LTC for 81 year old?

[HH HAILEY]

Hello,

I am in the Medicare and ACA space, but a client inquired about LTC for her aging parents. 81 and 88. I know a few basics, but I wanted to check here if there was any product that might benefit an 81 year old. Hybrids etc?

I am assuming the health is decent.

Thanks for your help,
HH

 

[Allen Trent]

Hello,

I am in the Medicare and ACA space, but a client inquired about LTC for her aging parents. 81 and 88. I know a few basics, but I wanted to check here if there was any product that might benefit an 81 year old. Hybrids etc?

I am assuming the health is decent.

Thanks for your help,
HH

For the most part, they waited too long to transfer that risk. At this point, at that advanced age & likely health, they will have to pay as much or more for insurance than coverage would provide in the best case & that would be in the slim chance they could qualify for LTC or chronic illness underwritten riders.

If they have lump sum assets, there are some hybrid annuities that might be a possibility. Global Atlantic ForeCare was a product I believe. Not sure of max issue age or the health questions pertaining to how much added money for care could be available depending on their answers on the application. I think it might have max issue age 80 as will most hybrids

ForeCare fixed annuity for long-term care | Global Atlantic Financial Group

A healthcare setback can affect the things you do every day. ForeCare can help protect your retirement finances against the unexpected.

www.globalatlantic.com

 

[Tahoe Ray]

Annuity Care I and Indexed Annuity Care both write to age 85. OneAmerica.

Not many options beyond that and none (that I know of) for the 88yo.

I would focus on selling your client LTC instead.

 

[yankee466]

Hello,

I am in the Medicare and ACA space, but a client inquired about LTC for her aging parents. 81 and 88. I know a few basics, but I wanted to check here if there was any product that might benefit an 81 year old. Hybrids etc?

I am assuming the health is decent.

Thanks for your help,
HH

It would be unusual for anyone that age to actually qualify for most if any LTC products....and as others have mentioned, it would not be cheap if they even could. Most LTC products would not offer at that age regardless...for obvious reasons.

Depending on their state of residence, you could consider some of the short term LTC products like Aetna, GTL, Manhattan....as something is often better than nothing. These plans can handle 81/88.

Keep in mind that average female plays bingo for 3-4 years before she passes, while the average male, if he plays bingo at all, will be maybe 1-2 years.

These plans are much simpler to qualify for...as they likely do not pull medical records, etc..but they still get pricey at older ages.

Either way, this is not likely a good case for you to pursue, but best of luck

 

[HH HAILEY]

Thanks all for your replies.