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Top Articles - Long Term Care Insurance (LTCi): Face to Face for the Best Policy
Many ask, but few are serious
"Oh, well, I really didn't want an agent to come out here," says the voice on the phone. "I thought you would just send me some stuff in the mail."
That is a typical response from people who have sent LTCi response cards to our company. However, there is a real, common sense reason for sitting down with an agent
"Oh, well, I really didn't want an agent to come out here," says the voice on the phone. "I thought you would just send me some stuff in the mail."
That is a typical response from people who have sent LTCi response cards to our company. However, there is a real, common sense reason for sitting down with an agent
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
to talk about LTCi especially if you can find one who is actually a CLTC (Certified Long Term Care). All insurance is complex–LTCi is especially so.
Worried about scams? Face to face is best
While a person can hand you a scam anywhere, you are much safer when you see him face to face, get his name, license number and the name of a company you
Worried about scams? Face to face is best
While a person can hand you a scam anywhere, you are much safer when you see him face to face, get his name, license number and the name of a company you
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
can call if you have questions about the legitimacy of the agent. Usually, however, it's simply much easier to say "no" over the phone, or just avoid sending the application in when you have done it through the mail. The truth is those who want quotes over the phone or who want to "get information through the mail" are more often just looking for s
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ome sort of excuse not to purchase LTCi.
What an agent will do
Designing a policy that fits your needs is a multi-step process that involves educating you along with determining your needs. A good agent understands the process of providing the coverage you need and will not enter your home and immediately begin filling out an application. Ins
What an agent will do
Designing a policy that fits your needs is a multi-step process that involves educating you along with determining your needs. A good agent understands the process of providing the coverage you need and will not enter your home and immediately begin filling out an application. Ins
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ead, he/she will engage in conversation–often about your family, your previous work history, general information about your finances, and discussion about your health and major medical insurance coverage.
Most agents are trained to share information very informally, so you don't even realize you are telling them things they need to know in order t
Most agents are trained to share information very informally, so you don't even realize you are telling them things they need to know in order t
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
o decide if LTCi is right for you. If it seems like the agent is "prying," remember, he is required ask for personal information. Surely you would rather give such information to a person you can see and even call later if you have questions.
Needs analysis: finding out if you qualify
Two of the most critical areas of discussion will be about
Needs analysis: finding out if you qualify
Two of the most critical areas of discussion will be about
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
your health and your finances. The agent will be looking for medicare and medicare supplement insurance if you are over 65, or for major medical–either private or from your employer–if you are still working or were able to keep your employer's health insurance when you retired. The one thing the agent does NOT want to hear is that you are on Medica
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
id, the government program for those with a severely low income. If you are on Medicaid, you are not eligible for any type of LTCi because it is considered double coverage. Medicaid will pay your nursing home bill should you ever need extended care.
Since LTCi is medically underwritten, the agent will ask you about your health. It is the agent's r
Since LTCi is medically underwritten, the agent will ask you about your health. It is the agent's r
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
sponsibility to help you avoid any unnecessary inconvenience or doctor's reports that would just result in a rejection. If you already have crippling diseases, major illnesses or extreme obesity, you will not qualify. The same goes for cognitive impairment such as dementia and Alzheimer's disease.
Finding out if you need it
Once establishing
Finding out if you need it
Once establishing
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
that you may qualify based on your health (remember, the company will still see a doctor's report in most cases), the agent will ask you about your home and family. Do you have children who would be able and willing to participate in at least part of your care, assuming they outlive you? If you have a lot of stairs in your home, have you made plans
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
to move in with someone or to go to an assisted living facility? Is your spouse already deceased, leaving you to fend for yourself if you need physical help? Are you a disabled veteran who would be on a priority list for a VA nursing home if you should need it. Knowing your precise situation will help the agent to design a plan for you.
In additio
In additio
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
to understanding your family situation, the agent will ask you about your assets. One of my recent contacts is a millionaire thanks to a workman's comp settlement. He worked on scaffolding many stories above a concrete parking area. One of the scaffold boards broke just as he was crossing it with a heavy load. He plunged to the street ,breaking ne
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
arly every bone in his body except, incredibly, his back. An enormous settlement pays him for the rest of his life and includes care in a nursing home when he can no longer get around his home with his wheelchair, walker, and other equipment. The man has enough money to buy the nursing home. He does not need LTCi insurance.
While some people are w
While some people are w
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
althy enough that they don't need LTCi, others, while not necessarily poor, actually have very little to protect. If you live in a mobile home on a rented lot, have no savings or investments, and are living on little more than your social security check, you will probably qualify for Medicaid if you ever do need nursing home care. However, even if
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
your assets do not warrant LTCi, your personal preferences might. You may simply want the option of home care or assisted living. Or you may want to protect your dignity and spare your family the hardship of taking care of you. You will not have such choices if you are dependent on Medicaid.
Completing the App and telling you what to expect
O
Completing the App and telling you what to expect
O
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
ce your agent has determined that you are medically qualified and that you have a need for LTCi, he/she will fill out the application for you. He will design a basic benefit that you are comfortable with and will discuss available riders. Don't hesitate to ask questions, including whether the agent will be available to help you with the policy in t
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
he future–or if you will be at the mercy of the 800 number series once the company has your money.
Once the agent has completed the application, you will need to write a check for the first month's premium. This check will start the application process, pay for doctor's reports, and issue the policy if you are accepted. NO agent can guarantee that
Once the agent has completed the application, you will need to write a check for the first month's premium. This check will start the application process, pay for doctor's reports, and issue the policy if you are accepted. NO agent can guarantee that
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
you will be accepted as the underwriters do not share the doctor's reports. However, if you are rejected, the check you write will be sent back to you in full.
Some companies require a face to face assessment. If so, the agent will tell you, and might even make the appointment from your home. You can decide what time of day you want the assessment
Some companies require a face to face assessment. If so, the agent will tell you, and might even make the appointment from your home. You can decide what time of day you want the assessment
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
and you have the right to know what the assessing agency will do. Generally, the purpose of such a visit is to make sure you do not already have some crippling condition or cognitive impairment.
Once you are accepted
The best companies will not send your policy to you in the mail. Instead, the agent will visit you again and will go over your
Once you are accepted
The best companies will not send your policy to you in the mail. Instead, the agent will visit you again and will go over your
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
policy, showing you what to do in the event that you should need to start using it. This visit is the perfect time to ask any questions that might have occurred to you once the agent left your home. The only other thing you need to do is share your decision with your family. You will find that it is the most thoughtful gift you could ever give them
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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