I will do a series of posts on how to conduct the essential long-term care insurance employee education so that employees of all ages apply along with their spouse and eligible family members. If you can’t wait for all of the posts, you can always grab a copy of my book, Phyllis Shelton’s Worksite Long-Term Care Insurance Toolbox from the online store on my industry website.
Part One: Clearing up the Myths
Part Two: The long-term care issue and why long-term care insurance is needed
Part Three: The plan offered by the employer
— who is eligible
— underwriting concession and open enrollment period dates
— how to get a claim paid
– three benefit decisions (daily or monthly benefit, lifetime max, inflation)
— payout method and only the version that applies to their product is shown (reimbursement, indemnity or cash)
— the importance of the home care benefit (nursing home avoidance and can prevent family members from doing personal things for you)
— the importance of assisted living facility coverage (spouses can stay together/ single people no longer have to worry about upkeep of a home)
— explanation that a major claim study has shown that the full duration of qualified care is paid for 85% of policyholders with a four year benefit
— the four sample plans (benefits and rates with couples discount forage 30, 40, 50 and 60)
— waiting period (explaining if it days to wait or if charges must be incurred)
— additional options (lightly mention and encourage them to sign up for a personal consultation to have a plan customized to their budget)
— Quick payback and LTCI vs. Investing examples (I show a 40 year old paying premium for 40 years for this presentation.)
— payment methods (payroll deduction for employee and spouse; direct bill others)
— portability and rate increases only on a class basis
— wind up by emphasizing importance of getting coverage for anyone they think they might wind up taking care of, including adult children, if these
people are insurable now
— leave them with this contrast:
- Long-term care insurance can mean a comfortable and secure life and retirement
- Not having long-term care insurance can mean a life caring for someone else’s need, day in and day out.
— call to action: sign up for a personal consultation (family members are welcome) and/or pick up application and/or online enrollment.