Insurance Agent Forum

[Ichiban]

Originally Posted by GonnaFlyNow

who is that?

[COLOR=#000000]This is Investors Insurance Corporation[/COLOR]

Investors Insurance Corporation

It is very similar to the John Hancock product that someone mentioned above but with better payout factors and it comes on fixed or indexed annuities.

[DUDE]

Originally Posted by bluemarlin08

I feel selling LTC to a 59 year old (senior citizens) could be a real challenge



Don't understand your comment!! Many of my clients , and myself, are this age and don't have problems understanding LTC?

HE HURT MY FEELINGS ON THE 59 YEAR OLD THING BUT THE LIFE OF ME I CANT REMEMBER WHY....

[jmhopkins40]

Originally Posted by Frank Stastny

You are correct about the qualifications to receive the Skilled Nursing benefit.

However, for those agents who may be confused about Skilled Nursing, it is only basically for recovery from an illness or injury. The patient must be showing daily improvement for Medicare to approve continuation of Skilled Nursing. If one day goes by and the patient is not showing improvement Medicare will discontinue that benefit.

Medicare will not pay the Skilled Nursing benefit if a person goes to a nursing home because they are not able to preform the ADL's.

Some hospitals may not have a Skilled Nursing facility. In those cases Medicare will contract with a nursing home to provide those services. This is one of the reasons people erroneously assume that Medicare pays the Skilled Nursing benefit if someone goes into a nursing home because they can no longer take care of themselves..

However, Medicare is not paying or going to pay that benefit is an individual goes to a nursing home because they can no longer take care of themselves.

I have an aunt, 74 yrs old, non smoker, very good health, $3700 monthly income from pension, social security, annuities approx $13k in checking, $300k in good annuities, health care provided.....DOES SHE NEED REALLY LTC? WHY, WHAT DO YOU RECOMMEND AND WITH WHOM AND WHAT DO YOU THINK THE AVG MONTHLY COST WOULD BE?

[Never_a_dull_moment]

Mike,

Nobody needs long term care insurance, especially a single person. If she was married and her husband was dependent upon her assets and income, then, it would be vitally important for her (probably both) to have LTCi.

However, since she is single, if she needs care, she can just use her savings and pay for the care. When her money runs out, she can go on Medicaid.

The real question is:

A) Is it important for her to protect the assets for heirs or charity? If so, she should probably get a policy.

B) Secondly, the $300,000 of assets could probably pay for a few years of care. If she wants to have total control over where she receives care (especially if she wants to avoid long term nursing home care), then that's a 2nd reason to own LTCi.


Scott A Olson

[Graham]

Originally Posted by Never_a_dull_moment

However, since she is single, if she needs care, she can just use her savings and pay for the care. When her money runs out, she can go on Medicaid.

Go on Medicaid and not be eligible for home care and end up in a Medicaid facility with second rate care. I guess if that is what she wants, but why do that if you can afford to buy LTCi or if she has money sitting around buy a UL/LTC combo product?

Nobody should ever aspire to be on Medicaid...

[jmhopkins40]

Wat is a UL/LTC how does it work in her benefit and wat would it cost from wat company

[Graham]

Originally Posted by jmhopkins40

wat is a UL/LTC how does it work in her benefit and wat would it cost from wat company

I was referring to a Universal Life policy with a LTC rider. For someone at that age with a single premium of $50,000 you could buy a policy with an initial specified amount of $60,000 and a 4 year LTC benefit of $120,000 ($2,500 monthly) at Standard non-smoker rates. The ideal way so you don't have to come up with an additional $50,000 is if she has a current policy do a 1035 exchange.

Or you could buy a traditional LTC policy with a $2,500 monthly benefit and total benefit of $250,000 for somewhere in the neighborhood of $350 a month (standard rates)