This article will address how CPAs can help individuals plan for long-term senior care, discussing the available options such as long-term-care insurance (LTCI) and partnership plans, some of the new "hybrid policies" that combine life insurance and long-term care benefits, accelerated benefits
riders for life insurance policies, life and viatical settlements of insurance policies, reverse mortgages, congregate Care communities, and Medicaid planning.
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Those options include restructuring the policy into a new one with a retained death benefit, seeking loans collateralized by the value of the policy, leveraging the policy for accelerated benefits
to defray health care expenses, or perhaps selling the policy outright for an immediate cash payment.
USI Insurance Services, a Valhalla, New York-based broker, has acquired Accelerated Benefits
of Dublin, Ohio, for a price that was not announced.
8 February 2017 - US-based insurance brokerage and consulting firm USI Insurance Services has acquired Ohio, US-based insurance agency Accelerated Benefits
, the firm said.
This enabled both Dell and EMC partners to immediately start selling the full portfolio of Dell EMC solutions and provides accelerated benefits
to eligible partners.
Tom Wagoner, president of Accelerated Benefits
in Columbus, Ohio, believes the U.S.
Many carriers have been able to build robust administrative benefit systems which provide complete self-enrollment technology and carrier connections, but others focusing on enrolling face-to-face have been slow to develop these systems, says Tom Wagoner, president of Accelerated Benefits
in Columbus, Ohio.
Long-term care accelerated benefits
are triggered when a client is unable to perform at least two activities of daily living (ADLs) such as dressing, eating or toileting for a period of at least 90 days (whether or not the client is expected to eventually recover from the illness).
The life insurance industry is filled with various products and policies offering certain special benefits (cash value, exclusive riders, accelerated benefits
), but never has a life insurance product been so specific to fit such an important, modern need of half of the world's demographic.
Certain demographic populations--employees out sick, taking accelerated benefits
or waiting for waiver premiums --are perfect examples of why it's valuable to understand the particulars of different plans.
"It is important for insurance and financial professionals to understand how the various hybrid LTC options work so they can compare and better educate their clients and prospective clients." Hybrid LTC products include life insurance that pay accelerated benefits
should the policyholder need qualifying long term care services.