1 Long-Term Care Insurance in Minnesota: A consumer perspective Kelli Jo Greiner Minnesota Board on Aging Consumer Information Assistance and Advocacy.

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Presentation transcript:

1 Long-Term Care Insurance in Minnesota: A consumer perspective Kelli Jo Greiner Minnesota Board on Aging Consumer Information Assistance and Advocacy Team 3/5/04

2 The Challenges zComplex yIn Minnesota, 61 companies offer a variety of LTC insurance policies. Most offer more than 1 policy yNot standardized like Medicare supplements zCrystal ball theory zResistance to look at future LTC needs zBelief that “Medicare will cover my LTC” zPerception of Medical Assistance as payer zPrimary reasons people don’t buy= cost and confusion

3 The Questions zWhat is long-term care insurance? zHow does it work with my Medicare? zCan premiums increase? zIn MN, new LTC services are being added all the time. If I buy now, my policy won’t cover the new benefits, right? zDon’t these just cover nursing home care? zHow is this different from a Medicare supplement?

4 At the heart of LTC insurance: Education, education, education zIncrease awareness and role of LTC insurance zShould be yEasy to understand yComprehensive yObjective yFocused on the individual being assisted

5 The Senior Linkage Line® and long-term care insurance zGoal: Help Minnesotans understand what LTC insurance is and the role it can play in meeting their long-term care needs. zProvide objective, comprehensive information on LTC policies available in MN

6 The Data tells the story zDemand for information and assistance about LTC insurance is increasing zAll calls received by the Senior LinkAge Line are tracked in a client tracking database. yIn 2003, Senior LinkAge Line received 1,599 inquiries about long-term care insurance. yThis was an increase of 145% from 2002 and a 333% increase from 2001 xIn 2002, received 652 inquiries about LTC insurance. xIn 2001, received 369 inquiries about LTC insurance.

7 CMS LTC Initiative Helping American Families Find and Pay for Quality Long-term Care zGoal: Increase consumer awareness of the options available to plan for and finance long- term care, including long-term care insurance and the use of reverse mortgages. zNational Rollout - April 2004 zCMS Guidelines: y$50,000 + in assets (not including home) yLTC insurance premium 7% or less of income yBuy at younger age (less than 79 years of age) yIn reasonably good health yDon’t buy if eligible for Medical Assistance

8 Senior LinkAge Line® zAvailable statewide by calling zState Health Insurance Assistance Program (SHIP) for Minnesota zwww.MinnesotaHelp.info™ - Statewide resource database with thousands of long-term care resources yAdd LTC insurance information?