It’s about the Plan and What PowerPoint Presentation

It’s about the Plan and What PowerPoint Presentation

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Will Pay for it!. by. Nancy A. Dykeman, CLTC, CSA. For. Certification for Long-term Care Corporation. November 28, 2012. More . Arrows in Your Quiver While Planning . for . Long-term . Care. Pick one, Any one!. ID: 378450

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Slide1

It’s about the Plan and What Will Pay for it!byNancy A. Dykeman, CLTC, CSAForCertification for Long-term Care CorporationNovember 28, 2012

More

Arrows in Your Quiver While Planning

for

Long-term

Care

Slide2

Pick one, Any one!

Slide3

AGENDA

What Are You Doing Now? (how’s that working?)

Are application declines haunting you?

Are you talking positively about premium increases?

Fewer Carriers in Stand-alone LTCi.

How to make a change by adding arrows.

What other money in a portfolio is available?

How do I learn more?

Slide4

What Are You Doing Now? (and how’s that working?)

How do you introduce yourself?

To industry professionals

To groups

To Consumers

Are you a “Long-term Care Specialist?” or

“Long-term Care Insurance Specialist?

Slide5

How About a Planning Specialist?

Insurance Producers

Financial Advisors

Estate Attorneys

CPAs

Slide6

Who Qualifies for LTCi?

Healthy

Financially Able to Pay Premiums

US Citizen

Usually Under age 80

Healthy

Healthy

Healthy…

Slide7

What if?

Not Healthy

Not Able to Pay Premiums

Not a US Citizen

Over Age 80 or Age 90

Health Concerns

Slide8

Are application declines haunting you?

Better to take an application that will most likely be a decline, or pre-qualify and have less declines than others?

Declines hurt the applicant, you, the carriers and the industry.

Slide9

What if?

Can you offer ideas about:

Family involvement?

A life insurance policy?

An Immediate Annuity or Deferred

Annuity?

A financial investment to cover care?

A way to self-pay without spending assets?

Slide10

Are you talking positively about premium increases? WHAT???

Since about 2003 premiums have increased.

Reserves haven’t earned enough in interest.

We are living longer and using our policies.

Premiums paid in + interest on reserves guarantee claims paid.

Why do you struggle with this?

Be confident about the need for increases and how to work through them so people don’t cancel.

Slide11

Fewer Carriers in Stand-alone LTCi.

So?

Another fact of life.

If a carrier has to leave the industry by not taking on more risk why is this bad?

Existing policyholders gain protection when carriers stop selling.

Fewer carriers selling creates more solid competition to meet the market need.

Why do you struggle with this?

Slide12

How to make a change by adding arrows.

Planning takes Practice!

Comfort is Key

Seeking Education is Important

Learning from the Best

Finding Partners is a Thought

Taking Time to Make Changes

Slide13

What other money in a portfolio is available?

Life Insurance

Accelerated Death

Benefits or Cash Value:

Life insurance death benefit paid in advance

(

tax-free

)

Policyholder

must have a life-threatening

diagnosis

or be terminally ill

Slide14

Long-Term Care

Annuities:

An

annuity is a series of regular payments over a

specified

and defined period of time

Funds

for annuity come from a single premium

m

payment

Two

types

Immediate long-term care annuity

Deferred long-term care annuity

Slide15

Life

Settlements:

Sale

of life insurance policy to raise cash

Policy

is sold for its present value

Men

: 70 and older

Women

: 74 and older

Policies

that can be sold

Universal life insurance

Term insurance

Whole life insurance

Policies held in irrevocable life insurance trusts

Buy-sell agreements

Key man policies

Slide16

Viatical

Settlements:

Allow

terminally ill individuals (life expectancy of less than two years) to sell life insurance policy to use money to pay for

care

Viatical

company pays individuals a percentage of the death benefit based on life

expectancy

Viatical

company owns the policy, pays the premiums and is the beneficiary

Slide17

Health Savings

Accounts:

Tax-free

contributions can be made to HSA up to an annual limit

Funds

are carried over every year and all gains are

tax-free

Offers

tax-advantage alternative used to fund long-term care insurance premiums and accumulate funds to pay for long-term care expenses

Can

be set up by an individual or employer

Slide18

Reverse

Mortgages:

Individual

receives cash against value of home without selling

it

Available

for homeowners age 62 and older

Can

receive lump-sum payment, monthly payment, or a line of credit

Not

taxable, and does not count toward income or affect Social Security or Medicare benefits if payments received are spent within the month they are received

Slide19

And, of Course, “I’m going to Self-Pay!”

What were we just talking about?

All

of these are Self-Pay!

Why did they bother to set up any retirement accounts or investments to provide income in the future if they planned to spend it all anyway?

Their lifestyle depends on income so is that their plan to pay for their care?

Slide20

A Word About Hybrids - Combos

Using another funding vehicle to pay for extended care and win in the end!

Life Insurance with LTC embedded.

Health must qualify on both sides

Annuity with LTC embedded.

No health questions for annuity and a few health questions, not full underwriting for LTC.

Slide21

How do I learn more?

Your company or brokerage firm offers webinars and local seminars on alternatives to LTCi.

Online training about something you aren’t familiar with.

Research on the web.

Financial Partners who are willing to teach you.

The Summit annually

Intercompany

LTCi

Conference annually

Read: Broker’s World Annual LTCi Survey and others

Industry Newsletters

Slide22

Re-Take a CLTC Class!

How long ago did you take the course?

Did you take it in the classroom or online?

What have you done since?

Go online at:

www.ltc-cltc.com

Left Banner has Master Class Schedule

Sign up! (reduced cost for past grads)

Slide23

Make a strong commitment to continuous learning and growing your business.

Slide24

SUMMARY

What Are You Doing Now? (how’s that working?)

Are application declines haunting you?

Are you talking positively about premium increases?

Fewer Carriers in Stand-alone LTCi.

How to make a change by adding arrows.

What other money in a portfolio is available?

How do I learn more?

Slide25

Thank you!

Slide26

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