Transcript Lifestyle 2000TM

Lifestyle
TM
2000
LONG TERM CARE
POINT OF SALE
PRESENTATION
Lifestyle
TM
2000
INDIVIDUAL LONG TERM CARE
POINT OF SALE
PRESENTATION
SLTC00-16
Lifestyle 2000TM
Individual Long Term Care
Financial planning’s missing link
SLTC00-16
Lifestyle 2000TM
Are Your Retirement
Income Dollars Protected?
If you were to incur a
catastrophic loss and need
long term assistance; do you
have the coverage to pay for
that assistance?
Lifestyle 2000TM
If not; your retirement
dollars could be reduced
rapidly if you or a family
member needed longterm assistance.
Lifestyle 2000TM
I would like to offer you
State Life’s Lifestyle
2000 Long Term Care
Insurance Policy.
Lifestyle 2000TM
You may be thinking
you do not need this type
of coverage.
Lifestyle 2000TM
Let me give you a few
reasons why this
protection is so
important.
Lifestyle 2000TM
Although Long Term
Care does provide
Nursing Facility
Care; Long Term
Care does not mean
Nursing Home Coverage.
Lifestyle 2000TM
What is Long Term Care?
Long Term Care is assistance
provided to someone who has a
condition or illness that limits
his or her ability to perform
normal daily activities.
Lifestyle 2000TM
Long Term Care Includes:
Assistance with Activities of
Daily Living (ADL’s)
- Bathing
- Eating
- Dressing
- Toileting
- Transferring
- Continence
Lifestyle
TM
2000
Long Term Care Includes:
- Nursing Care
- Medications
- Care Review
Lifestyle 2000TM
Long Term Care Includes:
 Rehabilitative
Care
and Therapeutic
Lifestyle 2000TM
Generally,
Long Term Care Insurance Isn’t
• Medicare Supplement (Medigap)
• Senior HMO’s
• Disability Income Insurance
• Accident Only Coverage
• Most Private or Employer Medical
Insurance Plans (some offer limited
coverage)
Lifestyle 2000TM
Who Will Pay for Long Term Care?
Lifestyle
TM
2000
Long Term Care Myths
 My
Children Will Take Care
of Me
 Medicare Pays for Long Term
Care
 Medicaid Will Take Care of
the Bill
 I Will Never Go to a Nursing
Home
Lifestyle
TM
2000
Myth # 1
My Children Will Take Care Of Me
American families are changing:
- Families are spread out
- Fewer children to care for parents
- Children unable to care for parents
Lifestyle
TM
2000
Myth #2
Medicare Pays for Long Term Care
Medicare Pays:
- Only for Approved Charges
- Only after 3 Days of Hospitalization
- Only for Skilled or Rehabilitative Care
- Only for 100 Days Maximum per Diagnosis
Lifestyle
TM
2000
Myth #3
Medicaid will take of the bill
Federal Medicaid Spend-Down Limits(1)
Qualified Medicaid Beneficiary
Monthly Income Limit:
Asset Limit:
$691.00 ( Individual)
$4000.00 (Individual) Nebraska
$925.00 (Couple)
$6000.00 (Couple) Nebraska
( 1) Nebraska Health & Human Services, 2000 www.hhs.state.ne.us/ags/agsmed.htm
Lifestyle
TM
2000
Myth #4
I WILL NEVER GO INTO A NURSING HOME!
Lifestyle
TM
2000
• What are the chances of needing
Long Term Care?
The total risk of a 65- year- old
entering a nursing home at some
point in life is 49%(2)
(2) Long Term Care, Knowing the Risk, Paying the Price, Health Insurance of America, 1997
Lifestyle
TM
2000
Friends and family may not
be in a financial position to
help pay for the care you
require when you need it.
Currently, one year in the
nursing home is estimated to
cost $41,000 as a national
average.(3) If we consider
even a conservative inflation
increase of 5% per year,
within the next 25 years, one
year’s stay in a nursing home
could more than $100,000.(4)
(3), (4) The American Health Care Association, September 1998
Lifestyle 2000TM
•Protecting Current Assets
>Even younger clients have a current need for Long
Term Care Insurance
>Long Term Care Utilization:
3% are under age 18
40% are ages 18 to 64
57% are over age 65(5)
(5) U.S. Accounting Office, April 1995
Lifestyle 2000TM
Long Term Care Insurance
Helps You To:
•Maintain Independence
•Control the Quality of Your
Care
•Have Peace of Mind for Your
Future
•Preserve Your Assets
Lifestyle 2000TM
Shopping for Insurance Coverage
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Coverages
- LIFETIME Coverage
- Compound Inflation Protection
- Adequate Daily Benefit Amount
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Features
- Paid-Up “Non-Cancellable”
- Home Health Care with
Alternative Plan of Care
- Clear Language
Lifestyle 2000TM
The Risks of Waiting
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Health Risk - your health
can change unexpectedly;
it’s best to buy now while
yours is good
Financial Risk -if you wait,
your initial premium will be
higher
LTC Insurance is purchased
with Health, Age & Money
Lifestyle 2000TM
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Nursing Facility
Assisted Living Facility
Home and Community Based
Care
Choice of Daily Benefits
Lifetime Elimination
0, 30, 90 Day Elimination
Periods
Lifetime, 5 and 3 year Benefit
Periods
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Restoration of Benefits
Indemnity Option
Ten Pay Option
Single Premium Option
Joint Waiver of Premium
Alternative Plan of Care
Bed Reservation
Respite Care
Guaranteed Renewable
Personal Care Advisor
Lifestyle 2000TM
Coverage Provided by Policy Series S-6000-P, underwritten by The
State Life Insurance Company, Indianapolis, IN. Policy benefits
and options vary by state and some of those listed here may not be
available in your state.
For costs and further details of coverage, including exclusions and
reductions or limitations and the terms under which the policy may
be continued in force, contact your State Life agent.
The information provided here is not intended as legal or tax
advice. We recommend that you consult with an attorney,
accountant or tax advisor regarding the tax implications of
purchasing long term care insurance.