Long Term Care Insurance
Creating a Long-Term Care Plan can help:
- Cover the huge cost of care
- Provide peace of mind
- Deliver care when needed most
- Keep the patient in control
- Protect spouse’s lifestyle
Types of Long-Term Care
Traditional Long-Term Care Insurance: For applicants in good health. Recommended for people who can take advantage of tax-deductible premiums (paid through business or Health Savings Account). May provide the greatest tax deduction and most benefit to premium leverage. Can be single premium, limited year premium, or continuous pay. May have surrender value option, overcoming the use it or lose it objection. Requires LTC Certification.
LTC Linked Life Insurance: Includes qualified Long Term Care benefits. Premiums and LTC benefits are guaranteed. Can overcome the “use it or lost it” objection. LTCI benefits are tax-free. These can be single premium, limited year premium, or continuous pay. A popular sales opportunity is re-allocating unneeded cash value in life insurance or non-qualified annuity funds through a 1035 exchange. Tax-deductibility is available with some plans. Requires LTC Certification.
LTC Linked Annuities: Annuity plans that increase beneficiary income for qualified LTC expenses. Premiums and benefits are guaranteed. Can overcome the “use it or lost it” objection. LTCI benefits are tax-free. A popular strategy is re-allocating cash value in life insurance or non-qualified annuity through a 1035 exchange. Tax-deductibility is available with some plans.
Short Term Recovery Care: For those who already have health conditions that would preclude them from buying traditional, hybrid, or Annuity-based Long Term Care Insurance. Limited beneﬁt period, lower premiums, generous simpliﬁed underwriting. LTC CE is not required to solicit.
Life Insurance with LTC Rider: For those that still have a primary need for life insurance, yet also want to have access to their death benefit if LTC benefits are needed.
Life Insurance with Chronic Illness Rider: For those who need Life Insurance but have not done any other long-term care planning. With these riders, it can be more diﬃcult to obtain beneﬁts than with traditional Long Term Care Insurance, and benefits are not guaranteed to be tax-free. These are known as 101g riders.
Underwritten Annuity: Provides increased lifetime income when adverse health issues reduce life expectancy. LTC certification is not required.
Annuity with a Long-Term Care Rider: Good way to leverage dollars that are already in an Annuity. Insurance company will usually double or triple the amount the client deposits to fund long-term care benefits. LTC certification is not required.
Home Care Membership Plan: Provides for non-medical Home Care only. Available to anyone regardless of age. Must not be eligible for Home Care services at the time of purchase. LTC certification is not required.
Care Coordination: Amada Senior Care can provide a free, value-added benefit to people on claim or about to go on claim, including Policy Review and Benefit Verification, Claims Processing and Paperwork Submission, Advocacy Phone Calls to Insurance Providers, Assignment of Benefits and Payment Monitoring, Financial Aid Advice for Veterans. Amada Senior Care specializes in caregivers, senior housing guidance, and insurance management claims.