Advisor Today - November/December 2016 - 28

PRODUCT SPOTLIGHT

LONG-TERM-CARE INSURANCE
By Brian Harrington

Best Practices for Selling Group LTCI
Help your clients execute a successful enrollment by encouraging them to emphasize the value of
buying LTCI at the workplace.

B

y offering group long-term-care
insurance (LTCI) benefits,
employers have a unique
opportunity to give their employees
the tools to manage through
potentially life-altering, long-termcare events. Brokers are in a unique
position to advise their clients
on how to conduct a successful
enrollment.
Chances are good that long-term
care will touch most Americans
either as care recipients or caregivers,
but long-term-care services can be
expensive and, contrary to belief,
are generally not covered by health
insurance or Medicare.
According to Genworth's 2016
annual Cost of Care Study, the cost
of long-term care continues to rise
across most care settings year over
year, especially for services in the
home, where most people receive
care. Nationally, the median monthly
cost for the services of an in-home
health aide for 44 hours is $3,861.
The national median monthly cost
of a private nursing home room
is $7,698; assisted living, $3,628
per month; and adult day services,
$1,473 per month.
Group LTCI can help provide
LTC protection for employees as well
their immediate families. It can go a
long way to help ease the emotional,
physical and financial burden of
caregiving on employees, as well as
the potential financial impact on
employers.
According to the 2015 report
"Caregiving the U.S.," six in 10
caregivers reported being employed
at some point in the previous year
while caregiving. Twenty-five
percent were millennials, and half
were under the age of 50. Among
them, 56 percent worked full time.

28 ADVISOR TODAY | November/December 2016

The best enrollment results have been achieved when an
employer makes full use of marketing resources, branded
with the employer's logo.
Why should employers care?
When employees are trying to juggle
the demands of caregiving - often
caring for children and parents at
the same time - productivity and
morale can suffer.
Perhaps the best news of all is
that employees prefer to purchase
LTCI through their employer.
According to our own internal
consumer research, three out of
four consumers said they would
prefer to buy LTCI through their
employer. The primary reasons they
cited? The insurance had already
been vetted by their employer, and

it could be obtained by the employee
through a simplified underwriting
and application process.
Best practices for
successful enrollment
Brokers can help their clients execute a
successful enrollment by encouraging
them to emphasize the value of buying
LTCI at the workplace. These include:
* Full portability - In our internal
consumer research, consumers
viewed being able to take the
coverage with them when they
change jobs or retire as the most
attractive feature of group LTCI.



Advisor Today - November/December 2016

Table of Contents for the Digital Edition of Advisor Today - November/December 2016

FROM THE EDITOR
VIEWPOINT
NEW PRODUCTS
I Love My Job, But I Don’t Want to Do it Forever!
Building a Practice You Love
The New American Dream
A New View of Retirement
College Education Funding: Helping Clients Evaluate What’s Best
Portfolio Allocations for New Market Conditions
Leveraging the Power of Study Groups
An Interview with MassMutual’s James Ocampo on Critical Illness Insurance
Start with “Why”
Best Practices for Selling Group LTCI
From Yes to Success
Meet NAIFA’s New President
NAIFA’s 2016 Performance + Purpose Conference
NAIFA GOVERNMENT RELATIONS
4 Ways to Build an Effective Email Marketing System
ADVERTISER INDEX
BACK PAGE
Advisor Today - November/December 2016 - cover1
Advisor Today - November/December 2016 - cover2
Advisor Today - November/December 2016 - 1
Advisor Today - November/December 2016 - 2
Advisor Today - November/December 2016 - 3
Advisor Today - November/December 2016 - 4
Advisor Today - November/December 2016 - 5
Advisor Today - November/December 2016 - 6
Advisor Today - November/December 2016 - 7
Advisor Today - November/December 2016 - FROM THE EDITOR
Advisor Today - November/December 2016 - 9
Advisor Today - November/December 2016 - VIEWPOINT
Advisor Today - November/December 2016 - NEW PRODUCTS
Advisor Today - November/December 2016 - 12
Advisor Today - November/December 2016 - I Love My Job, But I Don’t Want to Do it Forever!
Advisor Today - November/December 2016 - Building a Practice You Love
Advisor Today - November/December 2016 - The New American Dream
Advisor Today - November/December 2016 - A New View of Retirement
Advisor Today - November/December 2016 - College Education Funding: Helping Clients Evaluate What’s Best
Advisor Today - November/December 2016 - 18
Advisor Today - November/December 2016 - Portfolio Allocations for New Market Conditions
Advisor Today - November/December 2016 - 20
Advisor Today - November/December 2016 - Leveraging the Power of Study Groups
Advisor Today - November/December 2016 - 22
Advisor Today - November/December 2016 - 23
Advisor Today - November/December 2016 - An Interview with MassMutual’s James Ocampo on Critical Illness Insurance
Advisor Today - November/December 2016 - 25
Advisor Today - November/December 2016 - Start with “Why”
Advisor Today - November/December 2016 - 27
Advisor Today - November/December 2016 - Best Practices for Selling Group LTCI
Advisor Today - November/December 2016 - 29
Advisor Today - November/December 2016 - From Yes to Success
Advisor Today - November/December 2016 - 31
Advisor Today - November/December 2016 - Meet NAIFA’s New President
Advisor Today - November/December 2016 - 33
Advisor Today - November/December 2016 - 34
Advisor Today - November/December 2016 - 35
Advisor Today - November/December 2016 - 36
Advisor Today - November/December 2016 - 37
Advisor Today - November/December 2016 - NAIFA’s 2016 Performance + Purpose Conference
Advisor Today - November/December 2016 - 39
Advisor Today - November/December 2016 - 40
Advisor Today - November/December 2016 - 41
Advisor Today - November/December 2016 - 42
Advisor Today - November/December 2016 - 43
Advisor Today - November/December 2016 - 44
Advisor Today - November/December 2016 - NAIFA GOVERNMENT RELATIONS
Advisor Today - November/December 2016 - 4 Ways to Build an Effective Email Marketing System
Advisor Today - November/December 2016 - ADVERTISER INDEX
Advisor Today - November/December 2016 - BACK PAGE
Advisor Today - November/December 2016 - cover3
Advisor Today - November/December 2016 - cover4
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