Certification for Long-Term Care
CLTC Designation Course: The CLTC Comprehensive Course in Long-Term Care Planning
The CLTC Designation educates professionals in the fields of insurance, financial services, law and accounting about the severe consequences a need for care over an extended period of years would have, not on their client, but on the emotional, physical and financial wellbeing of those the client loves. The goal is to give these professionals the proper skill set to discuss those consequences, offer a plan to mitigate them, and when appropriate, recommend long-term care insurance as a funding source for that plan.
We believe that long-term care planning is a profession that requires a specific set of skills. CLTC takes a systematic approach in providing these skills. CLTC will teach you:
- The subject of long-term care and it’s devastating emotional, physical and financial consequences to your client's family
- How to discuss these consequences with clients and help them create a plan to protect them.
- What will pay for that plan, including self-funding, Medicare, Veterans Administration, Medicaid and insurance.
- The importance of a plan and how long-term care insurance and other extended care funding solutions fund it.
- The history and the regulatory environment relating to long-term care insurance and its counterparts
- How to craft an appropriate funding solution for you client, by taking a comprehensive look at current coverage options including traditional, hybrid, annuity and accelerated benefit policies.
Upon completion of this course, the graduate will be qualified to sell, solicit, and negotiate Long Term Care products in all states which have adopted the NAIC standards of LTC training. Please note that additional state specific training will be required for "The Original Four" of California, Connecticut, Indiana, and New York.
Before enrollment, take a moment to review the following information:
Long-term care is one of the greatest concerns facing the families today. Most Americans have the desire to age in place, remaining independent in the community for as long as possible. For financial planners, addressing this risk area has become one of their most pressing responsibilities, as their clients are living longer and the cost of care continues to increase. A need for long-term care can be financially and emotionally devastating to families, if they do not have a plan for care, including where the care will be given, who will provide it, and a funding source in which to pay for it.
The basis of the course is how to create a plan for long-term care. Done appropriately, a solution including long-term care insurance, becomes self evident. The focus is on the protection of a client’s family and retirement portfolio from the devastating consequences which a need for care can create. Over the past 30 years, the long-term care insurance industry has focused on the likelihood of a person having a stroke, getting Alzheimer’s disease, and/or going to a nursing home. Rather, this plan should focus on how to protect a family from the financial and emotional consequences of a need for care, regardless of the risk associated with it. Long-term care insurance is then positioned as a means to fund a plan which will protect a family. Similarly, life insurance is used to protect a family from the financial consequences of an unanticipated death. This is done without considering their risk of dying; only the consequences to their family if they did.
Alternative funding sources for long-term care, and their limitations, are explained thoroughly including programs such as, the Veterans Administration, Medicare and Medicaid. Medicaid planning was impacted dramatically under the Deficit Reduction Act of 2005, closing loopholes and making it tougher to qualify for benefits. The ethical use of Medicaid is discussed in depth. We look at the costs associated with self insuring and the impact it can have on retirement plans and the overall financial viability of families. Long-term care insurance is positioned as a funding source, which offers solutions for how to best remain in the community, while continuing ongoing financial commitments and maintaining a family’s lifestyle.
Long-term care insurance is a complex product, which is continuously evolving and therefore, creating regulatory and competitive pressures. The course addresses its proper implementation, including the types of policies available and the benefits associated with each. NAIC Model Regulations, policy provisions, optional riders are explored in order to help students craft the best solution for their client’s needs. In 1997, HIPAA created tax advantages for Tax-Qualified long-term care insurance. These range from tax-free benefits to tax-deductions and credits for premiums paid. Tax implications vary from individuals to business owners and each are covered in depth.
Ethical behavior plays a critical role in long-term care planning. Focusing on the ethical promotion of long-term care insurance not only protects clients, but also protects the integrity of the professional. The Code of Professional Responsibility was created by the CLTC Board of Standards, Inc. to provide ethical principles and rules for all persons who have been designated to use the Certified in Long-Term Care (CLTC) designation. The key elements in proper promotion of long-term care insurance include; the interview of the client, suitability of coverage based on need, and proper representation to the carrier. Our intent is to place what is learned in this course, into the framework of ethical conduct. This is supported through case studies illustrating the Ten Rules of Ethical Conduct.