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Long Term Care In The News......
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Volume 20
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Welcome to the twentieth edition of Long-Term
Care in the News. We, at Custom Care
Solution, LLC, want you to be on the cutting edge of changes and updates
within the Long-Term Care industry.
We will accomplish this through these email bulletins distributed
each week to our brokers, agents and their staffs.
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MEDAMERICA’S SHARED BENEFITS
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Simplicity’s leading-edge product design allows
your clients and their care partners to purchase and share the benefits of
each other’s policies. It’s an
excellent way to share savings too!!
Take a look at these Joint Benefit Riders and their rules. Survivor Benefit – both policies and
rider must be in effect for more than 10 years and must be purchased by
both care partners. Policies do not
have to be identical, partners with an age
difference of more than 15 years are not eligible to purchase this
rider. Shared Waiver of Premium –
must be purchased by both care partners within six months of each
other. Policies do not have to be identical, partners with an age difference of more than
15 years are not eligible to purchase this rider. Shared Care – must be purchased by both
care partners and the policies must be identical in benefits and premium
payment options. This rider is not
available with a 2 year or Unlimited benefit periods nor is it available
with the Restoration of Benefits Rider.
For more information on the Simplicity Product, including their CASH Home Care Only policy please contact us.
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HANCOCK’S CARESOLUTIONS PLUS FIXED ANNUITY IN NJ
FOR UNINSURABLE CLIENTS
AVAILABLE FOR A LIMITED TIME ONLY!!
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Do you have clients who can’t qualify for LTC Insurance due to pre-existing medical
conditions?? Do you have clients who
object to purchasing LTC
Insurance because they feel they will never need LTC??? If you answered yes to either of these
questions, you need to take a close look at John Hancock’s Fixed Annuity –
Sound Solution with the CARESolutions Plus
rider. Your client buys a fixed
annuity that has an additional 3 year LTC
benefit if they hold the annuity for a minimum of 6 years. After the
six-year deferral period, an additional 3year LTC
benefit is accessible if your client goes out on claim. The additional
rider carries a 100 day elimination period.
The best part, there are no medical questions or underwriting
requirements however your client must not have received nursing home, home
health, hospice, respite or adult day care within a 12 month period prior
to purchasing the Sound Solution Annuity.
Let’s look at a scenario:
Your client is 47- years old and is uninsurable due to MS. The
client buys a $70,000 ten year fixed annuity (the maximum available to
those 40-59 years old). The client
begin earning interest immediately, currently 4.45%, followed by years 2
& 3 at 3.35%, then the annuity floats as does most fixed annuities (2%
floor). Let’s assume in year 10 the
client goes out on claim (loss of 2 out of 6 ADL’s
or cognitive impairment). Let’s now say the annuity is worth $90,000. $90,000 x .03 (3% benefit percentage) =
$2700 per month will be credited to the existing annuity to help pay for
Nursing Home or Assisted Living care for up to 36 months. For home health care the money placed in
the annuity is calculated based on the number of days the client is receiving
care in that month, up to the $2700.
This is an awesome solution for uninsurable people and those who
aren’t INSURANCE believers. For more
information about this product please contact
us. This is a very
LIMITED OPPORTUNITY – and may be going off the market in September so
please TAKE ADVANTAGE TODAY !!!!
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THE LATEST
FROM CAPITOL HILL
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According to the latest CLTC Newsletter, on
Friday July 23, the IRS issued
technical guidance regarding Health Savings Accounts (HSA’s). The biggest impact of these questions was
Question 40. May an account
beneficiary pay qualified long-term care insurance premiums with
distributions from an HSA if contributions to the HSA are made by
salary-reduction through a section 125 cafeteria plan? YES!!
Section 125(f) provides that the term “qualified benefit” under a
section 125 cafeteria plan shall not include any product which is
advertised, marketed, or offered as long-term care insurance. However, for HSA purposes, section 223(d)(2)(C)(ii) provides that the payment of any expense for
coverage under a qualified long-term care insurance contract (as defined in
section 7702B(b)) is a qualified medical expense. Where an HSA that is offered under a
cafeteria plan pays or reimburses individuals for qualified long-term care
insurance premiums, section 125(f) is not applicable because it is the HSA
and not the long-term care insurance that is offered under the cafeteria
plan.
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METLIFE LTC SOFTWARE ONLINE
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The MetLife software, METWINS version 33 is now
available online. This version will
illustrate the VIP product
series for all states, and is an LTC
– Only version. Visit www.ltcmetwins.com to download this
latest version. The password is metlifeltc and is case sensitive so use all lower case
letters. If you have trouble with
the software or for more information regarding MetLife’s LTC product portfolio please contact us.
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PROSPECTING
FOR LTC INSURANCE
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John Hancock is conducting an upcoming web
cast: Prospecting for LTC Insurance
in the Do Not Call Environment.
Please join us on Thursday, August 19th, 2004 from
11:30am – 12:30pm for this special training event. Hancock recognizes that the Do Not Call
(DNC) regulations have impacted prospecting efforts for LTCI. In this web cast they will share with you
some new and proved methods of prospecting for LTCI. Be sure not to miss this web cast event
to learn how to continually grow your LTCI sales, register now at www.svu.learn.net. If you have any questions or need
additional information on this web cast event or John Hancock’s new
Corporate Solutions – LTC for The Business Market, please contact us.
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We at CCS
are continually looking for ways to keep our brokers up to date. If you’d
like to send comments or suggestions to make this newsletter better, please
feel free to contact
us.
 
Debra A. Walker, LTCP, CLTC Karin
L. Wertheim, LTCP, CLTC
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C U S T O
M C A R E S O L U T I O N ,
L L C
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One Penn
Plaza, Suite 2035
New York, New York 10119
info@customcaresolution.com
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