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If you are a licensed health agent, you should consider adding GTL Ancillary Products to your offerings. GTL offers several product choices in most states.

GTL Supplemental Health Products- click here and see what’s available

Learn the benefits of adding ancillary health products to your sales.

Here are some of the products that GTL offers to individuals:

Important; product availability varies by state. If you want to check what’s available in your area;

click here for GTL product state approval lists.

Hospital Indemnity

GTL offers Advantage Plus Elite Hospital Confinement Indemnity Insurance to help with the expenses associated with a stay in the hospital such as co-pays, deductibles and other out-of-pocket expenses not covered by a health insurance plan. Medical costs can quickly add up and beneficiaries can use the cash benefit any way they like.

Beneficiaries receive a cash benefit if they are confined to a hospital or receive any other covered care. The Advantage Plus Elite plan pays between $100 and $750 per day. The amount depends on the plan selected. Plans provide coverage for a period of either 3-10 or 15 days The benefit period resets when the beneficiary is out of the hospital for 60 days. There are also plan options that offer a 1-day benefit period with a $2,500 daily benefit amount.

Click here for Crowe online contract and add GTL to your products.

Already a Crowe agent and want to add GTL – Click here

Cancer Insurance

Precision Care Cancer Insurance helps policyholders who are diagnosed with cancer access advanced treatments that may not be covered by insurance. Precision Care lets policyholders access TGen’s world class Cancer Physicians and their cutting-edge genomic sequencing services. It also provides cash to pay for the services and the specialized cancer treatments. Learn more about Precision Care, just go to: outsmartmycancer.com.

If the beneficiary is diagnosed with cancer, TGen (the Transitional Genomics Research Institute) an affiliate of City of Hope nonprofit medical research institute receives a biopsy of the tumor, and the DNA is sequenced in TGen’s lab. Once this is done, doctors use the findings to suggest treatments that have been used to target the same mutations. For more information about TGen, visit www.tgen.org.

Cancer Heart Attack & Stroke Insurance

GTL also offers Cancer, Heart Attack and Stroke Insurance that provides beneficiaries a lump-sum benefit amount paid directly to them regardless of other health coverage they may have upon diagnosis of cancer or if they suffer either a heart attack or stroke. The amount of the benefit can range to as much as $50,000 for any of the covered diagnoses. The amount depends on the coverage chosen at the time of enrollment.

Short-Term Care Insurance

Recover Cash is short-term care insurance that GTL offers to provide coverage for several care options. Options include assisted living facilities, nursing homes, or in the enrollee’s home. Because there are gaps in health insurance coverage, Recover Cash provides a way to pay out-of-pocket expenses. Policyholders have access to TCARE’s Family Caregiver Concierge Services. This service provides support to caregivers to help prevent burnout. Policyholders receive this cash benefit directly and can use it any way they like.

GTL helps with both financial support and family caregiver support from TCARE. This helps the beneficiary and their family member through a difficult time.

Short-Term Home Health Care Insurance

Short-Term Home Health Care Insurance helps cover deductibles and co-pays for home health care services. The policy offers several riders to choose from as well as a Short-Term Home Health Care Aide Benefit and a Prescription Drug Benefit.

GTL’s Short-Term Home Health Care Insurance pays a daily benefit for many types of home health care services. Benefit amounts depend on the plan selected. There is a maximum benefit period of 360 days. A Licensed health care provider must certify the cognitive impairment or inability to perform at least two of the six activities of daily living (bathing, dressing, eating, continence, toileting or transferring) without substantial assistance.

Critical Illness Insurance

Critical Provider Plus is critical illness insurance that helps alleviate the financial hardships that come with a critical illness or accident. Coverage options range from $10,000 up to $100,000. The coverage pays up to two times for two separate critical illnesses. GTL issues policies to anyone from age 18 to 64. Lifetime maximum benefit amounts are between $25,000 and $250,000.

Please note: the information in this post is for use by licensed insurance agents only and is not intended for use by consumers. If you are looking for an agent to assist with the purchase of one of the GTL products, please contact our office either by email at teal@croweandassocites.com or by phone 203-796-5403.

Low Cost Long Term Care Insurance

National Guardian Life (NGL) is now offering low cost long term care insurance.  NGL is offering a new long term care product with premiums up to 50% lower than other LTC companies.

Who should buy long term care insurance?

Long term care insurance provides services and benefits not covered by Medicare.  Unlike traditional health insurance long term care plans are designed to cover long term services and supports.  These typically include personal and custodial care.  Care can be give at home, a community organization or other facility.

Long-term care insurance policies reimburse policyholders a daily amount (up to a pre-selected limit) for services to assist them with activities of daily living such as bathing, dressing, or eating.  You can select a range of care options and benefits that allow you to get the services you need, where you need them.

The NGL Essential plan offers a lifetime benefit.

This benefit provides you with the comfort of knowing you are covered for life with no max benefit period.  Joint pricing offers a lower rate for couples applying together.  Step rated cost of living adjustment means that you will start with the lowest offered rate.  The reverse combo feature combines return of premium with or without a claims offset.  An optional surrender rider protects the premium you’ve already paid in to the policy.  In addition, if you never use the policy, your beneficiary will receive up to 80% of the amount you paid  into the policy.  This mimics a life combo policy.

Click here for a full product guide.

Crowe and Associates is a full service insurance brokerage.  We are also Medicare specialists.  Click here for a free confidential Medicare quote.  If you have questions regarding either medical or long term care insurance, please contact us for an appointment.  There is no fee for our services.   You can  reach us either via phone at 203-796-5403 Or,  you can email us at admin@CroweAndAssociates.com.

True Freedom Home Care Service Plans

True Freedom home care service plans are designed for consumers who are not currently in need of care but could be classified as in “declining health” which would prevent them from being able to secure a traditional plan.

While loved ones will have the best intentions to be there for a family member who needs assistance, many are not prepared and quickly become overwhelmed by the amount of work involved in giving care.  Traditional home health care insurance is an option for such services.  However, it is limited to only the extremely healthy, creating challenges for many that do not qualify.  True Freedom plans are a viable alternative to traditional home health care insurance.  These plans support seniors with their regular activities while providing independence and privacy with at home care

Read more

Transamerica has received approval for their Long Term Care rider in Connecticut.   They are now able to offer the Trans ACE GUL “Guaranteed Universal Life” product with a long term care rider in Connecticut.   Other companies have been able to get approvals for life/LTC combo plans in CT but they are always single deposit products or limited deposit.  The Trans ACE is a true GUL policy that can be paid monthly like any other permanent life policy.  Adding the LTC rider will increase the premium but the overall rider cost is much less than the cost of buying a stand alone Long Term Care Plan.   Highlights and unique features….

• Any money not used as long term care is paid out to beneficiaries at death via the plans GUL death benefit.
• The cost of the Long Term Care rider is substantially lower than buying a stand alone LTC plan.
• If the Long Term Care is never used, the GUL will still pay the full death benefit upon death.
• The plan comes with a return of premium feature which returns 100% of paid premiums. The premium can be taken back in year 15, 20 and any year after 25.
• Premiums for the policy (GUL and LTC rider) can be paid monthly.

Click the links below for product summaries

Trans Ace Product Summary Sheet

Trans Ace LTC Rider summary

Trans Ace LTC Rider Quick Guide

If you are a broker that would like to offer this product to your clients, you may email Ed Crowe at Edward@Croweandassociates.com or call at 203-796-5403

We have provided a comparison of the three most competatively priced Long Term Care Policies Available.   This is a side by side comparison using Genworth, Med America and Trans America.  All three plans listed are partnership eligible and meet parntership requirements in all Partnership states. Read more

Trans America has applied for a national rate increase on all new long term care sales.  This will affect new business only and will not change rates for current clients.  The rate changes being applied for are substantial and are part of a trend for  LTC discontinuance and rate increase from most LTC carriers.  Genworth, Mutual of Omaha and John Hancock recently raised rates.  Met Life and Prudential stopped selling new plans going forward.    To see the average cost of long term care in Connecticut  (Click Here)

Read the Press Release below….

The document linked to this post provides the average cost for Long Term Care Services in Connecticut for 2012.  The breakdown shows cost by service type such as Skilled Nursing home, RN, LPN, Home Health Aide, Physical Therapy, Occupational Therapy and Speech Therapy.

The change from the previous year is included and paints a disturbing picture of inflation of these costs year over year.  If you have questions about LTC expenditures, Connecticut Partnership programs or options for insuring against long term care costs, please call our office at 203-796-5403 or email Ed Crowe at Edward@Croweandassociates.com

Average Daily Costs:   Skilled Nursing Facility -$368 per day , Assisted Living Facility -$260 a day, Live in-Home Health Care $220 a day

LTC costs in Connecticut 2012  – per visit costs

SkilledNursing Facility Daily Rate  Skilled Nursing per day cost

Long Term Care Deposit Products vs. Traditional Long Term Care

Traditional LTC

Long Term Care insurance provides needed Protection against the costs of home health care, Skilled Nursing care and institutional care. While there are a number of reasons to purchase a Long Term Care Policy, one of the most important is to protect hard earned assets. If some form of care is needed, the LTC policy will help to cover the additional expense associates with that care and alleviate the need to spend assets in order to cover the cost.

While it is a needed benefit for many, LTC does have drawbacks. The first is the prohibitive cost of the policy. LTC premiums can represent a substantial investment over time and is increasingly expensive for those who purchase it later in life. A second drawback is the risk of carrying the policy for years to ultimately never use the benefits. There are some LTC plans that provide a return of premiums feature but they are restrictive and full of exceptions.

LTC deposit Strategy

An LTC deposit strategy will also protect assets against the cost of Long Term Care and offers major advantages over a traditional LTC policy. The deposit program uses a portion of the investable assets as leverage in the event future Long Term Health Care expenses are incurred.

The money is deposited in a non interest bearing account. In the event that Long Term Care is needed, the money is leveraged by a multiple to cover the cost of care. If Long Term Care is never needed, the account will pay out as a leveraged death benefit. Finally, if the money is needed for some other purpose, it can be withdrawn from the account any time without penalty.

We will use a 65 year old female as an example of how the strategy works

•65 Year old female has $100,000 in a CD or other investment. She has no long term care or has long term care and is paying a high premium for it.

•She can deposit $100,000 into the account which will leverage to provide $435,666 of long term care protection if it is needed. This leveraging starts from the first day the money goes into the account.

•In the event she passes on some day without the need for Long Term Care, the money would be paid as a non taxable death benefit of $233,128.00.

•The $100,000 could be returned to her at any time without penalty in the event her priorities or situation changed causing a need to utilize the money in a different capacity.

Traditional LTC

If she purchased a traditional Long Term Care policy, the annual premium would cost approximately $5,000 a year. She would need to earn 5% on her $100,000 in order to provide the premium payment. In today’s rate environment, it would not be possible to secure a fixed rate at 5%. She would also most likely give up flexibility with the lump sum in an attempt to generate the revenue to pay the LTC premium. Lastly, there would not be leverage provided in the event of early death and a portion of the non qualified account would most likely be taxable.

The final flaw with a traditional LTC policy is the money she may spend on premiums without ever needing long term care. If she lives to her actuarial life expectancy and then passes on without ever needing Long Term Care, she will be paying a large sum of money needlessly. Annual premium multiplied by the number of year s in her life expectancy ($5,000 x 21) would add up to $105,000.00 of premiums paid without any benefit.

In Conclusion

The deposit strategy cannot be utilized by everyone since there needs to be accumulated assets that can be dedicated to the account. For those that have the funds available, this strategy will result in premium savings and added flexibility over Traditional LTC plans.