Long Term Care Experts should constantly be aware of LTC products and features that work best in this trying economy.  Today many people are holding cash and waiting to see where and when the market settles.  The return on cash is practically nothing.   Lincoln MoneyGuard is a product that allows one to reallocate this cash and leverage it for possible long term care expenses.   For example, a 58 year old female can deposit $100,000 into a MoneyGuard plan and have $611,943 available to her as an LTC benefit.  (That’s leverage of more than 6X’s)  If she dies before using that money, her beneficiary receives a guaranteed minimum death benefit of $203,981. (That’s leverage of more than 2X’s)  Now you naysayers are saying what happens to the money if no claims are made and she wants it back?   Guess what…full refund.    That’s right…if she has a better use for that cash, she can have it back in full.

Next item of interest is that inflation options on traditional LTC plans have increased in variety.  Most companies offer 5% simple and 5% compound inflation options.  Now we can offer 3%, 5% compound capped at 20 years, and most recently; CPI compound.   John Hancock’s CPI compound inflation rider provides annual increases in benefits based on the Consumer Price Index (CPI).  Therefore if we ever see double digit inflation…the client is covered and the benefit is increased by the CPI increase.   This flexible option is less expensive than the traditional fixed 5% compound option and ensures true value regardless of inflation.

Finally, updated group products have entered the market and they have easier qualifications and underwriting concessions as well as significant discounts.  Business owners can discriminate and are not required to offer this company benefit to all employees.   The tax benefits can be substantial and LTC is finally being valued as a true employee benefit.

Schneider & Shulman Associates is determined to have the most creative Long Term Care plans available to you.  We represent all of the major carriers and can tailor a plan that provides the retirement protection you need for you and your family at a cost you can live with.