1 / 34

Metropolitan Life Insurance Company New York, NY 10010

Metropolitan Life Insurance Company New York, NY 10010. Long-Term Care Insurance (LTCI) Multi-Life Discount Program. ADF # 1149.03 L03065AM5(exp0606)MLIC-LD. Long-Term Care. What is Long-Term Care?. The care you need when you are diagnosed as Chronically Ill

neena
Download Presentation

Metropolitan Life Insurance Company New York, NY 10010

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Metropolitan Life Insurance CompanyNew York, NY 10010 Long-Term Care Insurance (LTCI)Multi-Life Discount Program ADF # 1149.03 L03065AM5(exp0606)MLIC-LD

  2. Long-TermCare

  3. What is Long-Term Care? • The care you need when you are diagnosed as Chronically Ill • Care for people who require substantial assistance with Activities of Daily Living (ADLs) • ADLs include: bathing, eating, dressing, toileting, transferring and continence

  4. Why is it important to plan for Long-Term Care? • In 2005, “about nine million men and women over the age of 65 will need long-term care.”1 • The average nursing home stay is 2.5 years2 • 10 % will stay five years or longer3 (1) Health Insurance Association of America, “Guide to Long-Term Care Insurance,” 2002. (2) Savage, Terry. “Prepare for the Unthinkable: long-term care”, MSN Money, October 2002.

  5. Why Might I need Long-Term Care? • Alzheimer's Disease • Arthritis Limitations • Cancer • Central Nervous System/Sensory Organs Deterioration • Circulatory Problems • Diabetes • Hypertension • Injury caused by accident (auto, work related, etc.) • Mental Illness • Respiratory System complications • Stroke (CVA)

  6. Where are Long-Term Care services commonly provided? • In the home • Various facilities including: Assisted Living Facilities, Residential Care Facilities, Residential Care Facilities for the elderly* • Community settings such as Adult Day Care or Adult Day Health Centers* • In hospice home-care programs or facilities • In nursing homes * The types of facilities covered may vary by state.

  7. What is the cost of care? • Nursing Home care can cost an average of $52,195 per year (for a semi-private room)3 • Home Health Care can cost an average of $23,400 per year (for a Home Health Aide)3 • Nursing home care is expected to cost $190,600 per year by 2030.4 (3) Mature Market Institute, “MetLife Market Survey on Nursing Home and Home Care Costs,” 2002. (4) ACLI Study, “Can Aging Baby Boomers Avoid the Nursing Home?” March 2000.

  8. Comparing the Cost of Long-Term Care Source: MetLife Mature Market Institute, “MetLife Market Survey on Nursing Home and Home Care Costs,” 2002

  9. How can Long-Term Care Insurance help? • It Can Help: • Avoid physical and financial dependence on family members or friends • Protect hard-earned assets • Maintain choice on how and where to receive care • Assure high-quality care at an affordable price

  10. Long-Term Care and Your Company

  11. Business Trends and Bottom-Line Impact Making MetLife’s Long-Term Care Insurance with a Multi-Life Discount available for your employees can have an effect on: • Productivity Levels • Recruitment and Retention Rates • Containment of Health Costs

  12. Businesses lose between $11-29 billion per year in productivity costs due to caregiving responsibilities5 A competitive edge can help you attract and keep the best talent. Providing caregiving services for others may have an effect on an individual's health which could require medical attention. Your Company and LTC (5)“Toward A National Caregiving Agenda: Empowering Family Caregivers in America”, 2001.

  13. Consider these Facts on Workforce Caregivers • More than one-fifth (22%) of the sandwich generation furnish aid to their parents, other elderly family members, or both. • 17% personally provide help, which may include money as well as other forms of assistance, and another 5% bestow financial support alone. • From 1996 to 2001: • 43% of older boomers have taken time off from their own jobs to care for someone • 17% have reduced the amount of time they work • Source: AARP, In the Middle: A Report on Multicultural Boomers Coping with Family and Aging Issues, July 2001.

  14. The Trend:Sizes of Companies Offering LTCI Source: HIAA ILTC Survey, 2002. “By the end of 2001, more than 4,700 employers were offering a long-term care insurance plan to their employees, retirees or both.” - HIAA. Long-Term Care Insurance in 2000-2001, January 2003.

  15. LTCI Multi-Life Discount Program

  16. What is LTCI Multi-Life? What does it offer? • An exclusive discount applicable to employees of small businesses and their families. • The LTCI VIP policy series: four plans that offer an array of coverage options and features. Customized plans are also available. • Flexible payment options to suit every budget. • Optional riders to enhance benefits and optimize the value of each plan.

  17. Who is eligible for coverage? • In addition to the employee, coverage is extended to spouses, parents, parents-in-law, step-parents, grandparents and grandparents-in-law of the employee provided that the employee meet the following applicable criteria: • Between the ages of 18 and 84 • W-2 Employees • Actively at work employees who work 30 hours or more per week

  18. LTCI Multi-Life Discount for Employer Programs • Employer Paid, Modified (Full) Underwriting - 5% • Employer Paid, Simplified Underwriting - 10% • Employer Facilitated, Voluntary Pay - 5% • Association Facilitated, Voluntary Pay - 5%

  19. Available LTCI Discounts • Spousal • 20% when two spouses apply and are approved for coverage • Maximum Discount Combinations: • 30% – • Spousal and Preferred • 20% – • Marital/Residential and Preferred • Marital • 10% when only one spouse applies or both apply but only one receives coverage • Residential • 10% for 2 or more people residing at the same address and approved for coverage • Preferred Health • 15% for applicants who meet specific underwriting criteria

  20. Maximum LTCI Multi-Life Total Discounts • Employer Paid, Simplified Underwriting- 28% • Employer Paid, Modified (Full) Underwriting - 33.5% • Voluntary Paid, Simplified Underwriting - 24% • Voluntary Paid, Modified (Full) Underwriting - 33.5% Note: Includes all discounts taken into consideration. No Preferred Health Discount available with Simplified Underwriting..

  21. LTCI Features & Benefits • Daily Benefit Amounts (DBA) • $50 to $400, for covered services • 3 Ways to Receive Benefits • Daily Reimbursement, Monthly Reimbursement or Cash Payment • Home/Community Care(Basic service for Premier policy) • 50%,75% or 100% of NH or Facility DBA • Elimination Period • 20, 45 or 100 days (Value and Ideal policies based on days of service, Premier policy based on calendar days) • Benefit Period Options • Unlimited, 2-year, 3-year, 4-year, 5-year or 7-year duration Features and Benefits may vary by state.

  22. Plan Choices • Value Plan: • Nursing home/in-patient hospice up to 100% of DBA • Assisted living/home care/adult day care with choice of 50%, 75% or 100% of DBA • Caregiver training • Respite Care • Ideal Plan: • Above features plus Survivorship Feature, Transition Expense Allowance, Supportive Services and Home Care Plus Rider availability Features and Benefits may vary by state.

  23. Plan Choices • Premier Plan: • Care in a Nursing Home, Assisted Living Facility, your own home or an Adult Day Care Center PLUS the insured has a choice of how to spend the cash payment per diem benefit • Facilities - Only Plan: • Provides coverage for care only in an Assisted Living Facility, Nursing home or hospice facility. Also offers Transition Expense Allowance and Informal Caregiver Training. Coverage for care provided in the home or community setting is not available. Features and Benefits may vary by state.

  24. Flexible Payment Options • Regular Pay • Double-Pay First Year Option • Pay 2x the level premium amount for the first policy year in return for 10% or 13% (depending on age) off the regular premium amount each year for the remaining life of the policy. • Reduced-Pay at 65 Option • Pay more than the level premium each year until policy anniversary on or after age 65 then pay half the amount of the pre-65 premium every year thereafter. • 10-Year Premium Payment Rider • The initial policy benefits are Paid-Up on the tenth (10th) Policy Anniversary by paying a premium more than the level premium for 10 policy years. • Paid-Up Premium Rider • The initial policy benefits are Paid-Up at the later of: (a) the Policy Anniversary on or after the insureds 65th birthday; or (b) the tenth (10th) Policy Anniversary, by paying a percentage more than the level premium until the policy is paid-up. Choosing any of these premium payment options may impact the tax deductibility of the premium. Please consult your tax advisor for further clarification.

  25. LTCI Tax Benefits

  26. LTCI as a “Tax Qualified” Plan • Employer paid LTC premiums for employees are generally tax deductible to employer • Employer payments are generally not included as income to employees (exceptions for Partnership and S-Corporations)

  27. Tax qualified LTCI policies available to: • Self-Employed • C-Corporations • S-Corporations • Partnerships

  28. Partnering with MetLife

  29. Why MetLife? -Commitment- -Stability- -Product Features- -Compassion-

  30. Why MetLife? • Met Life has been in the LTC business since 1986 • Awarded affiliation and designated as the LTC insurance carrier with AARP in 1997 • Awarded the Federal Employees Program in 2001 : • A joint partnership with MetLife and John Hancock Life Insurance Companies which is expected to be the largest employer-sponsored Long-Term Care Insurance program in the country.6 • Consistently given high ratings from leading insurance industry experts: Fitch, A.M. Best, Moody’s and Standard & Poors (6) Long Term Care Partners, LLC., “Federal Long Term Care Insurance Program Announces Open Season Preliminary Results”. 13 February 2003.

  31. Met Life Group Long-Term Care Insurance Corporate Customers

  32. Our role: Work with you to define the program benefits and determine the degree of customization you require. Map out an effective communication strategy Provide employees information on the product including an Awareness Meeting Provide access to MetLife representatives for any questions or concerns throughout the enrollment period Conduct follow-ups throughout the enrollment period Facilitate ongoing awareness activities Your role: Provide MetLife with an overview of employee demographics. Provide MetLife with list of available communication vehicles. Arrange for an Awareness meeting and provide sign-up information. Support follow-up initiatives. Choosing MetLife For Your Companyis a Collaborative Effort

  33. What we provide: • An Awareness Seminar for Enrollees • A Successful Communications Program • Marketing Expertise • Product and Industry Experience • A Full Staff of Registered Nurses • Multiple Billing Options • Timely Claims Processing

More Related