How to Choose a Long Term Care Carrier
Presented by Michelle Daharsh When it comes to selecting an LTCi carrier today, you certainly have lots of choices. Most carriers offer a basic foundation of benefits that look fairly similar from company to company, so how do you make a choice and recommendation to your prospect? Here are three characteristics to consider when making that choice: 1. Contemporary, Innovative Products Look at carriers that offer competitive features that set them apart from the competition. Features like cash benefits, streamlined underwriting, calendar day elimination period, and waiver of elimination period for home care claims are just a few of the many and important options available. 2. Competitive Pricing Do your research and find the products that are competitively priced. Age, health and whether the prospect has a spouse or partner all become critical information in your selection for a recommendation to your prospect. Providing your prospect with the best products for the best value is critically important. Each carrier has their own “sweet spot”. Some examples of “sweet spots” can be competitive pricing at certain ages, partner allowances, multiple inflation options, and underwriting risk. 3. Financial Strength and Stability In the past it wasn’t much of a factor what the ratings of a carrier were. We have fewer carriers now in the market and the rate instability has shown that carrier strength is very important. Working and placing your prospects’ business with a financially strong carrier becomes even more important. Carriers with a history of remaining competitive, stable and secure even in tough economic times will most likely prove that they are able to meet the needs of your prospect in the future. Also, look for carriers that maintain high ratings from industry rating organizations. So whether it is the competitive pricing of a product or the financial strength of a carrier, Financial Brokerage is equipped to provide you with the resources and knowledge you need in making the best decision with your prospect and their long term care insurance coverage.Not responsible for your parent’s debts? Filial responsibility laws…
Presented by Leonard Berthelsen Many times we have a notion that we know how something should turn out, only to find out that the complete opposite is true. Filial responsibility laws are in place in 30 states in our country today. What is the Filial responsibility law? It basically makes an adult child responsible for the care debts of an ailing parent who cannot afford to pay for their care. We all thought that was what Medicaid was for, right? It is no longer enough for a person to have limited assets in order to qualify for Medicaid but apparently their adult children as well. Take a look at a Pennsylvania case that involved an ailing parent whose son was sued by the nursing home even before Medicaid had made a decision on the applicant’s eligibility. The courts ruled that by the mere fact of having a Filial responsibility law in place, the nursing home didn’t need to wait for a decision from Medicaid and could choose any or all of the adult children to be the responsible party for their parent’s bill. This potential liability should move more of our clients to reconsider long-term care insurance. We have talked as an industry for years that it makes good sense for adult children to have that conversation with their parents about their wishes and finances concerning long-term care issues. I think the urgency is a little stronger now in light of what we are starting to see happen. Long-term care insurance is still the best protection for a parent wanting to maintain choices and flexibility. It now has become even more important for the adult children to have that conversation with their parents and even consider paying the premiums for their parent’s policy. It could save them a tremendous amount of money in the long run.The Eight Elements of Extended Care Riders – Element…
Presented by Brian Leising Finding the right formula for each client Not all extended care riders on life insurance policies are created equally. Do you know the differences? Different combinations will appeal to different clients more than others. Here are eight of the major distinguishing features among insurance companies offering extended care riders. All include some combination of the eight elements. This allows you to find the right formula for each client.Premium Payments | Benefit Qualification | Benefit Amount |
Pf Payment Frequency | Pa Payment Amount | |
Lg Lapse Guarantee | Tc Tax Code | Pm Payment Method |
Wp Waiver of Premium | Ep Elimination Period | If Inflation |