Long Term Care, Critical Care, Life, & Annuity Solutions for Brokers, GA's & BGA's


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LTCI FAQ, Long Term Care Insurance Frequently Asked Questions


  • At what age should someone consider buying LTCI?
    • Thirty-seven percent of people who would immediately benefit from LTCI today, because of their long term care needs, are under the age of 64. A catastrophic disability can occur at any age. For instance: Michael J. Fox (Parkinson’s) Christopher Reeves (horseback riding accident) are two examples. The younger one is, the less expensive long-term care insurance is. LTCI premiums escalate exponentially the older one gets.
  • What is required to qualify for long term care insurance?
    • Money, health and age are three considerations when looking into LTCI. In order to qualify for LTCI, one needs to be able to: afford the premium, pass medical underwriting and be under the cutoff age for the insurance company. Most companies do not issue LTCI insurance past age 85. The younger one is, the more likely the long term care insurance requirements can be met.
  • What is the cost for long term services in my area?
    • The 2008 nursing facility costs range from $123/day in Baton Rouge, LA to $506/day in Alaska. Assisted living and home health care costs are generally lower. Thus stresses the importance of purchasing LTCI. while young. Click Here for cost of long term care by state.
  • At what ages do people typically buy long term care insurance?
    • The average LTCI. purchase age is rapidly declining. In the year 2000 the average LTCI purchase age was 69. In 2008, the average LTCI purchase age was 57. With the explosion of employer sponsored LTCI, plans the average will be in the low to mid 40’s in the next three to five years.
  • What services are covered by long term care insurance?
    • Services provided have changed over the years. At one time only nursing home care was paid for. Today LTCI provides a myriad of services that people want and need later in life, including: nursing facility care, assisted living care, adult day care, home health care, cash payments to family and friends providing care, group home care. In short, an long term care insurance policy can be flexible enough to provide not only the services people need but also the services for care in the setting they want. Costs that would normally be covered by LTCI are no longer covered by Social Security or Medicare.
  • Why should I bring up the topic of long term care with every one of my clients?
    • With the passage of the Deficit Reduction Act of 2005 (DRA-2005) it’s imperative that the agent bring up the topic of long term care. Most people are not aware of this new federal law that puts the enjoyment of their retirement at risk, because many of the costs of long term care would come out of pocket, instead of paid out through an long term care insurance plan. Since DRA-2005 was passed, it is almost impossible to pass along the cost of long term care to the government. Thus impacts the importance of LTCI.
  • Does an agent have a potential liability for not discussing LTCI with a client?
    • If the insurance broker does not bring up the subject and have a meaningful discussion of LTCI with the client, the agent is creating an E & O exposure. For example, an agent in New Jersey did talk to his client about LTCI. However, he did not have the discussion documented. Result: he had to pay out $747,000 because the children of the client sued claiming that their inheritance would not have been reduced had he done his job & discussed the importance of LTCI.
  • Isn’t long term care insurance expensive and hard to sell?
    • If an agent tries to sell LTCI the “old fashion way” the answer is yes. However, agents working with Insurance Advisors have learned to sell LTCI the “new way” and are not finding it expensive or hard to sell.
  • How are “partnership plans” affecting the sale of long term care insurance?
    • They are having a very positive effect on the sale of LTCI because partnership plans have created a situation where virtually anyone can afford to buy LTCI.
  • What if a client wants to “self insure” for long term care?
    • The majority of the time when a client says they want to self insure, what they’re really saying is, “I’m so invincible I’ll never need long term care or LTCI.” From a purely logical stand point: your client owns fire insurance on their home and they carry collision insurance on their car. Why don’t they self insure these exposures? Because the risk is too high, and the costs associated with self-insurance would break them. The same rings true when talking about LTCI. For those clients who truly want to self insure because they don’t understand the value of long term care insurance, there are ways to show them how to transfer the risk to the insurance company through LTCI for less than 1 cent on the dollar per year.


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Insurance Advisors, Inc.

Phone: 614.471.7191, 800.471.7191
E-mail: info@ialtc.com

Long Term Care Insurance

  • Co-Founders of America's Long Term Care Insurance Experts
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Insurance Advisors, leaders in LTCI, is a long-term care insurance broker based in Columbus, Ohio. We specialize in Individual LTCI, multi-life long term care insurance, group LTCI, Traditional LTCI and Combo LTCI, and key person long-term care insurance. Our LTCI brokerage has helped find long term care insurance solutions since 1994. Contact us for a free quote or more information. LTCI brokers Columbus Ohio, Bexley, worthington, Lewis Center, Powell, Gahanna, Bexley, Dublin, German Village, Grandview Heights, Granville, Grove City, Groveport, Hilliard, New Albany, Pickerington, Powell, Reynoldsburg, Upper Arlington, Whitehall