TIP OF THE MONTH
(January 2004)
Sales Tip
Monthly Home Care
When planning your Long Term Care presentation there is one element you should strongly consider including and that is the explanation of the Monthly Home Care Benefit. This could become a determining factor in closing the sale.
Monthly Home Care is a very important aspect of Long Term Care Insurance for several reasons. Care is not always provided on a daily basis and the cost of that care can fluctuate greatly. A Monthly Home Care Benefit can provide greater flexibility and can save the policyholder out of pocket expenses.
Daily benefit policies only allow for a particular dollar amount to be paid per day, regardless of the cost of the care.
For example, the policy allows $100.00 dollars per day for care services, and the client needs to have care provided 3 times in a week. The daily benefit policy will only pay the allotted $100.00 per day or a total of $300.00 for the week. However if the overall cost of the care were $800.00 for the week this would create a difference of $500.00 that would become an out of pocket expense for the policyholder.
Monthly Home Care’s daily benefit also equates to $100.00 per day, or $3000.00 per month. However, the difference comes from the flexibility this plan can provide. The policyholder is not restricted to a daily allowance of $100.00 per day. They can use all or part of the monthly maximum depending upon their individual need for care. If the amount of care for the week came to $800.00 as in the above-mentioned example, the policy would pay that entire amount, and the policyholder would still have $2200.00 of coverage left for the month.
As you can see, the Monthly Home Care benefit will surely make a difference for the policyholder when they need to file a claim, and it can also help make your Long Term Care product stronger at the time of your presentation.
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