Long Term Care Fundamentals

5 Credits: Taxes


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Long Term Care Fundamentals

Course Level
CPE Credits

5 Credits: Taxes

Course Description

The ever-increasing risk of needing long-term care presents a daunting challenge for many, especially with an aging population and soaring care costs. Are you prepared to advise your clients effectively in this changing landscape? This course delves deep into the complexities of long-term care, addressing the crucial issues of its rising necessity, the escalating costs, and the intricate insurance policies surrounding it. As a tax, accounting, or finance professional, you understand the importance of staying ahead in your field. This course not only equips you with the knowledge to define and identify the various aspects of long-term care but also arms you with strategies to manage its financial implications for your clients. From understanding the social factors affecting long-term care needs to comparing insurance policy benefits and recognizing ethical disclosure requirements, this course is an essential guide to navigating the intricacies of long-term care in financial planning. Empower yourself with the expertise to offer comprehensive advice and solutions in this increasingly relevant area of financial planning.

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Learning Objectives

When you have completed this course, you should be able to:

Chapter 1

  • 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.

Chapter 2

  • 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.

Chapter 3

  • 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.

Chapter 4

  • 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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Course Specifics

Course ID
Revision Date
April 7, 2023

There are no prerequisites.

Advanced Preparation


Number of Pages

Compliance Information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-02341-23-S
IRS Federal Tax Law Credits: 5
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1909
CTEC Federal Tax Law Credits: 5

CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.

CTEC Notice: California Tax Education Council DOES NOT allow partial credit, course must be taken in entirety. Western CPE has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, by phone toll-free at (877) 850-2832, or on the Internet at

Meet The Experts

Paul J. Winn

Paul J. Winn CLU ChFC is a writer with more than 30 years experience in the life insurance and securities industry as an agent/registered representative, an agency head, a marketing vice president for a life insurance company and the president of a corporate registered investment adviser. He was a long serving member of the advisory board to the New York State insurance department. He is a published book author and creator of more than 200 taxation, insurance and securities training courses.