Episode: Short Term Care Insurance 2 Kemper

Opportunities for people who have been declined for LTCi or those looking for a lower cost options from the director of the American Association for Long-Term Care Insurance.

Video Transcription

Hi, my name is Jesse Slome, I'm director of the American Association for Longterm Care Insurance and the National Advisory Center for Short Term Care Information. Our organizations do not sell insurance, our role is to educate both consumers and insurance professionals. After you're done watching this video, if you have questions please speak to the insurance agent who sent you the link to this video, or if you don't have one that you're working with, please feel free to call us and we'll connect you with one. Almost every day our phone rings with frustrated consumers. They've waited too long to apply for longterm care insurance and they can't qualify or they have existing health issues that make it impossible for them to health qualify. So when we see something that's of interest, we produce videos like this to make consumers aware. In this particular case, it's a home healthcare benefit product from an A rated company, Kemper.

What I'm going to do is give you a quick overview of the policy and the benefits and the features, but what you should do is obviously request the product brochure and read it for yourself. So this product may pay up to $150 maximum daily benefit for 360 days. That's almost a year's worth of benefits. It's an indemnity plan and what that means is it will pay you cash even if Medicare or other health insurance pays. A range of services are covered and not all of these are necessarily covered, especially by Medicare or health insurance, so it's definitely worth considering and looking at.

The policy also has a home health care aide benefit and what this does is it can pay a daily benefit of $40 for each day that you need services. Now, again, you have to read always the print in your brochures, this is immediately following a hospital confinement of not less than three days, but that often happens after a hip replacement surgeries, things like that.

What makes this product really of interest, especially in North Carolina, this is what caught our eye is the prescription drug benefit. If you have expenses for prescription drugs that amount to several hundred dollars a year, as you'll see as I move forward, this is definitely a policy worth considering.

Here's a quick overview of how the prescription drug benefit works. Basically, you gather your receipts, you submit it for the prescriptions that you take, you submit it to the insurance company and they will reimburse you based on the retail price of the drugs because their assumption is is that you are going to, they want you to be able to take your medicine that keeps you healthy, et cetera. So they will apply any deductibles, but in North Carolina the policy says that you can get back $250 each year and that's over and above whether you ever use any of the home care benefits or the other services.

In addition to the core benefits, this policy offers some additional added benefits, if you want them. So as you can see from the slide vision exam, hearing exam, $75 for lenses and frames if you buy them, $250 for a hearing aid, an annual physical exam. That benefit starts in year two of your policy. All of these added benefits really can add up, and as you'll see in a second when you see the pricing for this policy, you'll understand why we produced this video.

So, this is the actual premium for this policy taken right out of the brochure for North Carolina. As you can see, let's look at a 65 year old and let's look at the home healthcare with extra benefits. A 65 year old's going to pay $20 and 5 cents a month. Their annual costs $240 which means just on the prescription drug benefit alone, they could get back more from the policy than they've paid in year one and if they ever need home health care aides or any of the other services that are provided or they go for a physical exam, buy eyeglasses, all of that is on top of it.

This is legitimate coverage. If it sounds too good to be true, well it really isn't. You should get the brochure and speak to your agent, but here's the thing that I really think is the icing on the cake. This policy requires a very simple application. You can see the healthcare questions right here on your screen. Hit pause and read them. As long as you can answer no to the first four questions, the last one, did you receive a receipt is a yes, but as long as you answer no to the first four questions, you are 90 to 95% guaranteed to be approved for this policy.

Thanks for watching this presentation. For complete information, refer to the product brochure. Talk to the agent who shared this video with you and ask them for a copy, or if you don't have an agent that you're working with and you'd like to connect with a short term care insurance professional, call our organization (818) 597-3205 we'll be more than happy to help you.

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