Long Term Care (LTC)
Unlike traditional health insurance, long-term care insurance is designed to cover long-term services and supports, including personal and custodial care in a variety of settings such as your home, a community organization, or other facility. The goal of our planning is to provide clients a choice in their care.
TUSK chronic illness planning may simply be documents, or a product to address the financial concerns. Additionally we create action plans, that we review annually during client service.
TUSK prefers Long Term Care Planning to be low cost or free. We have not sold a Long Term Care policy in over 7 years. Why? Simple, there is better products today. Long term care policies, only pay if you get sick. If you do not get sick, the premiums paid, are lost.
Today we have products and strategy that create leverage, and guarantee return of principle. We prefer the tax free income that is paid during an illness event, and is paid to you directly over the reimbursement type of policy.
We believe that the current illness benefits , will continue to be reduced. These products were not created initially to support the level of claims made. The industry has been consolidating, the premiums increasing for standalone Long Term Care policies, on an unlimited basis, allowed by law, to keep the insurance companies in business.
Long-term care insurance policies reimburse policyholders a daily amount (up to a pre-selected limit) for services to assist them with activities of daily living such as bathing, dressing, or eating. You can select a range of care options and benefits that allow you to get the services you need, where you need them.
The National Association of Insurance Commissioners publication, lists and defines six ADLs:
• Bathing: The ability to sponge bathe or get in and out of bath tub or shower.
• Eating: The ability to feed oneself by getting food into the body or by a feeding tube.
• Continence: The ability to maintain control of bladder and bowel functions.
• Toileting: The ability to get to and from the toilet and perform associated personal hygiene.
• Dressing: The ability to put on and remove all items of clothing and any braces or artificial limbs.
• Transferring: The ability to get in and out of bed, chair, or wheelchair. A person qualifies for benefits when they are unable to perform two or three ADLs, depending on the long-term care insurance policy.
We have never had a client who gets to pick what illness they get.
I have never had a client waiting by the door with bags packed, ready to go to a nursing home.
How to pay for care is the financial concern, but who will administer care and where?
TUSK creates the plans regardless of funding source.
TUSK client service meetings, create the plans before things happen. Our critical illness planning, takes the guess work out the situation, and our clients quality of life, preserved.
All illness have one thing in common, they are expenses not anticipated.
TUSK proactively measures the risk of financial impact illness or disability could impact your estate. Many of our clients, can self insure. They will not outlive their nest egg, no matter how prolonged care may be needed. Some clients can not afford to get sick. Both clients have plans, so that we have planned for the worst and hope for the best. Few things take apart estate and legacy, as quickly as unplanned illness.
We build LTC and Critical illness into products that fit client direction. Products and documents.
Life insurance and guaranteed income with illness benefits built in. Even our new term insurance products pay living benefits for critical illness, indemnity (cash to you versus reimbursement of expenses with receipts), and for those that require income, in the event of a LTC event, the income doubles. Guaranteed benefits. Leverage, and tax efficiency that yield cannot keep up with. Illness, the black hole of retirement, requires proactive plans, and we believe you cant have enough free and low cost options.
If you ever require care, have the choice where to receive your care. More people than ever, with planning, are avoiding the nursing home. Its only expensive if you plan wrong.
We find the low cost LTC in places most advisory don't know exist! Working with estate attorneys as part of your team, is TUSK Life.
Long-Term Care Usage and Needs
1) 48%: Percentage of adults who are 65 years or older who will require long-term care for up to 12 months, 2018 – U.S. Department of Health and Human Services
2) 19%: Percentage of adults who are 65 years or older who will require long-term care for between 12 and 24 months, 2018 – U.S. Department of Health and Human Services
3) 21%: Percentage of adults who are 65 years or older who will require long-term care for between 2 and 4.9 years, 2018 – U.S. Department of Health and Human Services
4) 13%: Percentage of adults who are 65 years or older who will require long-term care for more than 5 years, 2018 – U.S. Department of Health and Human Services
5) 70%: Percentage of adults who are 65 years old who will require some level of long-term care throughout the rest of their life, 2018 – U.S. Department of Health and Human Services
6) 19 years, 3 months: The longest period of time a male has received long-term care, 2019 – American Association for Long-Term Care Insurance Survey
7) 18 years, 1 month: The longest period of time a female has received long-term care, 2019 – American Association for Long-Term Care Insurance Survey
8) 5.8 Million: The number of Americans currently living with Alzheimer’s disease or dementia, 2019 – Alzheimer’s Association
9) 200,000: The number of Americans under the age of 65 who have been diagnosed with early-onset Alzheimer’s disease, 2019 – Alzheimer’s Association
10) 5: The rank of Alzheimer’s disease for the overall cause of death among those who are 65 years or older, 2019 – Alzheimer’s Association
11) 6: The rank of Alzheimer’s disease for overall cause of death among all age groups, 2019 – Alzheimer’s Association
12) 4 to 8 Years: The amount of time an individual is expected to live after being diagnosed with Alzheimer’s disease, 2019 – Alzheimer’s Association
13) 8,357,100: The number of people who receive long-term care from all sources, 2015 – CDC – Long-Term Care Services
14) 4,742,500: The number of people who receive long-term care from home health agencies, 2015 – CDC – Long-Term Care Services
15) 1,383,700: The number of people who receive long-term care in a nursing home, 2015 – CDC – Long-Term Care Services
16) 1,244,500: The number of people who receive hospice care, 2015 – CDC – Long-Term Care Services
17) 713,000: The number of people who live in a residential care community, 2015 – CDC – Long-Term Care Services
18) 273,200: The number of people who use adult day care service centers, 2015 – CDC – Long-Term Care Services
19) 63%: Percentage of people needing long-term care services who are 65 years old or older, 2003 – Long-Term Care Financing Project, Georgetown University Press
20) 37%: Percentage of people in need of long-term care services who are under the age of 65, 2003 – Long-Term Care Financing Project, Georgetown University Press
21) 68%: Probability of an individual who is 65 years old or older of becoming physically or cognitively impaired, 2003 – AARP
22) 27 Million: Estimated number of people who will pay for long-term care services by 2050, 2003 – U.S. Department of Health and Human Services, and U.S. Department of Labor
23) 1 in 3: The number of seniors who pass away with dementia or Alzheimer’s disease, 2019 – Alzheimer’s Association
24) Every 65 Seconds: The rate at which new patients are diagnosed with dementia or Alzheimer’s disease in the United States, 2019 – Alzheimer’s Association
25) 9 Hours: Average hours per day of assistance that an elderly adult with substantial physical and cognitive disabilities receives from both formal and information care sources, 2002 – Home Services Research
26) 11 Hours: Average hours per day of assistance that an elderly adult who is 85 years old or older with substantial physical and cognitive disabilities receives from both formal and informal care sources, 2002 – Home Services Research
27) 85 Years: Average life expectancy in the United States, 2019 – American Association for Long-Term Care Insurance