AssurityBalance Individual Long-Term Care Insurance Assurity Life Insurance Company

Transcription

1 AssurityBalance Individual Long-Term Care Insurance Assurity Life Insurance Company The purpose of this material is the solicitation of insurance 1

2 Long-Term Care Insurance Financial Planning s Missing Link

3 Long-Term Care Insurance Is your retirement income protected? If you were in need of long-term care assistance and incurred a catastrophic loss, do you have the coverage that will help pay for all or a portion of that longterm care assistance?

4 Long-Term Care Insurance If you don t have the funds to cover long-term care, your retirement dollars could be rapidly reduced or exhausted if you or a family member needs longterm care services.

5 Long-Term Care Insurance I would like to offer you AssurityBalance L o n g - T e r m C a r e I n s u r a n c e

6 Long-Term Care Insurance Life is good you re happy, you re healthy. Why would you need this type of coverage?

7 Long-Term Care Insurance Just a few reasons why this protection is so important. independence freedom choices

8 Long-Term Care Insurance Although most long-term care insurance policies provide nursing facility care, long-term care insurance doesn t just mean nursing home coverage.

9 What Is Long-Term Care? Long-term care is assistance for someone who has a condition or illness that limits their ability to perform Activities of Daily Living

10 Long-Term Care Includes Assistance with Activities of Daily Living (ADLs) Bathing Continence Dressing Eating Toileting Transferring Care for Severe Cognitive Impairment e.g. Alzheimer s Disease

11 Long-Term Care Includes Nursing Care Assistance Taking Medication

12 Long-Term Care Includes Rehabilitative and Therapeutic Care

13 Generally, Long-Term Care Insurance Is Not Medicare Supplement (Medigap) Senior HMOs Disability Insurance Accident Only Coverage Most Personal Or Employer Medical Insurance Plans (Some Offer Limited Coverage)

14 Who Will Pay for Long-Term Care?

15 Long-Term Care Myths My children will take care of me Medicare pays for long-term care Medicaid will take care of the bill I will never go to a nursing home

16 Myth #1: My Children Will Take Care of Me American families are changing Families are spread over large distances Fewer children to care for parents Some children are financially or physically unable to care for parents

17 Myth #2: Medicare Pays for Long-term Care Medicare only pays for: Approved charges 20 days at 100 percent Skilled nursing, some rehabilitative care, and custodial care on a limited basis Charges after three days of hospitalization Charges that remain only after you pay for your co-pay portion, days days maximum for diagnosis

18 Myth #3: Medicaid Will Take Care of The Bill Prospective beneficiary must qualify for Medicaid May be required to spend down assets to qualify Each state requires applicants to meet different monthly income and asset limits before Medicaid benefits become payable

19 Myth #4: I Will Never Go Into a Nursing Home The actual risk for needing longterm care (either in a nursing home or home care) is greater than 50 percent.* * Long-Term Care Your financial Planning Guide, Phyllis Shelton, 2003

20 Friends and Family May Not Be Able to Help Others may not be in a financial position to help pay for care when you need it. Currently, the average cost nationally for one year in a nursing home is estimated at $75,190 *. Conservative 5 percent inflation over 20 years could result in annual nursing home costs of $190,000. *MetLife Market Survey of Nursing Home and Home Health Care, Sept. 2006

21 Helping to Protect Your Current Assets Even younger clients have a current need for long-term care insurance Over 40 percent of Americans receiving Long-Term Care are under 65 years old * * Fitch, Long-Term Care: An industry in Transition, Jan. 18, 2002.

22 Long-Term Care Insurance Helps You to: Maintain independence Control the quality of your care Have peace of mind for your future Conserve your assets Preserve family harmony

23 Shopping for LTCI Coverage Commonly desired features Compound Inflation Protection* Sufficient daily benefit amount Paid-up Premium Payment options become non-cancelable Alternative plan of care * Compound inflation protection is available for additional premium.

24 The Risks of Waiting Health Premiums are lowest when you re in the best health Age Purchase price increases with age Money Easier to budget lower premiums that come with younger-age, best-health premiums

25 Policy Benefits and Features Nursing facility Assisted living facility Home and community based care (HCBC)* Choice of daily benefits Lifetime elimination 0-, 30-, 90-, and 180- day 1 elimination periods Lifetime, 10-, 6-, 5-, 4-, 3- and 2-year benefit periods Joint waiver of premium Alternative plan of care Bed reservation Respite care Guaranteed renewable 2 Personal care advisor *Available for additional premium 1. Not available in CT, GA, SD and VT 2 As long as you continue to pay your premiums on time, we will never cancel, refuse, renew or place restrictive riders on your coverage after it has been issued. However, we can increase the premium if we make the same adjustments for all covered persons in your state of the same rate class.

26 Optional Features Non-forfeiture Options 1 Inflation Options 1 Restoration of Benefits 1 10-pay 2 20-pay 2 Indemnity Options 1 1 Available for additional premium, 2 In TX, 10-year payment option available through policy form AL2101P-TX; 20-year and Lifetime payment options available through policy form AL2100P-TX.

27 Information Coverage provided by Policy Forms AL2100P, et al. (In ID, AL2100P- ID; in NC, AL2100P-NC; in PA, AL2100P-PA; and in TX, AL2100P-TX). Underwritten by and the financial responsibility of the Assurity Life Insurance Company, Lincoln, NE. Policy benefits and options may vary by state and may not be available in your state. For costs and further details of coverage, including exclusions and reductions or limitations and the terms under which the long term care insurance policy may be continued in force, contact your Assurity Life representative/agent. An agent/representative may contact you. The information provided here is not intended as legal or tax advice. We recommend that you consult with an attorney, accountant or tax advisor regarding the tax implications of purchasing Long-term Care Insurance rev (7/07)