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Long Term Care In The News......
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Volume 29
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Welcome to the twenty ninth 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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GOOD NEWS FOR LONG-TERM CARE INSURANCE
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Beginning in January 2005, the National
Governors Association, in cooperation with the U.S. Departments of Health
and Human Services, will be launching The Long-Term Care Consumer Awareness
Campaign in New Jersey, Nevada, Idaho, Arkansas and Virginia. In New
Jersey, it will start with a capitol press conference
and a letter from Governor Richard Codey to
850,000 NJ residents between the ages of 50 and 70. After that, paid radio and television
spots, along with public service announcements will continue for about
three months. It will be a goldmine
for those selling long-term care insurance.
NJ was selected because of its location and population density and
because of its very good state health insurance assistance program. The project has been triggered by the
governments concern over the public’s indifference to long-term care needs
and wide-spread ignorance surrounding Medicare and Medicaid. There has never been a better time to
sell long-term care. This campaign
should help all of us get off to a great start in 2005. You can find out more about this campaign
by reading the LTC Awareness Campaign
Summary on the official web site www.ltcaware.info.
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2005 LTC INSURANCE DEDUCTION
LEVELS ON THE RISE
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The Internal Revenue
Service has increased deductibility levels for long term care insurance
policies purchased in 2005, referencing IRS Revenue Procedure
2004-71 will be:
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Attained Age Before Close of Taxable Year
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Limitation on Premiums
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40 or less
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$ 270
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More than 40 but not more than 50
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$ 510
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More than 50 but not more than 60
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$1,020
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More than 60 but not more than 70
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$2,720
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More than 70
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$3,400
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For
a complete copy of our 2005 Long Term Care Insurance Tax-Qualified Plans
document, please see the attached document.
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10 – PAY HAS WIDE APPEAL TO BOOMERS
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A recent article in The National Underwriter
reported that many boomers realize that long-term care is a big gap in
their retirement planning. One of
their biggest concerns is: How do
you pay premiums after you retire?
That is why 10-Pay plans appeal to many clients in the boomer
generation. Not everyone is able to
able to afford the 10-pay plan option, however, so we feel that the limited
pay products are very suitable for the business marketplace. We have many companies that offer 10 pay
products: MetLife, MedAmerica, Mass
Mutual, Guardian/Berkshire, GE, John Hancock and Prudential. Please give us a call to discuss these
products or get a complete copy of this article.
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STILL A FEW MORE DAYS FOR GE’S LTC CHOICE
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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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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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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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