THE A TO Z OF LTC. A look at all the options. David Bond CONTINUING EDUCATION Lincoln National Corporation LCN
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1 CONTINUING EDUCATION THE A TO Z OF LTC A look at all the options David Bond 2015 Lincoln National Corporation
2 IMPORTANT DISCLOSURE This seminar is for continuing education use only. It is not for use with the general public. It is intended to be accurate and authoritative with regard to the subject matter covered. It is presented with the understanding that I am not engaged in rendering legal or tax advice, nor am I discussing or recommending any specific product. Lincoln Financial Group provides the sales concepts discussed for information purposes only. While this seminar discusses general tax aspects and concepts of planning with insurance, we make no representations as to suitability for individual clients. Interested parties should be strongly encouraged to seek separate tax and legal advice before implementing a plan of the type described in this presentation. Illustration numbers are for training purposes only and represent a case study of how to analyze products prior to a sale to a client. Hypothetical illustrations, projected premiums and death benefit are based on the interest rate, mortality charges and other expenses illustrated in the life insurance policy used in this example. They are not guaranteed. Hypothetical product examples discussed in this presentation are those of a typical highly rated insurance company. The source for all tax information is the IRS at 2
3 INSTRUCTOR-STUDENT AGREEMENT 1. You must attend the entire presentation to receive course credit. The course may not end early. If the course duration is 50 minutes, no breaks are allowed during the seminar. If the course duration is 60+ minutes, a 10-minute break is permitted per 60 minutes of instruction time. 2. Course credit is for 1 CE hour. Please ask your instructor to confirm the states approved for this course. 3. Neither the company nor its products can be promoted during the class. During the allotted class time, there cannot be conversations linking the course materials to any company marketing or recruiting efforts. If there are questions related to either our company or any of our products, you must wait to discuss with the instructor at the conclusion of the class. 4. Please fill out your attendance sheets now. Kindly turn in your attendance sheet even if you do not have your license number. If an attendance sheet is not received by Lincoln Financial Group, course credit cannot be given. 3
4 I view [education] as the most important subject which we as a people can be engaged in.. 4
5 1. Client concerns 2. Risks of retirement 3. The need for long-term care 4. According to the Alzheimer s Association 5. Long-term care costs 6. According to LongTermCare.gov 7. Market awareness 8. Long-term care funding options 9. Consumer Profiles 10. Summary. 5
6 CLIENT CONCERNS Ensuring there is enough money in retirement Changing safety net of government programs Diminishing employer benefits Rising healthcare costs Fewer than 1 in 4 consumers are confident that they will have the resources to pay for long-term care. 1 1 Lincoln Financial Group, Managing Long-Term Care Risks: Perspectives from Advisors and Consumers, October
7 CLIENT CONCERNS (CONT D.) People are living longer Life expectancy for men at age 65 is 82 Life expectancy for women at age 65 is 85 The aging population places a burden on families Potential risks to retirement security also cause anxiety for many clients. These risks include job loss, taxes, inflation, healthcare, long-term care and longevity (outliving their money). 1 1 Lincoln Financial Group, Managing Long-Term Care Risks: Perspectives from Advisors and Consumers, October
8 RETIREMENT RISKS Advisors rank the risks in retirement Longevity Volatility Healthcare Inflation Retirees rank the risks in retirement 1 Healthcare 2 Inflation 3 Volatility 4 Longevity 8
9 AWARENESS OF NEED HASN T GENERATED ACTION A significant majority of the population has done almost nothing to prepare for the possibility of needing long-term care. Surprisingly, 65% said they had done only a little planning or none at all. 1 This inaction comes even though a majority of Americans age 40 and over recognize that they are at least somewhat likely to need long-term care at some point. 1 65% of the population said they had done only a little planning or none at all. The Associated Press-NORC Center for Public Affairs Research, Long-Term Care Perceptions, Experience, and Attitudes among Americans 40 and Older, April
10 THE NEED FOR LONG-TERM CARE 70 % of people over age 65 will require long-term care. * 65 million More than people provide care for a family member or friend. $450 billion estimated annual cost of eldercare. 74 % of family caregivers have worked while providing care. * Care.com and National Family Caregivers Association: State of Care Index NAC/AARP, "Caregiving in the U.S." 10
11 FUTURE NEED FOR LONG-TERM CARE The need for LTC coverage will keep growing. Dashed lines represent population estimates for Source: US Department of Commerce U.S. Population Projections: 2012 to 2060, February
12 ACCORDING TO THE ALZHEIMER'S ASSOCIATION More than 5 million Americans are living with Alzheimer s Someone in the USA develops Alzheimer s every 67 seconds It is the 6 th leading cause of death in the United States There are approximately 500,000 people dying each year because they have Alzheimer s 1 in 3 seniors dies with Alzheimer s or another dementia Source: Alzheimer s Association, In 2013, 15.5 million caregivers provided an estimated 17.7 billion hours of unpaid care valued at over $220 billion 12
13 THE COSTS OF LONG-TERM CARE No retirement or financial plan is complete unless it has considered the client s long-term care risk 1 In 2013, the average cost of a private room at a nursing home was $95,707* Consider the impact of nursing home cost on retirement savings what retirement income asset do you want to sell first? *Source: LTCG and Lincoln Financial Group Cost of Care survey, December
14 THE COSTS OF LONG-TERM CARE (CONT D.) National Average LTC costs Assisted living $4,139 per month $49,669 per year Nursing home Private room: $7,866 per month $95,707 per year Semi-private room: $6,831 per month $83,114 per year Home health aide $21.47 per hour *Source: LTCG and Lincoln Financial Group Cost of Care survey, December
15 THE COSTS OF LONG-TERM CARE (CONT D.) Washington DC Metro LTC costs Assisted living Nursing home $5,239 per month $62,868 per year Private room: $9,921 per month $119,052 per year Semi-private room: $8,933 per month $107, 196 per year Home health aide *Source: LTCG and Lincoln Financial Group Cost of Care survey, December $21.47 per hour $0.39 under Nat l average 15
16 ACCORDING TO LONGTERMCARE.GOV Almost 70% of those turning age 65 will need long-term care at some point in their lives. Women tend to need long-term care longer than men (3.7 years versus 2.2 years). 1/3 of today s 65-year-olds may never need long-term care, but 1/5 will need LTC for more than 5 years. Women tend to need longterm care longer than men. 16
17 ACCORDING TO LONGTERMCARE.GOV (CONT D.) Medicare typically offers coverage or limited coverage for medically necessary nursing home or home health benefits. Medicare does not pay for custodial care or support services for daily living. Medicaid can pay for certain nursing home and home health services means tested. 17
18 MARKET AWARENESS 1 in 8 Americans ages Unanticipated expenses Loss of savings Postponed retirement Source: Ron Lieber, "Marketplace Money," American Public Media, interview with Tess Vigland, November 5,
19 MARKET AWARENESS What is qualified long-term care? Long-term care is the need for assistance or supervision with the activities of daily living. Activities of daily living (ADL s) Bathing, continence, dressing, eating, toileting, and transferring. Types of long-term care policies Indemnity Reimbursement 19
20 LONG-TERM CARE: WHO PAYS THE BILL? Common ways to pay for long-term care: $? Medicaid (US Government) Personal savings Family and/or friends Long-term care insurance Hybrid products Will your clients family pay a price? 45.3 million of adult family caregivers care for someone 50+ years old, and 14.9 million care for someone who has Alzheimer s disease or dementia. 1 1 Alzheimer's Association, 2011 Alzheimer's Disease Facts and Figures, Alzheimer's and Dementia, Vol.7, Issue 2. (Updated 2012) 20
21 LONG-TERM CARE PLANNING OPTIONS Traditional long-term care insurance 4 5 Annuity with long-term care rider Hybrid products Self-funding Life insurance with accelerated benefits rider 21
22 TRADITIONAL LONG-TERM CARE INSURANCE Traditional long-term care insurance pros: Benefit Flexibility Tax-free benefits and tax deductible long term care insurance premiums Affordable premiums Family can be care managers rather than care givers Traditional long-term care insurance cons: Premiums are not guaranteed and may increase Many consumers are reluctant to buy long-term care insurance because they fear that their investment will be wasted if they do not use it Some consumers are also concerned about potential rate increases in later years 22
23 HYBRID SOLUTIONS Hybrid product pros: Policies are typically designed to provide significantly more long-term care benefits than life insurance death benefits Long-term care benefits typically reduce the policy s cash values and death benefit Return of premium options Possible flexibility in design Inflation protection Residual death benefit Elimination period (some 90 days some none) Additional asset in portfolio 23
24 HYBRID SOLUTIONS, CONT. Hybrid product cons: Usually offer only one elimination period Limited daily maximum/benefit period combinations More suitable for clients with sizable assets available to invest 24
25 LIFE INSURANCE WITH CHRONIC ILLNESS ACCELERATED BENEFITS RIDERS Life insurance with ABR pros: Pays out all of or a portion of the death benefit upon the occurrence of a permanent chronic illness Often has a terminal illness benefit built in Available as an option on many permanent life insurance policies No receipts or reimbursements are required - Benefits can be used for anything the clients chooses Benefits are designed to be excluded from taxable income If Accelerated Benefits Rider is not needed, death benefit from policy will be paid out upon death Life insurance with ABR cons: Does not cover nonpermanent/recoverable events May be restricted by IRS per diem limits in order to avoid taxable event Will reduce the policy s death benefit, and could deplete the death benefit entirely 25
26 COMBINING LONG-TERM CARE AND ANNUITIES Combining annuities with long-term care pros: Leverages assets to provide a pool of long-term cares dollars Ability to retain annuity contract value and death benefit if longterm care is not needed. Offers opportunity to transfer an existing annuity contract to one with long-term care protection for tax benefits Combining annuities with long-term care cons: Availability may vary by state 26
27 SELF-FUNDING Consumers believe their savings and government benefits will cover the cost of long term care treatment and expenses, and resist the long-term care insurance strategies recommended by advisors. Lincoln Financial Group, Managing Long-Term Care Risks: Perspectives from Advisors and Consumers, October
28 CONSUMER PROFILE Clients, age $500,000+ invested assets with little growth potential - Distribution phase - Planning for funding future healthcare needs Funding strategies - Executive bonus - Required minimum distributions 28
29 CONSUMER PROFILE CONTINUED Upper-middle-income clients, ages 45 to 65 - Annual income of $100, Have a primary need for life insurance Funding strategies - Repurposed annuity income - Flexible premium payments 29
30 SUMMARY Clients are becoming increasingly aware of the need for long-term care. Clients need to be educated on future LTC costs and the impact of a LTC event on retirement savings. Traditional LTC policies are one option but have a use it or lose it risk in addition to risk of future premium increases. Combination life insurance / LTC policies may have guaranteed premiums, a death benefit if no LTC is needed, and may offer a return of premium. Combination life insurance and LTC policies have a primary orientation towards LTC protection. Life insurance policies with an enhanced accelerated benefit rider can provide access to the policy death benefit to pay for LTC expenses, but have a primary orientation towards life insurance protection. 30
31 REMINDER Please complete your attendance sheets. This form must be completed in full, including your signature and the time the course ended. Turn the attendance sheet in to your instructor for CE credit. If the form is not received, CE credit cannot be issued.. 31
32 IMPORTANT DISCLOSURE 2015 Lincoln National Corporation Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates, including The Lincoln National Life Insurance Company, Fort Wayne, IN, and Lincoln Life & Annuity Company of New York, Syracuse, NY. Affiliates are separately responsible for their own financial and contractual obligations Order code: LFD-CELT-PPT
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