May 13, 2012
4371 Dunmore Road NE
Marietta, GA 30068-4222
Dear Mr. Davis,
Thank you so much for allowing me to provide the enclosed information regarding your family’s long term care insurance needs. As you know, long-term care is an important issue that can affect your family’s emotional and financial well-being. We believe all of our policyholders need to ensure they are adequately prepared for the impact of long-term care expenses. Understanding how you can prepare for long-term care on your own can be quite a task – that’s why I am excited to offer my assistance in helping you understand more about long-term care and the options that may be available to you. I’ve enclosed a proposal for your review. When you are ready, I would be happy to schedule a convenient time to meet with you. I can assure you that it will be time well spent. If you prefer to schedule an appointment now, please give me a call at 770/888-8129, or stop by our office. I will give you a call in a couple of weeks.
LONG-TERM CARE INSURANCE PROPOSAL
National American University
TABLE OF CONTENTS
I. Define long term care
A. The history of long term care
1. Where did it all start?
2. Who took care of those in need before now?
3. What was the price of this care back in the day and how did people pay for it? 4. What changes have occurred that have brought us to where we are today?
B. The current status of long term care
1. How many people use long term care funding and facilities? 2. What are today’s costs?
3. What is the probability that I will need it?
4. What are the options available to someone needing long term care?
C. How is the government involved?
1. What does Medicare pay?
2. What happens if I can’t pay?
3. What is the Partnership Plan?
II. What is long term care insurance?
A. What does it cover?
B. Who is eligible?
1. Age consideration
2. Health considerations
C. What does it cost?
D. What are the advantages and disadvantages of having it?
E. What if I don’t carry it?
III. What does one look for?
Long Term Care and the Baby Boomer Generation
The US Centers for Medicare and Medicaid Services estimate that by the year 2020, about 12 million American men and women over the age of 65 will need long-term care. A study by the U.S. Department of Health and Human Services says that four out of every ten people who reach age 65 will enter a nursing home at some point in their lives. These statistics are staggering, especially when one considers, “How will I pay for this care?” Long-term care (LTC) refers to a variety of services that meet both the medical and non-medical needs of people with a chronic illness or disability. It is for those who cannot care for themselves for long periods of time. There are many barriers facing those with long-term care needs. This paper will examine various opinions and thoughts on securing a long term care plan in estate and retirement planning. Many articles from the internet as well as sales materials have been reviewed and compiled to bring this summary of the long term care issue in North America. The insurance company’s solution to this issue is long term care insurance. Long term care insurance covers things that health insurance does not while also protecting your assets. The long term care issue is one that should be pondered and discussed amongst family as our baby boomer population continues to age.
Objective: In the year 2000, 13 million people used paid long term care services in a given setting (eg home, residential care, or skilled nursing facility). Because of the aging of the baby boom generation, by 2050 the number of individuals using long term care services is projected to be 27 million. 1 in 3 Americans will have the need for some type of long term care service. Long...