Fort Myers, FL (PRWEB) May 25, 2011
Long Term Care has a financial impact on businesses as well as families. That is the message a group of business leaders in the Chicago suburb of Naperville recently received.
Matt McCann, Divisional Sales Leader of ACSIA® Long Term Care, Inc. (ACSIA), explained that long-term extended health care has a direct impact on their employees and their own bottom line. It also has an impact on the finances of Illinois and every state across the country.
“With advances in medical science more people require extended health care, either in their own home or in a facility. Extended care can place huge financial, emotional and physical burdens on their employees and their families. The result is less productivity and more days off as people deal with the care- giving of a parent, spouse or loved one,” McCann explained.
Health insurance and Medicare (for those 65+) do not pay for most Long Term Care services and pay nothing toward custodial care (help with activities of daily living – ADL’s). Custodial care is the most common type of Long Term Care services.
“Both the need for and the cost of care are likely to grow. Private Long Term Care insurance can and should play a more significant role in the financing of home care and nursing home services. Wider use of this insurance would shift the burden from individuals, who are often ill-prepared to pay for such care out-of-pocket, as well as from state Medicaid programs, which are under significant financial pressure,” McCann said
McCann told the group that Illinois, unlike other states, has not yet implemented the Long Term Care insurance partnership program. The Partnership Program promotes the sale of qualified private Long Term Care insurance. The program started in 1992 under federal legislation and was implemented by four states, California, Connecticut, Indiana and New York. The Deficit Reduction Act (DRA) of 2005 provided for the expansion of the Partnership to other states across the country.
“In my opinion the Partnership Program benefits everyone -- business, taxpayers and the public. Partnership programs are in place in almost every state, and these programs are part of the answer to the growing problem of financing Long Term Care expenses. However, Partnership programs in most states are not adequately publicized, and for this reason, I am a big supporter of the new industry initiative, the “3in4 Need More” campaign,” McCann said.
McCann explained that the “3in4” campaign is designed to accomplish the following:
1. Spread the word among the public that ”3in4 Need More” and that Long Term Care insurance is a good solution.
2. Support legislation that provides tax incentives to make Long Term Care insurance more affordable.
3. Encourage others in industry, education and the government to join the "3in4 Need More" campaign to spread the word about the need to learn more.
4. Educate the public that Long Term Care insurance many not be a solution for everyone, but everyone needs a Long Term Care plan.
McCann also encouraged the men and women in the room to review their own personal plans.
Founded in 1958, ACSIA® is a leading national distributor of Long Term Care insurance. ACSIA® is a member of the LTC Global group of companies and headquartered in Fort Myers, Florida. For more information about ACSIA®, visit http://www.acsia.com.
About LTC Global
LTC Global is a leading independent marketer of insurance and financial products to seniors with emphasis on Long Term Care insurance, Medicare insurance products and HECM reverse mortgages. In addition, LTC Global provides capital to insurance agents and agencies through commission-based lending and renewal commission purchases. LTC Global has a national distribution network and is headquartered in Fort Myers, Florida. For more information about LTC Global, Inc., visit http://www.ltcglobal.com