The risk of needing long term care—a designation given to a broad range of services designed to meet an individual’s mental, emotional or physical health and personal needs and which are often provided over an extended period of time—is present at all ages. However, as individuals become older the risk of requiring long term care increases significantly.
The U.S. population is expected to increase in size 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 old or older—is expected to grow about 280% during this same period. Not only is the part of the population most at risk for needing long term care growing disproportionately, the cost to provide that care is also increasing. Long term care costs are substantial and, over the last several years, have been increasing at a rate that exceeds the inflation rate.
The growing risk of needing long term care fueled by a rapidly aging population coupled with the high and continually increasing cost of such care can present burdensome financial concerns to many clients and their heirs. This course examines the nature of long term care, the forms in which it may be delivered, the risk of needing such care, the costs of long term care, the sources available to pay long term care costs and the features of long term care insurance.
Course Publication Date:
May 25, 2023
This course is available with
NO ADDITIONAL FEE if you have an active
self study membership or
all access membership or can be purchased for
$50.00!
| Author: | Paul Winn |
| Course No: | SPEC-LGTRMCARE-3213 |
| Recommended CPE: | 5.00 |
| Delivery Method: | QAS Self Study |
| Level of Knowledge: | Overview |
| Prerequisites: | None |
| Advanced Preparation: | None |
| Recommended Field of Study: | Specialized Knowledge
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Learning Objectives
- 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.
- Describe the social factors affecting the need for long term care.
- 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.
- Recognize the various sources of long term care funding in the United States.
- 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.
- Identify the alternatives for paying the costs of long term care services.
- 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.
- Describe the special suitability and disclosure requirements applicable to the replacement of a long term care insurance policy.