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Course Details

Long Term Care Fundamentals (Course Id 721)

Updated / QAS / Registry   Add to Cart 
Author : Paul Winn, CLU, ChFC
Status : Production
CPE Credits : 5.0
IRS Credits : 0
Price : $49.95
Passing Score : 70%
Primary Subject-Field Of Study:

Certified Financial Planner - Specialized Knowledge & Applications for Course Id 721

Description :

The risk of needing long term carea designation given to a broad range of services designed to meet an individuals mental, emotional or physical health and personal needs and which are often provided over an extended period of timeis 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 carethe segment comprised of individuals 85 years old or olderis 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.

Usage Rank : 0
Release : 2017
Version : 1.0
Prerequisites : None.
Experience Level : Overview
Additional Contents : Complete, no additional material needed
Additional Links :
Advance Preparation : None.
Delivery Method : Self-Study.
Intended Participants : Anyone needing Continuing Education (CE) or CFP Continuing Education.
Revision Date : 20-Feb-2017
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - NASBA Registry - 721

Keywords : Certified Financial Planner, Long, Term, Care, Fundamentals, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

Upon completion of this course, you should be able to:
    Recognize the types of services that constitute long term care and the settings in which they are provided;
    Compare the benefit triggers associated with qualified and nonqualified long term care;
    Identify the national average cost in the United States of obtaining various types of long term care and the sources available to pay for the care;
    Recognize the benefits and tax treatment of long term care insurance and the alternatives for funding long term care; and
    Describe the suitability and ethical issues associated with recommending the purchase of long term care insurance.

Chapter 1
The Nature of Long Term Care

When you have completed this chapter, you should be able to:
    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
Long Term Care Costs

When you have completed this chapter, you should be able to:
    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
Long Term Care Insurance

When you have completed this chapter, you should be able to:
    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
Suitability & Ethical Issues

When you have completed this chapter, you should be able to:
    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 Contents :

Course Learning Objectives

Introduction to the Course

Chapter 1- The Nature of Long Term Care

Chapter Learning Objectives

Key Points

Introduction

Long Term Care Defined

Activities of Daily Living

Cognitive Impairment

Typical Conditions Requiring Long Term Care

Role of Increased Life Expectancy

Types of Long Term Care

Settings in Which Long Term Care is Provided

Nursing Homes

Nursing Home Services

Nursing Home Size

Alternate Care Facilities

Assisted Living Facilities

Alzheimers Facilities

Special Alzheimers Facility Considerations

Custodial Care Facilities

Community-Based Care Services

Home Health Care

Adult Day Care Services

Respite Care

Hospice Care

Informal Care

Likelihood of Requiring Long Term Care

Social and Demographic Factors Affecting Long Term Care

Industrial Revolution Splits Families

Family Relocation to Achieve Professional Advancement

Emergence of the Dual-Income Family

Summary

Chapter Review

Chapter 2 - Long Term Care Costs

Chapter Learning Objectives

Key Points

Introduction

Nursing Home Costs

Skilled Care

Custodial Care

Assisted Living Facility Costs

Community-Based Professional Care Costs

Home Health Care Costs

Adult Day Care Facility Costs

Service

Population Trends Affecting Long Term Care

The Baby Boom Generations Health Issues

Census Bureau Projections

30-Year Population Changes

U.S. Census Projections

Long Term Care Cost Payers

Medicare

Medicare Supplementary Insurance

Medicaid

Long Term Care Payer by Type of Service

Hospice Care

Home Health Care

Short-Term Institutional Care

Nursing Home Custodial Care

Summary

Chapter Review

Chapter 3 - Long Term Care Insurance

Chapter Learning Objectives

Key Points

Introduction

Long Term Care Insurance Approaches

Pool of Money Concept

Specified Daily Benefit Amount & Benefit Period

Indemnity Provisions

Reimbursement Provisions

Benefit Triggers

Inability to Perform ADLs

Impairment in Cognitive Ability

Medical Necessity

Basic Long Term Care Insurance Policy Provisions

Benefit Period

Elimination Period

Premium Payment Grace Period

Lapse and Reinstatement of Coverage

Free-Look Period

Renewability

Non-Duplication of Benefits

Coordination of Benefits

Incontestability

Shared Coverage

Lifetime Maximum is Shared

Shared Waiver of Premium

Death of One of the Insureds

Divorce or Separation of the Couple

Basic Policy Benefits

Long Term Care Benefits

Alternative Care Benefits

Respite Care Benefit

Care Advisory Services Benefit

Waiver of Premium

Extension of Benefits

Return of Premium Benefit

Bed Reservation Benefit

Survivorship Benefit

International Coverage Benefit

Exceptions and Exclusions

Optional Benefits

Inflation Coverage Benefits

Purchase Option Rider

Nonforfeiture Benefit

Shared Partner Benefit

Family Care Optional Benefit

Restoration of Benefits

Survivorship & Waiver of Premium Benefit

Waiver of Elimination Period for Home Care Benefit

Additional Cash Benefit

Return of Premium Benefit

Tax Treatment of Long Term Care Insurance

HIPAA Clarifies Tax Treatment for Tax-Qualified Policies

Favorable Tax Treatment only for Chronically-Ill

Tax-Qualified Long Term Care Premiums Deductible within Limits

Tax-Qualified Long Term Care Benefits Tax-Free within Limits

Tax Treatment of Nonqualified Long Term Care Insurance Policies

Alternatives for Paying Long Term Care Costs

Accelerated Death Benefits

Viatical Settlements

Long Term Care Funds from Annuity Contracts

Crisis Waivers

Long Term Care Insurance Riders on Annuity Contracts

Integrated Long Term Care/Annuity Benefits

Long Term Care Funds from Life Insurance Policies

Integrated Life Insurance-Based Long Term Care

Long Term Care Insurance Riders on Life Insurance Policies

Summary

Chapter Review

Chapter 4 - Suitability & Ethical Issues

Chapter Learning Objectives

Key Points

Introduction

Suitability

Long Term Care Suitability Considerations

NAIC Suitability Tests

Evaluating the Clients Financial and Personal Situation

Evaluating the Coverage

Evaluating the Insurer

Ethical Issues

Disclosure

Replacement

Replacement Suitability

Replacement Disclosure

Summary

Chapter Review

References

Glossary

Certified Financial Planner Course 721 Home: https://www.cpethink.com/cpe-for-cpas
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