This document provides information about long-term care planning services offered by LTC Financial Partners. It discusses the need for long-term care planning given rising costs and risks, and how long-term care insurance can help cover costs and protect assets. Key details include common long-term care policy components like benefits amounts, eligibility periods, and inflation protection options.
Are you prepared for the risk of needing long term care for you or your spouse? Even if you think you are prepared, this presentation will provide even the casual observer some important information. Don't wait until it's too late when you cannot do anything about this, start designing your plan now with the help of this presentation.
This presentation explains what Medicaid program is, who it protects, the creation of the coverage gap and what Medicaid advocacy looks like in the state of Georgia.
Georgia Voices for Medicaid Powerpoint - Fulton countyAlyssa Green, MPA
This presentation explains what Medicaid program is, who it protects, the creation of the coverage gap and what Medicaid advocacy looks like in the state of Georgia.
How many people in this room expect to need long-term care one day? It’s not surprising that few of us do, because it’s hard to face the fact that our health might decline. But statistics suggest that the risk is greater than we think. Approximately 70% of us--that’s 7 out of every 10 people here today--will need some type of long-term care services during our lifetimes at some point after we reach age 65. And though it's good news that people are living longer, a long life span increases the chance of developing serious health problems. In fact, according to the Alzheimer’s Association, one in nine people age 65 and older has Alzheimer’s disease, which often leads to the need for nursing home care. And while older people are more likely to need long-term care, younger people may need care too, as a result of a disabling accident or illness such as multiple sclerosis or Parkinson’s disease.
This isn’t meant to scare you, but rather to remind you that the need for long-term care can happen to anyone at any time. The need to be prepared is real, and something that you shouldn’t ignore.
It may be difficult to face the fact that your health may decline, but statistics suggest that approximately 70% of people will need long term care services at some point after age 65. This presentation advises on proactive long term care planning, including types of long term care, managing the cost of long term care, and long term care insurance options.
Are you prepared for the risk of needing long term care for you or your spouse? Even if you think you are prepared, this presentation will provide even the casual observer some important information. Don't wait until it's too late when you cannot do anything about this, start designing your plan now with the help of this presentation.
This presentation explains what Medicaid program is, who it protects, the creation of the coverage gap and what Medicaid advocacy looks like in the state of Georgia.
Georgia Voices for Medicaid Powerpoint - Fulton countyAlyssa Green, MPA
This presentation explains what Medicaid program is, who it protects, the creation of the coverage gap and what Medicaid advocacy looks like in the state of Georgia.
How many people in this room expect to need long-term care one day? It’s not surprising that few of us do, because it’s hard to face the fact that our health might decline. But statistics suggest that the risk is greater than we think. Approximately 70% of us--that’s 7 out of every 10 people here today--will need some type of long-term care services during our lifetimes at some point after we reach age 65. And though it's good news that people are living longer, a long life span increases the chance of developing serious health problems. In fact, according to the Alzheimer’s Association, one in nine people age 65 and older has Alzheimer’s disease, which often leads to the need for nursing home care. And while older people are more likely to need long-term care, younger people may need care too, as a result of a disabling accident or illness such as multiple sclerosis or Parkinson’s disease.
This isn’t meant to scare you, but rather to remind you that the need for long-term care can happen to anyone at any time. The need to be prepared is real, and something that you shouldn’t ignore.
It may be difficult to face the fact that your health may decline, but statistics suggest that approximately 70% of people will need long term care services at some point after age 65. This presentation advises on proactive long term care planning, including types of long term care, managing the cost of long term care, and long term care insurance options.
Is planning for Long Term Care something that you have been putting off? Maybe never crossed your mind? Take a few minutes to look at "Long Term Care Planning 101" and learn about the three and only three ways to pay for care.
Long-Term Care isn't just for the elderly, and it isn't just about nursing homes. It's about having the assistance you need during an extended illness or injury at any time of life. Please read this guide. As always we are here to help.
What Is the Medicaid Maintenance Needs Allowance in ConnecticutBarry D Horowitz
Medicaid will pay for help with your activities of daily living. In fact, it pays for most of the long-term care that seniors are receiving. Learn more medicaid monthly maintenance needs allowance in Connecticut in this presentation.
Harvard's Robert Greenwald on Texas MedicaidOneVoiceTexas
Robert Greenwald, JD, Clinical Professor of Law and Director of Center for Health Law and Policy Innovation at Harvard Law School, presented an in-depth analysis forum of the federal health reform Affordable Care Act and associated transformation of the Texas Medicaid system. On January 24 in Austin, he spoke to sever audiences on the challenges and opportunities specific to Texas including why the Affordable Care Act’s Medicaid expansion is so important to the provision of cost- effective, high quality care and treatment to low income uninsured Texans.
Professor Greenwald has over 20 years of experience in the fields of health law and policy. His Center is recognized as a national leader in Affordable Care Act implementation and in efforts to improve healthcare access and health outcomes for the uninsured and underinsured.
One Voice Texas and the Harris County Healthcare Alliance sponsored the event.
ACA: A Step Toward Healthcare For All (Dr. John Cavacece, DO)Zach Jarou
Presented to the American Medical Student Association (www.AMSA.org) at Michigan State University's College of Human Medicine (MSU CHM) on Tuesday, March 20, 2012
Educational workshop presented by WealthTrust-Arizona and special guest, Greg Anderson from Brokerage Professionals. Greg reviews issues surrounding long term care and how to best prepare for it financially.
Is planning for Long Term Care something that you have been putting off? Maybe never crossed your mind? Take a few minutes to look at "Long Term Care Planning 101" and learn about the three and only three ways to pay for care.
Long-Term Care isn't just for the elderly, and it isn't just about nursing homes. It's about having the assistance you need during an extended illness or injury at any time of life. Please read this guide. As always we are here to help.
What Is the Medicaid Maintenance Needs Allowance in ConnecticutBarry D Horowitz
Medicaid will pay for help with your activities of daily living. In fact, it pays for most of the long-term care that seniors are receiving. Learn more medicaid monthly maintenance needs allowance in Connecticut in this presentation.
Harvard's Robert Greenwald on Texas MedicaidOneVoiceTexas
Robert Greenwald, JD, Clinical Professor of Law and Director of Center for Health Law and Policy Innovation at Harvard Law School, presented an in-depth analysis forum of the federal health reform Affordable Care Act and associated transformation of the Texas Medicaid system. On January 24 in Austin, he spoke to sever audiences on the challenges and opportunities specific to Texas including why the Affordable Care Act’s Medicaid expansion is so important to the provision of cost- effective, high quality care and treatment to low income uninsured Texans.
Professor Greenwald has over 20 years of experience in the fields of health law and policy. His Center is recognized as a national leader in Affordable Care Act implementation and in efforts to improve healthcare access and health outcomes for the uninsured and underinsured.
One Voice Texas and the Harris County Healthcare Alliance sponsored the event.
ACA: A Step Toward Healthcare For All (Dr. John Cavacece, DO)Zach Jarou
Presented to the American Medical Student Association (www.AMSA.org) at Michigan State University's College of Human Medicine (MSU CHM) on Tuesday, March 20, 2012
Educational workshop presented by WealthTrust-Arizona and special guest, Greg Anderson from Brokerage Professionals. Greg reviews issues surrounding long term care and how to best prepare for it financially.
Long-term care (LTC) goes beyond medical care to include
all the assistance you could need if you ever have a chronic
illness or disability that leaves you unable to care for yourself
for an extended period of time (longer than 90 days). While
older people generally require the most long-term care services,
40% of long-term care claims are paid to someone under the
age of 64.* A young or middle aged person who has suffered a
debilitating illness or accident may also require care.
With the cost of Long Term Care Insurance continuing to rise, advisors look for new ways to deliver meaningful solutions to address the needs of the clients at death… and during their lives. We’ll take a closer look at what’s going on in the LTC Marketplace, and what solutions are appropriate to meet the needs of your high net worth clients.
Nearly 80 percent of the deposits in local savings banks are owned by those over age 55.
By partnering with experienced eldercare professionals, a bank can build closer relationships with these maturing multi-generational families (aging baby boomers and seniors).
Banks who pay attention to these critical customer segments will not only preserve their customer base but will see a substantial increase in attractive new depositors resulting in improved profitability.
This presentation explains what Medicaid program is, who it protects, the creation of the coverage gap and what Medicaid advocacy looks like in the state of Georgia.
Providing Support To Employers And Working Caregivers 6 14 2010 2Elderplanner
Our “Elder Life Planning for Organizations” program allows non-profit and small eldercare enterprises
to offer a comprehensive eldercare program to employers, banks, membership organizations and faith based communities without the significant capital outlay that would otherwise be required.
1. Lone Star College
L St C ll
Long-Term Care Outreach & Education™ Program
Heidi New-Crockford Regina W. Davis
Long Term Care Specialist Long Term Care Specialist
713-857-9476 713-854-6773
Heidi@ltcfp.net Regina.Davis@ltcfp.net
2. Our mission: to educate
business owners, their
employees and retirees
about long-term care
planning
2
3. Who is LTC Financial Partners?
• Nation’s largest agency
g g y
• Specializes in long term care planning
• Leading provider of no cost educational seminars
• Over 600 agents nationwide
• Average agent experience minimum 8 yrs
• Represent top insurance carriers
• Allows objective comparison
3
4. What is Long-Term Care?
Assistance and Care for Chronic Illness or Disabilities
Can be Physical or Cognitive Impairments
Caring versus Curing
4
5. Types of Long-Term Care
Skilled Care
• Nursing Care & Therapies
• Trained Professionals
Personal Care
• Activities of Daily Living
Bathing Eating Transferring
Toileting
T il ti Dressing
D i Continence
C ti
Supervisory Care
• Monitoring and Support
5
6. Where is long-term Care Provided?
home1
Your h
Y
20%
Adult day care centers
Assisted living facilities
80%
Nursing homes Your Home1
Hospice facilities
1U.S.Department of Health and Human Services, National Clearinghouse for Long-Term Care,
6 www.longtermcare.gov, September 2008.
7. Who Needs Long-Term Care?
More than 12 million people in the United States
need some kind of long-term care1
d ki d f l t
• Average age 66
• 41% are working adults
Source: 1The Caregiving Project for Older Americans, "Caregiving in America" 2007
7
http://www.ilcusa.org/media/pdfs/Caregiving%20in%20America-%20Final.pdf
8. Risk of Needing Long-Term Care
70% of people age 65+ will need some type of long-term
1
care services during their lifetime!
This makes long-term care one of the single
long term
biggest financial risks Americans face today!
Source: 1 U.S. Department of Health and Human Services, National
Clearinghouse for Long-Term Care Information, www.longtermcare.gov.
8
9. Growing Need For Long-Term Care
An Aging America
• 37.9 million Americans are over 65, 88.5 million by
20501
• By 2040 the population age 75+ will exceed that of age
65-742
• Centenarians are the fastest growing age group1
Families in Transition
• Family’s demographics?
• L
Love-Legacy?
L ?
1US Census Bureau, Facts, Older Americans Month: May 2009!
2National Center for Health Statistics, Health, United States, 2006 With Chart book, Hyattsville, MD: 2006
9
10. Growing Need For Long-Term Care
1US Census Bureau, Facts, Older Americans Month: May 2009!
2National Center for Health Statistics, Health, United States, 2006 With Chart book, Hyattsville, MD: 2006
10
11. Costs outside of Nursing Homes
Home Care
$20-$25
$20 $25 per hour – Home Health Aide
Assisted Living Facility
$3,000-$6,000
$3 000 $6 000 a month/ $36 000 $72 000 annually
$36,000-$72,000
Nursing Home
$200 a day/$72 000 a year private room
day/$72,000 year–
$172 a day/$62,000 a year - semi-private room
Source: 2008 John Hancock Cost of Care Survey, conducted by CareScout,
11 June 2008
12. Who Pays For Long-Term Care?
54% of Baby Boomers believe Medicare will pay
for long-term care services, 44% said they
believe ‘other health insurance’ will pay.1
b li ‘ th h lth i ’ ill
1 StrategyOne for America’s Health Insurance Plans (AHIP), National Survey, October 2007
12
13. Medicare
Health insurance for senior Americans age 65+
Eligible regardless of economic status
Covers short term acute conditions – cure vs
short-term vs.
care
May cover up to 100 days with a co-payment for
80 of these days.
Not designed to cover long-term care costs
13
14. Medicaid
Means tested - health insurance for the indigent
Does cover long-term care services
Covers primarily nursing homes
Must spend down state required limits to qualify
Deficit Reduction Act has made it more difficult
to qualify for Medicaid by hiding assets
14
15. Won’t the Veterans Administration
take care of me?
The VA has a priority system
• Service-connected disabilities / income and asset criteria
• If priority ranking not met, on case by case, space available, basis
If you do qualify
• First 21 days are free
y
• Co-pay charges vary on income / as high as
$97 per day.
y
• Limited to a VA facility
15
16. Understanding The Class Act?
Community LIVING Assistance Services and Support
• Not fully implemented until 2012
y p
• Voluntary government plan
• Working adults 30 hours a week
• Pay premiums for 5 years and waiting 5 years before eligible for
benefits
• Administered by Secretary of Health and Human Services
• Daily Benefit amount estimates $50.00; premium varies
Costs are increasing, will the public plan pay
enough?
16
17. Why Planning is Necessary
The likelihood of needing LTC is high
The cost of care will increase
Other Health Care Plan Limitations
Risk of Depleting Retirement Assets
17
18. Paying For Long-Term Care
Spend Personal Assets (BE RICH)
Family Pays
Government
Medicare
Medicaid (BE POOR)
Transfer the risk (BE INSURED)
18
19. Designing an Insurance Policy
The F
Th Four Components
C t
of a
Long-Term Care Insurance
Policy
P li
19
20. Designing Your Plan
Monthly Benefit (how much)
• How much does the insurance company p y per month?
p y pay p
• $1,500 - $15,000 per month
Plan Duration (how long)
• Plan designs available: 2, 3, 4, 5, 6, 10, Unlimited
• Pool of money
Elimination Period
• 30, 60, 90, 100, 180 day elimination
• Time Deductible
Inflation Protection
• Keeps your p
p y policy current with rising costs of care
y g
• Future dollar values
20
21. Total Coverage
Home Care
Assisted Living
Adult Day Care
Nursing
N rsing Home Care
Hospice Care
Comprehensive Coverage
21
22. What Does LTC insurance Cost?
Premiums based on
• Age and health at time you apply for LTC insurance
• Policy design
• Discounts1
1 Discountsmay vary by state.
22 Discount available: Preferred Health Class, Marital/Partner and Family Discount
23. Triggers to Benefits
2 of 6 Activities
1. Bathing
2. Eating
3. Continence Cognitive
4. Toileting
OR
Impairment
p
5. Dressing
6. Transferring
90 D C tifi ti of N d
Day Certification f Need
23
24. What is Important to You?
Affordability
Aff d bilit
Simplicity
Choice and Flexibility
Asset Protection
24
25. Trust the Strength of the Top LTC
Insurance Carriers
John Hancock Life Insurance Co.
MedAmerica Insurance Co.
Prudential Life Insurance Co
Co.
United of Omaha Life Insurance Co.
Life Secure Insurance
United S
U it d Security Assurance
it A
1LifeInsurance Management Research Association (LIMRA) Year-End 2008
25 Information is available upon request from John Hancock.
26. In Summary…….
y
• Comprehensive plans
• Guaranteed renewable
• Coverage is portable
• Discounts available for marital status,
good health, & professional affiliations,
and Employer (work-place) discounts
• Available to employees and family
members
26
27. Next Steps…LTC Planning
1. Care Support Network – Free Online tools,
resources & i f
information on Care giving, long
ti C i i l
term care, in-home care, and more!
2. Questions & Answers
3.
3 Evaluations
4. Available to schedule a personal appointment
Thank you!
27
