CONTINUING EDUCATION FOR TAX & FINANCIAL PROFESSIONALS

Long-Term Care Fundamentals

Icon_Self-Study
Self-Study
Icon_Level
Basic
Credits
CPE Credits
5 Credits: Taxes

Course Description

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.

Learning Objectives

Upon successful completion of this course, participants will 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.

Course Specifics

Course ID
8162546
Revision Date
January 31, 2020
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-00942-16-S
IRS Federal Tax Law Credits: 5
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-0915
CTEC Federal Tax Law Credits: 5

Course Instructor

Paul J. Winn Headshot
Paul J. Winn CLU ChFC

Paul 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.

Long-Term Care Fundamentals

Expert Instructors
Format
CPE CREDITS
5 Credits: Taxes

$145.00$175.00

Clear
Icon_Self-Study
Self-Study
Icon_Level
Basic
Credits
CPE Credits
5 Credits: Taxes

Course Description

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.

Learning Objectives

Upon successful completion of this course, participants will 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.

Course Specifics

Course ID
8162546
Revision Date
January 31, 2020
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-00942-16-S
IRS Federal Tax Law Credits: 5
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-0915
CTEC Federal Tax Law Credits: 5

Course Instructor

Paul J. Winn Headshot
Paul J. Winn CLU ChFC

Paul 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.

Long-Term Care Fundamentals

Expert Instructors
Format
CPE CREDITS
5 Credits: Taxes

$145.00$175.00

Clear