Plan Design: Coverage Type

Long, long ago, you may have recommended Nursing Home only coverage for your prospective clients. You may also have offered Home Care only coverage.

Today, 95% of traditional LTC Insurance policies sold provide Comprehensive coverage for care in the home, community and facilities including Nursing Homes.

Another decision you must make regarding the coverage type is whether to sell a Partnership or a non-Partnership plan. With the exception of California, where regulations regarding inflation options are making the Partnership product unaffordable in many cases, you can almost always choose a Partnership product offering comprehensive coverage. [Read more…] about Secrets of LTC Insurance Plan Design – Part 5 of 5 Designing LTC Insurance Plans That Help Your Prospects Buy!

How Would You Design a LTC Insurance Plan for Your Prospects?

At this moment, you have a better understanding of:

• Long-Term Services and Supports (LTSS) and Their Costs (Part 3)
• Who Needs LTC Insurance based on the Six Suitability Issues (Part 2)
• “Who Buys LTC Insurance?,” through 2015 (Part 1)

This leaves you with these dilemmas: [Read more…] about Secrets of LTC Insurance Plan Design – Part 4 of 5 Are You Concerned About the Price or Are You Concerned About the Cost?

Six Suitability Issues

LTC Insurance isn’t right for everybody. Suitability refers to the process of determining whether it makes good financial sense for someone to buy long-term care insurance.

All states require insurance companies and agents to make a reasonable effort to determine the appropriateness of a recommended sale or replacement. Some states require that agents use a state-specific Personal Worksheet or to provide state-specific educational information to all clients before accepting an application. [Read more…] about Secrets of LTC Insurance Plan Design – Part 2 of 5 Who Needs LTC Insurance? (Suitability}