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Long Term Care In The News......
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Volume 28
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Welcome to the twenty eighth edition of
Long-Term Care in the News. We, at
Custom Care Solutions, 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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YEAR END LTC SALES OPPORTUNITY
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Don’t take the holidays off!!!! How many self-employed business owners do
you have as clients, especially those over age 60?? In 2004 they can take advantage of a
federal income tax deduction of $2600.
If these self-employed business owners are over age 70 that
deduction increases to $3250. Close
more LTC sales before year end and help your clients
take advantage of significant tax savings.
Younger clients will also benefit but the deduction is much lower
due to age. With so many companies
changing their products in the next few months, the time is right to
approach your self-employed business owners about LTC. The premiums will never be lower than
they are today and you can help them with tax savings also before the clock
turns 2005. Please contact us to learn more about this
valuable sales concept.
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METLIFE INTRODUCERS VIP 2
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MetLife
Long-Term Care is introducing a new version of the current VIP Policy Series. “VIP 2” will be launched on
January 28, 2005. We want to share the following
information with you to make the transition as smooth as possible. Not all states will be launched in
January, as a number of filings are still pending with State
Insurance Departments. At this time,
we do not know which states will be included on the initial launch date,
but we will let you know by the end of December. It is expected that about 25 states will
be included initially with the rest launching the first and second quarters
of 2005. Rate stability over time is
key to MetLife’s continued success. The VIP2 Policy Series
reflects changes in pricing assumptions and introduces the policy enhancements
that will keep MetLife’s product competitive. On average, the base rates will increase
by approximately 25%. Some of the VIP2 Policy Enhancements
include: higher spousal/residential
discounts, survivorship will be offered as a rider on all policies, a
calendar day rider will be available on the Value and Ideal policies, a
home care elimination period waiver will be available on Value and Ideal
policies, and an increase to needs assessment and bed reservation benefits,
just to name a few. The call to
action is to contact any of your clients who you may have proposed the
MetLife VIP product to.
Explain to them that if they delay, they may not be able to secure
the policy that they want, at the rates that you have proposed. Please contact
us to discuss these
policy changes and to get your quotes for Met’s
current VIP series.
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MASS MUTUAL SIGNATURE CARE 300 VS. 400 SERIES
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Mass Mutual will be launching their new
Signature Care 400 product at the beginning of 2005, replacing the 300
series in all states except CA & PA. New pricing for the 400 series
joint policy is the following: The younger insured’s premium is calculated
at 30% of the older insured’s premium. Whereas in the 300 Series, the
younger insured’s premium is calculated at 50% of the older insured’s
premium. In addition to their 3, 4, 6 and lifetime benefit periods, they
will be adding a 5 and 10 year benefit period. The 300 series elimination
period is currently a 1 for 1 service day, the new 400 series will be 1-day
of care received from a Sunday to Saturday will count 7 calendar days
towards the elimination period. While Mass Mutual’s
base policy is a daily reimbursement, the 400 will have a monthly
reimbursement rider as well and a rider to waive the home care elimination
period. While they will still have the professional indemnity rider, the
Cash option will no longer exist on the new contract. Mass Mutual-300
Series continues to be attractively priced against the competition; this
could be a very interesting option for the next few months. Please contact us today for your
illustrations.
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CCS WELCOMES NY LIFE TO OUR LTC PORTFOLIO
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New York Life’s long-term care insurance
product has been approved for sale in all states. Some of the more unique features of their
product include: 50%, 60%, 70%, 80%,
90% of Nursing Home Benefit for Home Care for the cost conscious consumer
who do not feel as though they need 100% coverage for Home Care, an
elimination period of 365 days for the client who already has a LTC policy and wants to
stack additional coverage on top of it, access to informal care provided by
a friend or family member, 1%, 2%, 3%, 4%, 5% or 6% simple inflation
increases, and a Couples Additional Benefit Rider. This product is very competitive and with
the changes that other carriers are making to their products, look to NY
Life to be a player in 2005. For
more information about this new product including proposals, etc. please contact us.
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GE EXTENDS CHOICE DEADLINE UNTIL
YEAR END
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GE has announced an extension on sales of their
LTC Choice Product. You know have until December 31, 2004 to sell the ultra
competitive GE Choice product in the states of NY, including the NY
Partnership, MA, PA, MD and IN!! All applications must be received at GE’s
home office by 12/31. Please contact all of your clients who might have
been on the fence. GE’s reimbursement contract includes a monthly pay, a
zero day wait for home care, and survivorship. This policy is still one of
the lowest cost reimbursement contracts available for couples. Call us
today for illustrations!! .
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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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