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| Author : | Paul Winn, CLU, ChFC |
| Course Length : | Pages: 70 ||| Review Questions: 16 ||| Final Exam Questions: 25 |
| CPE Credits : | 5.0 |
| IRS Credits : | 0 |
| Price : | $44.95 |
| Passing Score : | 70% |
| Course Type: | NASBA QAS - Text - NASBA Registry |
| Technical Designation: | Technical |
| Primary Subject-Field Of Study: | Specialized Knowledge - Specialized Knowledge for Course Id 721 |
| Description : | The risk of needing long term care—a name 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, but 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 long term care informational course examines tax treatment, 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 the costs, and the features of long term care insurance. |
| Usage Rank : | 21786 |
| Release : | 2024 |
| Version : | 1.0 |
| Prerequisites : | None. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed |
| Additional Links : |
Long-Term Care (LTC) Insurance
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| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Education (CE) or CFP Continuing Education. |
| Revision Date : | 08-Feb-2024 |
| 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 - Text - NASBA Registry - 721 |
| Keywords : | Specialized Knowledge, Long, Term, Care, Fundamentals, cpe, cpa, online course |
| Learning Objectives : |
Course Learning Objectives Upon completion of this course, you should be able to:
Chapter 1
Chapter 2
Chapter 3
Chapter 4
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| Course Contents : | Course Learning Objectives Introduction to the Course Chapter 1 - The Nature of Long Term Care Key Points Introduction Chapter Learning Objectives 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 Alzheimer’s Facilities Special Alzheimer’s 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 Key Points Introduction Chapter Learning Objectives 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 Population Trends Affecting Long Term Care The Baby Boom Generation’s 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 Key Points Introduction Chapter Learning Objectives 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 Key Points Introduction Chapter Learning Objectives Suitability Long Term Care Suitability Considerations NAIC Suitability Tests Evaluating the Client’s Financial and Personal Situation Evaluating the Coverage Evaluating the Insurer Ethical Issues Disclosure Replacement Replacement Suitability Replacement Disclosure Summary Chapter Review Glossary |
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