The risk of needing long-term care - a designation given to a broad range of services designed to meet an individual's mental, emotional, physical, and personal needs - is present at all ages. However, as individuals become older, the risk increases significantly.
The U.S. population is expected to increase by about 27% by the year 2050. In contrast, the part of the U.S. population most at risk for needing long-term care - the segment comprised of individuals 85 years or older - is expected to grow by 280% during this same period. This segment of the population is growing disproportionately, while simultaneously, the already substantial costs of long-term care are rising at a rate exceeding the inflation rate.
These issues present significant and burdensome financial concerns for many clients and their heirs. This course examines the nature, risks, and associated costs of long-term care, as well as the forms in which it may be delivered; the sources available to help pay for it; and the features of long-term care insurance.
Upon successful completion of this course, participants will be able to:
- Define long-term care;
- Describe the normal activities of daily living;
- Identify the settings in which long-term care may be provided;
- Recognize the risk of needing long-term care and the factors that may affect the risk; and
- Describe the social factors affecting the need for long-term care.
- Identify the national average cost of obtaining long-term care in a nursing home;
- Recognize the average U.S. cost of residing in an assisted living facility;
- Identify the average costs normally associated with community-based long-term care;
- Describe the U.S. population trends expected to affect the future cost and availability of long-term care; and
- Recognize the various sources of long-term care funding in the United States.
- Compare the indemnity and reimbursement approaches to providing long-term care insurance benefits;
- Identify the qualified and nonqualified long-term care insurance policy benefit triggers;
- Recognize the basic provisions contained in a long-term care insurance policy;
- Describe the tax treatment to which long-term care insurance premiums and benefits are subject; and
- Identify the alternatives for paying the costs of long-term care services.
- Identify the factors that affect the suitability of long-term care insurance for an individual client;
- Recognize the client disclosures that should be made in any ethical long-term care insurance recommendation; and
- Describe the special suitability and disclosure requirements applicable to the replacement of a long-term care insurance policy.
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