Investment Advisory Services offered through Claraphi Advisory Network, LLC

Life, Health, and Annuity licensed in FL, AL, MS, GA, SC, NC, and MD

Medicare Rx / Doctor Form

References made, and discussions of various investment solutions or offerings are for informational purposes only. Such investments may not be suitable or appropriate for all investors. Individual investment strategies and solutions will be based on individual discussions with your advisory representative.

 

Financial and Insurance Services maintains a principal place of business in the State of Florida. Advisors for Financial and Insurance Services may transact business only in States in which they are registered, or in which they are excluded or exempted from registration. The Advisors for Financial and Insurance Services must also be registered or exempted or excluded from registration in any state in which they follow up on individualized responses to persons in that State that involve either the effecting or the attempting to effect transactions in securities, or the rendering of personalized investment advice for compensation.

 

Important Disclosures

The information in this website is based on data gathered from what we believe to be reliable sources. Information throughout this site, whether stock quotes or any other statement or statements regarding market or other financial information is not guaranteed for timeliness or accuracy and is not intended as the primary basis for investment decisions. It should also not be construed as advice meeting the particular investment needs of any investor. The identification of specific securities and model portfolios is made on the assumption that the investor would participate in the investment or portfolio on a long-term basis and only after consulting with their investment advisory representative to determine their individual needs, financial position, and tolerance for risk among other things. With respect to any such identification, there can be no assurance that fund or model portfolio will in fact perform in the manner suggested. All references that might be made to an investment or portfolio’s performance are based on historical data and one should not assume that this performance will continue in the future. Past performance is not indicative of future results. In some cases, our recommendations may include commission based insurance products. Such products will only be offered through an appropriately registered insurance broker. Claraphi Advisory Network does not offer insurance products.

 

Newsletter/Article Disclaimer

Our website may contain previous newsletters or articles where specific information may be dated and may no longer reflect the views, opinions and recommendations of Financial & Insurance Services. No client or prospective client should assume that any such discussion serves as a substitute for, or in place of, personalized advice from Financial & Insurance Services.

 

Video Disclosure

Any videos provided by Financial & Insurance Services  are for informational purposes only. Investing involves the risk of loss and investors should be prepared to bear potential losses. No portion of videos presented is to be construed as a solicitation to buy or sell a security or the provision of personalized investment, tax or legal advice. Certain information contained in this presentation is derived from sources that Financial & Insurance Services believes to be reliable; however, the Firm does not guarantee the accuracy or timeliness of such information and assumes no liability for any resulting damages.

 

Links to Other Websites

This site may provide links to other websites and resources. Financial & Insurance Services  has no control over such websites and resources, is not responsible for their availability and does not endorse and is not responsible or liable for any content, advertising, products and other materials on or available from them. Financial & Insurance Services shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused with use of such sites or resources. Your use of such sites or resources shall be subject to the terms and conditions set forth by them. All such information is provided solely for convenience and information purposes.

LTC Insurance

A Long Term Care insurance policy is an insurance policy designed to provide some pre-determined level of income for some pre-determined period of time after the insured pays a pre-determined deductible.  The proceeds from a Long Term Care insurance policy are for the purpose of paying for Home Health Care, Adult Day Care, Assisted Living Facility Care and/or Nursing Home Care if/when the insured has satisfactorily demonstrated the inability to perform two out of six activities of daily living.

What are the six activities of daily living (ADLs)?

    - Eating

    - Bathing

    - Clothing

    - Transferring (walking)

    - Toileting

    - Continence

Most people are unaware that there are several different forms of Long Term Care insurance available.  Among the different forms are:

    - Traditional Long Term Care insurance

    - Asset based Long Term Care insurance

    - Life Insurance based Long Term Care insurance

    - A combination of the above

Long Term Care insurance overview:

 

  • Acute Care Vs. Chronic Care - Acute care is typically defined when used by insurance companies as “care for illness or injury that has developed rapidly, has pronounced symptoms, and is finite in length.” Acute care continues until a patient achieves Maximum Medical Improvement (MMI). 

 

  • Chronic care is defined as “care for illness continuing over a long period of time or recurring frequently.” Chronic conditions often begin inconspicuously and symptoms are less pronounced than acute conditions. Long Term Care Insurance is designed to assist people who have loss of capacity due to chronic illness.


      Thus, acute care is typically provided in emergency rooms, clinics, hospitals, and sometimes at the                 patient’s home.  Health insurance and Medicare cover some or all of these types of medical expenses.           Chronic care is provided in nursing homes, extended care and assisted living facilities, and at the                   patient’s home or the home of friend or family member.  This type of care is not covered under

      traditional health insurance and Medicare because it does not meet the definition of acute care.

  • Tax Qualified Long Term Care Insurance means that the benefits (income) from the policy are not taxable as income.  In order for a Long Term Care Insurance policy to be tax qualified it has to meet the definitions as put forth by Congress.  Because of this, all tax qualified Long Term Care Insurance policies are essentially the same.  If you own qualified Long Term Care Insurance, you can tax deduct the premium payments up to a point.  Please consult with a tax advisor for your specific situation.

  • An integrated Long Term Care Insurance policy is a policy that covers all four of the following levels of care. 

  • Nursing Home Care (Medicaid typically only covers this type of care)

  • Adult Day Care

  • Assisted Living Facility Care

  • Home Health Care

  • The four primary decisions that have to be made when designing a Long Term Care Insurance policy are:

  • The benefit period, which determines how long the insured receives benefits from the policy,

  • The daily, weekly or monthly benefit amount, which determines how much daily, weekly or monthly income is paid by the policy,

  • The deductible (elimination or waiting period), which determines how many days the insured pays for their own care before the Long Term Care Insurance policy starts paying, and

  • The inflation strategy, which determines whether or not the income benefit from the policy is increased by some form of inflation calculation.

  • In order to qualify for benefits from a tax qualified Long Term Care Insurance policy, the insured has to have demonstrated the inability to perform two out of six of the following activities of daily living (ADL), which are bathing, continence, dressing, eating, toileting, and transferring.

If you would like to discuss your existing Long Term Care insurance policy, or if you would like to discuss applying for Long Term Care insurance, please refer to the “Contact Us” section of our website. We welcome the opportunity to sit down with you to discuss your Long Term Care insurance needs.