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Senior Health Issues Long Term Care Insurance
Objectives ,[object Object],[object Object],[object Object],[object Object]
What is Long-Term Care? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Levels of Long-Term Care ,[object Object],[object Object],[object Object]
Activities of Daily Living Bathing Dressing Eating Using the toilet Transferring Continence Activities of Daily  Living (ADLs) Instrumental Activities  of Daily Living (IADLs) Cognitive Impairment : loss in intellectual capacity Grocery shopping Laundry Preparing meals Housework Managing medication Transportation
LTC Settings: Informal Care ,[object Object],[object Object],[object Object],Source: US Department of Health and Human Services,  Informal Caregivers of Disabled Elders with Long-Term Care Insurance,  2000 .
LTC Settings: Formal Care Adult  Day Care Nursing Home Assisted Living Continuing Care Retirement Community Skilled Care Personal Care Instrumental Activities of Daily Living Assistance Home Care Residential Care Community Based Care
How do Long-Term Care Insurance Policies Work?
Plan of Care ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Facility Care ,[object Object],[object Object],[object Object],[object Object],[object Object]
Home and Community Care ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Supportive Services ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
LTC Policy Enhancements ,[object Object],[object Object],[object Object],[object Object],[object Object]
Care Coordination ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Elimination Period ,[object Object],[object Object],[object Object]
Premium Waiver ,[object Object],[object Object]
Inflation Protection ,[object Object],[object Object],[object Object]
Types of Inflation Protection ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Compound Inflation Protection ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Simple Inflation Protection ,[object Object],[object Object],[object Object]
Comparison – Daily Benefits ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Periodic Buy-up ,[object Object],[object Object]
Nonforfeiture Option ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Contingent Nonforfeiture ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Other Coverage Options ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Other Coverage Options   (continued) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Other Coverage Options   (continued) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Consumer Protections ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Who may need Long-Term Care?
Who may need Long-Term Care? ,[object Object],[object Object]
Lifetime Risk of Needing LTC Sources:  Long-Term Care Insurance, Baby Boom or Bust?   Conning & Company, 1999. B.C. Spillman and J. Lubitz, 2002.  Risk for needing  LTC is  60 percent Risk for needing  nursing home care is 43 percent
Risk of Needing LTC by Age   (during a 12-month period) Source: Urban Institute,  Long-Term Care: Consumers, Providers, and Financing . 2001.
Risk of Needing Nursing Home Care by Age   (during a 12-month period) 1% 5% 23% 0% 5% 10% 15% 20% 25% Age 65 to 74 Age 75 to 84 Age 85 and older Source: Urban Institute,  Long-Term Care: Consumers, Providers, and Financing . 2001.
Cost of Long-Term Care ,[object Object],[object Object],[object Object],Source: 2008 Met Life Market Survey of Nursing Home and Home Care
LTC Insurance Advantages   ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
LTC Insurance  Disadvantages   ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Who Should Buy Long-term Care Insurance? ,[object Object],[object Object],[object Object],[object Object]
Who Should NOT Buy  Long-term Care Insurance? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Why People Buy Long-term Care Insurance Source:  HIAA and Long Term Care Group, 2002.
Why People Do NOT Buy  Long-term Care Insurance   ,[object Object],[object Object],[object Object]
FINANCAL ADVICE ,[object Object],[object Object],[object Object]
Options other than LTC Insurance ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Medicaid Payments ,[object Object],[object Object],[object Object],[object Object]
Medicaid   ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Sell Home ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Accelerated Death Benefit ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Use of Life Insurance
Life Settlements* ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Viatical Settlements ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Poor Health Use of Life Insurance
Single Pay Life/LTC Policies ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Use of Life Insurance
LTC Annuities – Deferred ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],LTC Annuities No health screen, Older People
LTC Annuities – Immediate ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Self Pay ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Assets and Income
Continuing Care Retirement Community (CCRC) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
 
More Information ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
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LTC Presentation

  • 1. Senior Health Issues Long Term Care Insurance
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  • 5. Activities of Daily Living Bathing Dressing Eating Using the toilet Transferring Continence Activities of Daily Living (ADLs) Instrumental Activities of Daily Living (IADLs) Cognitive Impairment : loss in intellectual capacity Grocery shopping Laundry Preparing meals Housework Managing medication Transportation
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  • 7. LTC Settings: Formal Care Adult Day Care Nursing Home Assisted Living Continuing Care Retirement Community Skilled Care Personal Care Instrumental Activities of Daily Living Assistance Home Care Residential Care Community Based Care
  • 8. How do Long-Term Care Insurance Policies Work?
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  • 29. Who may need Long-Term Care?
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  • 31. Lifetime Risk of Needing LTC Sources: Long-Term Care Insurance, Baby Boom or Bust? Conning & Company, 1999. B.C. Spillman and J. Lubitz, 2002. Risk for needing LTC is 60 percent Risk for needing nursing home care is 43 percent
  • 32. Risk of Needing LTC by Age (during a 12-month period) Source: Urban Institute, Long-Term Care: Consumers, Providers, and Financing . 2001.
  • 33. Risk of Needing Nursing Home Care by Age (during a 12-month period) 1% 5% 23% 0% 5% 10% 15% 20% 25% Age 65 to 74 Age 75 to 84 Age 85 and older Source: Urban Institute, Long-Term Care: Consumers, Providers, and Financing . 2001.
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  • 39. Why People Buy Long-term Care Insurance Source: HIAA and Long Term Care Group, 2002.
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