KTB Senior Advisory Team
You have the unique opportunity of having our knowledgeable team go out and meet with your clients and help them with Medicare supplemental coverages as well as Long Term care Insurance. Contact us or submit a request through our website.
Long Term Care Insurance
Why is Long Term Care Insurance Important?
How long would it take for you to exhaust you family's personal savings if you had to pay for care for a loved one?
The need for long term care services can happen to anyone. Long Term Care refers to services needed primarily for personal care when a person may have lost some or all of their
capacity to function due to an illness or disability. Examples of long term care services are custodial care provided at home, in a nursing home or in an assisted living
facility.
Group and individual medical insurance policies do not provide benefits for these types of support services. While, Medicaid, a government program is a means-tested program funded
by the Federal and state governments and administered by each state to provide health care for eligible individuals. The program is in a current financial crisis with benefit cut
backs being considered by policy makers. Also, Medicare pays only limited benefit for long-term care since the program is for Medical care instead of for personal care. Although
there are various ways to privately pay for the cost of Long Term Care services, a Long term care insurance policy is the most cost-effective method to pay for the high cost of long
term care services.
How is Long Term Care Insurance Purchased?
LTCI is Insurance available through private insurance companies as a means for individuals to protect themselves against the high costs of long-term care services. A long term care
insurance policy is designed so family members can plan ahead to provide funds to pay for the cost of services like nursing home, home health care, skilled or unskilled care.
A specifically designated Long Term Care Insurance policy is the most effective way to cover the burdensome cost of long term care services.
In additional to individual long term care insurance policy, your client may find other insurance products that offer a similar type of financial protection.
- If you own a disability insurance policy there may be a feature to accumulate credits towards the future purchase of a long term care insurance policy or a conversion
feature changing the disability policy to a long term care policy.
- Some Life insurance policies include a rider to pay for certain long term care expenses. However, benefits paid for long term care services usually reduce the death benefit.
- If you are eligible to purchase long term care insurance policy as part of association or marketing group s/he may get a discount on the cost of the policy that is offered
through the association or group.
Enlist help from an insurance agent that is a long term care insurance specialist. A specialist will help you select the critical long term care insurance
policy characteristics most relevant to your situation.
Medicare
Why is this type of coverage important?
Medicare is the federal health insurance program for: people 65 years of age or older, certain younger people with disabilities, and people with End-Stage Renal Disease (permanent
kidney failure with dialysis or a transplant, sometimes called ESRD). Medicare has several components; however, does not provide complete coverage. The average Medicare beneficiary
pays 50% of costs out of pocket or through private insurance premiums.
There are several reasons you may need to obtain Medicare Supplement information for yourself. They may be:
1. Just turning age 65
2. Under age 65 Medicare eligible
3. Don't like current Medicare Supplement plan
4. Carrier is terminating your plan
5. You are is over age 65 but never enrolled in Medicare's Supplement
plan and want one now.
How is this type of coverage purchased?
Different rules apply depending on your current situation:
Do one of the below apply to your situation?
1. Guaranteed Issue
2. Pre-Existing Condition
3. Open Enrollment
Purchase a Medicare supplement plan for yourself as the policyholder with the assistance of an agent that specializes in Medicare related issues.
How to learn more
Contact you Kistler-Tiffany Benefits' representative for more information. For general Medicare information, please feel free to visit: www.medicare.gov
|
