LONG-TERM CARE (LTC)
OVERVIEW
Long-term care (LTC) is the term used to describe a variety of services in the area of health, personal care, and social needs of persons who are chronically disabled or ill. Depending on the needs of the individual, long-term care may include services such as nursing home care, assisted living, home health care, or adult day care.
Assessing the need for long-term care insurance is an important conversation to have with your clients. With the rising cost of healthcare, it is imperative to have a solid plan in place while an individual is still healthy and before a disabling condition occurs.
Brandon Brokerage Group offers several products that will help your clients ensure their long-term care needs are met.
TRADITIONAL LTC
- Provides a known benefit for a specified period of time
- Benefits paid under a “tax-qualified” LTC policy are generally received income tax free
- Gives clients control over when, where and how they receive care
LIFE INSURANCE WITH LTC OR CHRONIC ILLNESS RIDER
- Life insurance policy with an added LTC or chronic illness rider at additional cost
- Provides cash needed to pay for long-term care needs
- Gives clients control over where, when and how they receive care
- If LTC benefits are not needed, life insurance policy proceeds are paid to the named beneficiaries on the policy
- Reimbursement or indemnity depending on carrier selected
LIFE INSURANCE-LTC HYBRID PRODUCTS
- LTC policy linked with a cash-value life insurance component or “bucket”
- Gives clients control over where, when and how they receive care
- If LTC benefits are depleted, additional funds may be taken from the life insurance “bucket”
- Any funds not used for long-term care needs during the insured’s lifetime are paid to the named beneficiaries on the policy
- Reimbursement and indemnity options available depending on carrier selected
ANNUITY-LTC HYBRID PRODUCTS
- An annuity contract linked with a LTC benefit
- Provides cash to pay for LTC
- Gives clients control over where, when and how they receive care
- If LTC benefits are not needed, the annuity provides an additional income stream for retirement or can be passed on to the named beneficiaries on the policy
