Selling LTC Face to Face?

[Rob Lion]

When you run out of stuff to rewrite, here's an approach to LTCi which you may, or may not, have seen before. I think it makes LTCi another senior supplementary insurance product like Cancer, Dental, Critical Illness, MedSupp and so on.

Kansas Partnership for Long-Term Care

I've read it I've just never fully understood what it means lol. So if they use a LTC with 70k in benefits they keep 70k of their assets if they end up going on Medicaid?

 

[LostDollar]

I've tried the turning 50 approach most of them can't afford the extra 100-400 dollars a month. But maybe I'm not aiming at people with enough money lol.

Perhaps relative costs too. I think maybe a lot of people in their 50's still have family costs (like college etc) or significant career costs related to "getting to the top". In the 60's, particularly for those that are going to go for early retirement at 62, retirement is more of a focus and those folks might be more receptive to "insurance for retirement 101".

 

[Rob Lion]

Perhaps relative costs too. I think maybe a lot of people in their 50's still have family costs (like college etc) or significant career costs related to "getting to the top". In the 60's, particularly for those that are going to go for early retirement at 62, retirement is more of a focus and those folks might be more receptive to "insurance for retirement 101".

I've just had horrible luck getting them through underwriting. I haven't even bothered with LTC since then.

 

[LostDollar]

I've read it I've just never fully understood what it means lol. So if they use a LTC with 70k in benefits they keep 70k of their assets if they end up going on Medicaid?

Think about risk.

How does the state benefit if they can get potential medicare beneficiaries to pay for private insurance for some portion of the first 1 to 3 yrs of long term care coverage.

How does the insurance company benefit if they can cap their long term care coverage exposure to a 1-3 year period.

Then how can you, as an insurance agent, switch from talking about irrational costs to reasonable costs for the risks covered. And I think with some levels of price control for policies issued after 2010.

You're on your own to find the specific carriers to work with.

 

[somarco]

I've tried the turning 50 approach most of them can't afford the extra 100-400 dollars a month. But maybe I'm not aiming at people with enough money lol.

LTCi is definitely not something for folks that order from the dollar menu.

The agents I know that target this market are mostly working with "high" net worth folks. Low income folks will probably qualify for Medicaid and have no "need" for LTC insurance.

But if mom or dad have inheritable assets the game changes. If mom or dad can qualify medically, the children share the premium costs. Parents in this situation will usually have an accountant, lawyer maybe even a financial planner. You coordinate the sale with the other pro's plus the kids.

This is one of the reasons why the sales gestation can be months or longer.

 

[LostDollar]

The agents I know that target this market are mostly working with "high" net worth folks. Low income folks will probably qualify for Medicaid and have no "need" for LTC insurance.

I think the partnership programs are providing some change in that more traditional sales approach.

 

[CALTCAgent]

I just recently quit bankers, LTC was absurdly expensive and even if they could afford the product, once you added inflation protection it was way too expensive, and after all that mess they can't even qualify they said something about only 30% of people actually qualify. They shifted there focus to colonial Penn's overpriced med supps that I'm currently rewriting haha.

Many years ago when I was there they had a good combo of products. Very easy to qualify for Home Health care plan and the short term care plan. I assume the short term care plan is not all that easy to qualify for anymore. The pricing was also good for the consumers it turns out.