About Long Term Care Insurance and LTC Software
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|This page helps explain why you're having a hard time finding long-term care insurance software
Long-term care insurance helps pays for stays in nursing homes, and similar long-term health care needs.
We tried making long-term care insurance software, but ran into several roadblocks.
If you're shopping for magic illustration software to help with this, then here's why you're having a hard time finding it:
There are two things going on in this world: Rates (how much benefit one may get vs. cost of insurance premiums), and then comparing someone's financial future (assuming one ends up in a nursing home) with LTC insurance and without it.
First LTC insurance software rates. The reason you're not finding much when it comes to insurance premium calculators vs. benefits, is because LTC insurance is regulated by states. So each state is going to have a different list of benefits, plans, and premium rates. These all change constantly.
Then in order to use this software, and thus be able to present this information to prospective clients, you'd need to be a licensed P&C insurance agent in that state, and then be affiliated with an insurance company that sells it.
Only then will that insurance company give you access to the actual LTC ledger software (AKA illustration software) that has actual rate, plan, and benefit information.
If you search hard enough, then you may find free online calculators with this information. But if it's legit, then it's going to be a deal where you'll input the insured's data needed to calculate a premium, and then a licensed agent in that state will call you with the actual numbers.
If a website gives you the information you're seeking for free with no "hassle," then it may not be legitimate, so don't trust the numbers. Things change all the time here, and it varies per state.
The next thing in the world of long-term care, is forecasting one's financial future assuming they may go into a nursing home, with and without coverage.
We have several versions of retirement software that will perform these functions.
Our Integrated Financial Planning Software will also do this.
Last and least, our budget and cash flow software will also do it.
The concept is simple: You run one version showing what someone's financial future would look like assuming the devastating costs of a nursing home stay (because they're uninsured). So you'd just input these expenses into the Current version.
Then you'd run another (Proposed) version showing the expense of the LTC premiums, until the Long-term Care begins. Then you'd input both the same expenses as in the Current version, but this time, you'd add the additional income from the policy's benefits.
The devastation of being uninsured will usually wipe out any hopes of a comfortable retirement in the Current version, so this is all you'll need to wake someone up so they'll buy it.
Our insurance software is great for doing this analysis, because it allows you to input the exact annual expenses in every year (of premiums, deductibles, co-pays, and all other health care expenses).
By the way, this is the same concept you'd use to sell disability insurance too.
If you sell LTC insurance, then you should have access to illustration ledger software via the insurance company you're using. If so, then you can input actual numbers into this insurance software. Contact them to get it. If they don't have any, or won't give it to you for whatever reason, then just switch to a carrier that does and will.
If you're a fee-only adviser and want to run these financial projections, then you're sort of out of luck, because there's really no way to get accurate premium and benefit numbers.
So our advice here is to partner up with a licensed P&C agent in your state, and then have them run the numbers. They're happy to do it, because if someone wants to buy it, then they get an easy sale without having to prospect for it. Then you can work out a way to compensate each other (which varies per state - look into finders fees).
Download the free (non-functional) Dual RWR demo showing the difference between risky living without disability (and long-term care) insurance.
The Current version shows being disabled at age 60 and the Proposed version shows being insured.
So the Current version shows losing it all, and Proposed shows being just fine, considering, and paying DI premiums.
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