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Offering Long Term Care Insurance to Your Employees is as easy as ABC! GRP11-504-TN.

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Presentation on theme: "Offering Long Term Care Insurance to Your Employees is as easy as ABC! GRP11-504-TN."— Presentation transcript:

1 Offering Long Term Care Insurance to Your Employees is as easy as ABC! GRP TN

2 The LTC-TN Plan

3 Quick Facts… A long term care event can happen to anyone at any age… …and can quickly take an employee out of work whether the employee needs the care or provides the care.

4 What Does That Mean for Employers? Loss of Productivity Employees Quitting Their Jobs Retraining and Replacement Costs According to AARP – “at least 7 out of 10 working caregivers leave the workforce entirely or make a substantial change such as reducing hours or transferring into a less demanding job.” AARP, 2011

5 Quick Facts… A tidal wave of caregiving is about to hit U.S. employers as the fastest growing segment of the workforce is 55 and up – employees who are in their prime caregiving years. Just under half (49%) of the workforce expects to provide care to a family member or friend in the next five years.” Mature Market Institute, 2010

6 Long-Term Care Insurance Helps the CAREGIVER Preserve freedom Preserve personal time Avoid unprecedented stress Balance work and family life

7 Melisa Currey, Comptroller, Community Foundation and LTC-TN Policyholder “My parents do not have long-term care insurance so I’ve seen what it costs to take care of them. I bought my LTC-TN policy because I do not want to be a burden on my children when it comes time for me to need LTC services. In fact, I felt so strongly about it, that I had my young adult daughter buy a State plan also. I realized, if something happened to her, I would become an instant caregiver while still trying to work full- time. How could I do that without the help of long-term care insurance?”

8 Offering long term care insurance as part of your employee benefit package can help increase your productivity and help lower your costs related to employees who are caregivers. That’s Why…

9 Sandra Crouch, Director, White County Schools “I was so pleased to be able to offer the State's LTC-TN plan to our employees. The difference with this program is that it is based on extensively educating the staff through informative s and live group meetings. This allows the employees to make better plan choices on a subject they may not be familiar with and can have a devastating impact on their lives. Also, the ABC's job is made easier because they can connect the employee directly to a LTC-TN plan specialist who becomes their ‘personal consultant’. This makes the process so much easier for the ABC."

10 Francie Brodman, University of Tennessee “The UT ‘family’ of employees have been provided with LTC-TN educational materials, group meetings and personal phone consultations since Over 300 employees attended last year alone. We have found the enrollment process to be easy and straightforward. The wide-ranging services and knowledge of this benefit provide the staff and eligible family members the individualized attention they need when making such important decisions, no matter where they live in the state of Tennessee.”

11 As you can see… Offering Long Term Care Insurance to Your Employees is as easy as ABC!

12 If your employees fully understand the potential impact of providing long term care to a family member, they may see the advantages of enrolling in the LTC-TN plan just as these policyholders did… And…

13 Daughter of an LTC-TN Policyholder “My incredible mom is a Tennessee middle school teacher. I knew that someday I would invest in long term care insurance as my gift to her. I was thrilled that she qualified for a LTC-TN policy with more options for her care. There is nothing like knowing that my precious mom will be taken care of when she needs it the most.” T. M. (Daughter)

14 MedAmerica provides the educational material necessary to successfully incorporate long term care insurance into your benefits package. Easy as ABC…

15 Announcement letter to all employees that the employer is conducting a re-education of the LTC insurance plan with group meetings and personal consultations Two reminder s Group meetings with opportunity to sign up for a personal telephone consultation on Mondays and Fridays Re-Education Process for State and Higher Education

16 New hires have 90 days to enroll with no health questions Full-time employees (30+ hours), spouses, eligible family members and retirees go through full underwriting Re-Education Process for State and Higher Education

17 But the most rewarding thing that can happen is when an employee tells you how much it means to have this coverage in place when care is needed… That’s all there is to it!

18 How Much Does Long-Term Care Insurance Cost? SAMPLE MONTHLY PREMIUMS – 3 Year Benefit Period 5% Compound Inflation – Qualifies for TN Partnership (does not include 10% spouse discount) Age$100$150$200 35$ 43.13$ 64.70$ $ 64.75$ 97.14$ $ 99.48$149.21$ $164.32$246.48$328.64

19 Quick Payback Benefit in 30 Years $400 per day x 1,095 days = $438,000 benefit pool Payback = < 3 months ($32,230 ÷ $400 = 80 days) Premium $89.53 X 12 $1,074 X 30 $32,230 Age 55 with 10% spouse discount: $100 Daily Benefit; 3 year Benefit Period; 5% compound inflation for life

20 Quick Payback Benefit in 30 Years $600 per day x 1,095 days = $657,000 benefit pool Payback = < 3 months ($48,344 ÷ $600 = 80 days) Premium $ X 12 $1, X 30 $48,344 Age 55 with 10% spouse discount: $150 Daily Benefit; 3 year Benefit Period; 5% compound inflation for life

21 How Much Does Long-Term Care Insurance Cost? $150/day 3 Year Benefit Period 5% Compound Inflation – Qualifies for TN Partnership (MedAmerica vs. Genworth) Age MedAmerica single MedAmerica Both issued Genworth Both issued Genworth Single F 45$97.14$ 87.43$283.77$ $149.21$134.28$298.56$ $246.48$221.83$394.34$682.37

22 visit Call LTC Consultants at (615) , Ext. 119 or MedAmerica at (866) 615-LTCI (5824) Review the enrollment kit online or call for a kit to be sent in the mail Personal consultations: A variety of ways to Learn More About LTC-TN

23 Thank you for taking the time to listen today. I hope you will consider offering this valuable benefit to your employees. If so, all you need to do is call Pennye Smith at (615) , ext. 119 or her at See…it’s as easy as ABC… Thank you…


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