Long-term care is a range of services and supports your clients may need to meet their personal care needs. Most long-term care is not medical care, but rather assistance with the basic personal tasks of everyday life, sometimes called Activates of Daily Living (ADLs), such as:
Bathing Eating Continence
Dressing Toileting Transferring
There are many types of long-term care solutions that Pinnacle Financial Services makes available for you to use with your clients.
Traditional Long-Term Care
A stand alone long-term care is the most flexible option for individuals looking to structure benefits and pricing.
Fixed Annuity + Long-Term Care Rider
A combination fixed annuity with Long-Term care will give the client protection of an asset, fixed interest and the ability to double or triple their account for use when long-term care services are needed.
Short Term Care
Short term care is an insurance program designed to meet pay for short duration long-term care services typically not more than one year in duration. Typically these programs are less expensive and more streamlined on the underwriting process than a traditional long-term care program.
Life Insurance + Long-Term Care or Chronic/Critical Illness Rider
This combination of benefits gives both a life insurance death benefit plus the ability to accelerate a portion or all of their death benefit to be used in the event of a catastrophic health incident such as a stroke, cancer or heart attack.
Long-Term Care Partnership Plans
This program is a joint federal-state policy initiative to promote the purchase of long-term care insurance. The Partnership Program is intended to expand access to private long-term care insurance policy to pay for long-term care services. Purchasing a Partnership-qualified long-term care policy provides added benefits. This benefit described as “dollar-for-dollar” asset disregard or “spend down” protection. Individuals who purchase these policies earn on Medicaid asset disregard for every dollar of insurance coverage paid on their behalf.
Long-term care insurance is a complex product but one that should be discussed as part of any retirement plan. There are a multitude of options available for agents and financial advisers to make available. Call the experts at Pinnacle Financial Services for your long-term care case analysis today.