- General LTC Information
- LTC Partnership Program
- Tax Information
- Videos and Infographics
- Industry News
- Carrier Marketing Campaigns
What is LTC Insurance – AHIP Brochure – (Great to send clients who are asking for info regarding LTCI)
LifePlans – Benefits of LTC Insurance – (Why LTCI is still important)
LifeHappens.org – What you Need to Know About LTC Insurance – (Good general info for LTCI)
Why people buy LTCi – (Very good insight on who the prospective client is)
The Deficit Reduction Act of 2005 (DRA) implemented the following:
- Tightened Loopholes for Medicaid (look-back period is now 5 years instead of 3 years)
- Allowed the expansion of LTC Partnership programs
- Required training prior to selling Partnership policies (this training is never grandfathered and can be taken on-line at www.webce.com)
Under the DRA, states are allowed to develop LTC partnerships using the dollar-for-dollar asset protection model. Partnership policies protect a specific amount of personal assets. For every dollar that an LTC Partnership insurance policy pays out in benefits, a dollar of assets can be protected during the Medicaid eligibility determination.
The amount protected is calculated based on the amount of benefits paid by the LTC insurance company on the policyholder’s behalf (it is not equal to the amount of the premiums paid and not necessarily equal to the maximum benefit).
Assets that are protected are also exempt from Medicaid estate recovery.
A LTCI policy must include the following inflation rider in order to qualify as a LTC Partnership Plan:
- Up to Age 60 – Insured must purchase some form of compound inflation rider*
- Ages 61-75 – Insured must purchase either a simple or any compound inflation rider*
- Over age 76 – Must “offer” an inflation protection rider but insured is not required to purchase one
Policies that are issued prior to the date of the DRA cannot be grandfathered. Congress was concerned about the financial impact this would have on the Medicaid budgets in each state. Additionally, all Partnership policies must meet the NAIC 2000 Consumer Protection Regulations. Therefore, policies that were written prior to 2000 would not qualify as a Partnership policy.
* Some states vary on the requirement of the amount of the inflation rider
The 2016 LTC Premium Deduction Limits have been released:
|Up to Age 40||$380||$390|
|Ages 41 to 50||$710||$730|
|Ages 51 to 60||$1430||$1460|
|Ages 61 – 70||$3800||$3900|
The Motley Fool: Medicare vs. Medicaid
Genworth – Let’s Talk
This education series focuses on how to start the conversation for LTC planning. It includes brochures for children and spouses. Also includes a client tabloid (newsletter) and producer guide on how best to use the educational pieces.
Genworth – Beyond Dollars
This educational series focuses on how LTC is not all about the costs and how far it can reach. It includes a client brochure and producer guide.
Genworth – A Plan for Living
This educational series focuses on how to plan to live a long life. It includes a client workbook, client powerpoint (and agent instructions and guidelines) and a producer guide.