Long-Term Care Insurance

“The Essentials 101”

About 38.9 million people in US are over age 65

One in two people age 85 need LTC1

The need for LTC is not limited to older Americans.

44% of those needing LTC will be over the age of 65.2

LTC services may be necessary at any age. Older adults may gradually find day-to-day living increasingly difficult. Younger adults may suffer a heart attack, stroke, disabling accident or develop a chronic illness. Long-term care services are generally custodial and personal in nature but, in some cases, may be rehabilitative. To be continued…

Neither medical insurance, Medicare, or Social Security are designed to pay for LTC.

LTC insurance can help pay for care.

LTC insurance can help retain assets.

LTC insurance can help retain independence.

This presentation is a general introduction to LTC insurance. It defines terminology generally used in industry and presents basic issues answers to frequently asked questions.

Current Long Term Care Environment

The Class Act

DEFINITIONLong-term care (LTC) refers to a variety of services designed to help people perform the functions of day-to-day living and possibly remain independent. Some long-term care is aimed at providing help with day-to-day activities for those with chronic illness, or cognitive impairment, such as dementia. Other long-term care services are rehabilitative and will help someone regain function after serious injury.

There are Long Term Care carriers exiting the business.

There are Long Term Care carriers requesting states for rate increases on their current books of business.

Will all the current carriers increase their rates too?

What does it stand for:

“Community Living Assistance Services and Supports”

The Senate passed the bill December 24, 2009.

The House approved it March 21, 2010.

President Obama signed into law March 23, 2010. The Secretary of Health and Human Services is

expected to set benefits by October 2012.