain your independence? </li></ul><ul><li>Do you want to make certain you have access to quality care? </li></ul><ul><li>Do you want to avoid being a burden to your children or spouse? </li></ul><ul><li>Do you want to protect the assets you’ve built over a lifetime? </li></ul>What price would you be willing to pay to answer “ YES ” to any of these questions? YES YES YES YES YES
    26. 26. When should I buy Long Term Care Insurance? <ul><li>Premiums are based on your age when you apply </li></ul><ul><li>Eligibility is based on your health when you apply </li></ul><ul><li>The younger you are the less costly your premiums will be </li></ul><ul><li>The younger you are the more likely it is that you will qualify for coverage </li></ul>
    27. 27. When should I buy Long Term Care Insurance? <ul><li>A wise Chinese proverb says: </li></ul><ul><li>“ The best time to plant a tree is 20 years ago; the next best time is today.” </li></ul>
    28. 28. <ul><li>Questions??? </li></ul>
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