Education and Enrollment
Long-term care insurance is becoming harder to find and maintain due to rate increases. Brokers, agents, employers and Americans, all must understand this financial planning need. We have developed educational based enrollments for group universal, term to age 120 and whole life insurance. We also provide our clients with written proposals from all carriers in the marketplace. Combining the educational based enrollment, industry trends and detailed analysis for clients will make them well prepared to take action for their employees.
Employer Education - KEY ISSUE
Employers need to understand the impact of "not" offering this voluntary benefit. They also need to make "off-health-renewal" enrollments to make an impact on employees lives and America's Medicaid system, now and in the future.
Employees need to understand the long-term care insurance marketplace. With companies making the decision to stop offering LTCi policies, Americans are looking for solutions to fund future long-term care expenses. Our educational based enrollment approach covers the current trends and planning alternatives to fund these possible expenses in the future while providing death benefits during working years.
THE TOP 2020 SOCIAL & ECONOMIC ISSUE
LONG-TERM CARE EXPENSE FUNDING SOLUTIONS
Americans are living longer than ever, eight (8) years longer than in 1970. While this is good news for us, it also requires a certain amount of financial planning to live a decent lifestyle in our aging years. We all need to have the right financial tools necessary to make sure that we are able to live without becoming destitute, a strain on government programs, or a financial burden to our loved ones.
One area that requires attention is the need for a solution to pay for long-term care expenses, if the need arises. In 2016, the Centers for Medicare and Medicaid (CMS) reported that Medicaid spend $154.4 billion dollars on long-term care services.1 That number is growing as the U.S. population ages, and Americans search to find their own solution to pay for long-term care expenses.
Many people have felt the strain for themselves or have seen their friends feel the effects of loved ones in a nursing home, or have gone through the Medicaid Spend Down process. These people are very aware of the need for a solution to this high probability situation that looms.
So, why do so many people hesitate to look after themselves while the evidence is so alarming? For example, a married couple over the age of 65 will have a 50/50 chance of needing some type of long-term care for a minimum of 6 months. This single statistical fact is overwhelming to most. Some of the reasons that people hesitate to plan for this are: (1) it costs too much, (2) I will not be approved, (3) Medicare will cover me, (4) my premiums will go up. Also, people don’t realize that long-term care expenses can arise before getting old. Ask anyone who was disabled for a period of time or still is.
There is a solution to this need that organizations or companies can offer without cost. By offering a voluntary group life insurance policy that has long-term care benefits, members/employees can address two distinct and very important financial planning concerns, which are, providing money for loved ones through life insurance and/or providing benefits for long term care expenses, if needed.
By offering this voluntary benefit without cost to the organization or company, members/employees can address the top five major reasons why people buy long term care insurance.
-To maintain their independence so they won’t have to rely on family members.
-To protect their assets against the high costs of long term care; to preserve their children’s inheritance.
-To make long term care services affordable, such as home health care and custodial care.
-To provide themselves with more options than just nursing home care, and to pay for nursing home care if it’s needed.
-To preserve their standard of living.
Lastly, many members & employees that we serve, say that if they don’t use the long-term care benefits, the money spent on this type of policy would be returned in the form of life insurance proceeds, a return of premium, so to speak.
1VHA, CHIP Source: www.crs.gov 8/18