Who Am I
"Use it, Use it, or Use it."
What do you do with the LTC benefit, the life insurance benefit or the cash value of a long term care hybrid policy?
Estimated at $165,000 (after tax) in 2024, this is the most substantial cost many clients will face in retirement.
What is Health Care cost?
This number DOES NOT INCLUDE the average annual cost of long term Care.
I do not pay for custodial nursing care.
What are medigap healthcare policies?
"I hate paying RMDs."
What is a clue or cue to consider a QLAC.
I generally pay out when clients need help with 2 or more activities of daily living.
What is long term Care insurance
I am a long term care benefit that is included with another type of insurance, usually whole life or universal life?
What is a hybrid long term care policy?
I can be used to help pay for either at-home or live-in facility.
What is a hybrid long term care policy?
Long Term Care Considerations and Qualifications (PDF)
How do I discuss what health conditions may preclude long term care coverage with clients?
"I do not want my kids to change my diapers."
What is a clue or cue to consider Long term care insurance.
The window in which a a QLAC allows clients to defer income.
What is 73-85?
A deferred Income annuity that allows one to invest a portion of their retirement portfolio and begin taking income beyond age 73 without conflicting RMD rules.
What is a QLAC?
Cannot be purchased with Roth or Inherited assets.
What is a QLAC?
$210,000 (indexed for inflation).
What is the limit an individual may allocate to a QLAQ?
I am healthy now, but I have no children to support me when I get old.
What is a clue or cue to consider long term care insurance?
1035 exchange from an universal or whole life insurance policy.
What is another way to fund a Long Term Care Policy?
Bathing, dressing, toileting, continence, moving/walking, eating.
What are the activities of daily living?
The 5 ways to fund a long term care policy with cash.
What are single payment or 5 year, 10 year, 15 year and 20 year installments?
Use Salesforce to set an appointment for a LTC consultant to meet with client.
After discussing the benefits of a hybrid long term care policy and qualifying the client, what are the next steps that I should take?
A 65 year old client tells you he recently sold his business and will be receiving a substantial annual buyout for the next 10 years.
What is a clue or cue to consider QLAC?
Residents typically have a diagnosis such as Alzheimer's disease that necessitates care by professionals specifically trained to work with memory impaired.
Who lives in a memory care facility?
Nationwide and New York Life
Who are the insurance companies that offer Hybrid Long Term Care Policies to Fidelity clients?
This often requires significant demands on family members' lives - and finances - and often requires sacrificing their own families and careers.
What is adult family care?
Guardian, Western-Southern and New York Life?
What are the companies that allow for QLACs through Cannex?
"I love my job. I think I will work as long as I can. It's flexible enough to do all the travel and vacation I could ever want. Besides, my co-workers are my only family."
What are clues and cues to consider hybrid long term care policy and a QLAC?
Patient must be in hospital for 72 hours prior to nursing home. Patient must need skilled nursing care to improve/heal patient, not maintain.
What are the conditions after which Medicare will pay for care for first 20 days in full, then partially for next 80 days?