| Add New Client |
To enter information for a new client, click on the Add
New Client button. The new client record will be created with default
values that are pre-configured in the LTCia program. After creating the new
client, enter personal information, and modify the model variables as
needed. If you want to change the default variables for every new client
you create, you can do this in the Program Options tab of the Detailed
Entry Screen, using the Set Model Variable Defaults button. |
| Add New Scenario |
Each time you create a new scenario for a particular client,
it is assigned a new scenario letter. When you click on the Add
Scenario button, the information from the current scenario is copied
to the new scenario. You can then change health, care data, insurance
data, and other planning options to create an alternative scenario for
your client to consider. Information in the original scenario is not
changed when you create the new scenario. |
| Address |
If you do not maintain this information elsewhere, you can
enter client address, phone number, fax number, and e-mail address into an
optional section in this form. Since this information has no
effect on the model results and does not appear in any reports, it is not
necessary to enter this information. |
| Asset Liquidation Costs |
Reduces the value of liquidated assets to account for
liquidation costs such as broker commissions, when assets must be
liquidated to pay for care. |
| Beginning Year |
The year in which care starts. |
| Benefit Period |
The maximum number of years for which benefits will be paid.
Benefit period may be 3, 4, 5, or unlimited years. |
| Care Cost Tax Factors |
Indicates the net impact of tax policies on care cost. This
may reduce the cost of care, where a deduction or credit is available to
offset care costs. It may also increase costs, if income or capital gains
taxes become due when liquidating assets to pay for care. |
| Care for Insured |
Determines whether care is to be provided for first insured
or second insured. |
| Care Years |
The total number of years for which long-term care is
required, regardless of whether the care is paid for personally or through
insurance. |
| Client Search |
Client search allows you to find a client by
their client id number or last name. You can also select a consultant and
display all client records for that consultant. |
| Current Cost |
The current cost of a day of long-term care. This figure can
vary depending upon the location, level of care, quality of the facility,
and other factors. |
| Daily Benefits |
The maximum amount that insurance will pay for a day of
care. Daily benefits must be between $50 and $300. |
| Date of Birth |
Because it affects premium calculations and other model
results, client age must be entered. Age is calculated automatically based
on birth date. |
| Deductible Days |
The number of days during the first benefit year for which
no benefits will be paid by insurance. The deductible days are added to
the end of the benefit period, if needed, so that maximum benefit days are
not reduced by the deductible days. Deductible days can be 0, 30, 60, 90,
180 or 365. |
| Deleting Entries |
The Delete button allows you to delete a
client scenario record. Be careful, because once you've deleted a record,
all information is lost, and there is no way to recover it. The LTCia
model is capable of holding thousands of records without using very much
disk space. |
| Health |
Because it affects premium calculations, you must make a
health selection for each insured. For an insured couple, you can make a
different health selection for each of them. Health options are Preferred,
Standard, and Rate-Up. |
| Inflation Rate |
The rate at which the cost of long-term care increases. This
could be different than the general rate of inflation. |
| Inflation Type |
Select for benefits to be increase by 5% simple inflation,
5% compound inflation, or not at all. |
| Insured ID # |
The client id is automatically assigned when you create a
new client record. The model assigns a unique sequential number to each
client. If you prefer, you can change the client number to a social
security number, or any other number you choose. If you do change the
client number, do this immediately when you create the new client, before
creating additional scenarios. If you do not, you will have to change the
client number on every scenario you have created. |
| Investment Return Assumption |
Accounts for the cost of potential investment opportunity lost when invested funds are spent on premium and/or care. |
| Limited Premium |
Premium payment for both insured ceases
when Insured #1 has reached the specified age. |
| Name |
The client name appears on all reports. If you are entering
a scenario with two insured, you must enter both of their names. |
| Plan Period |
Total period for which financial calculations are to be
made, starting with the first year in which premium is paid, and ending in
the year in which all insured are deceased. |
| Premium Increase/Decrease |
Adjusts the insurance cost with a one-time change in the
premium in a specified year. |
| Premium Tax Deduction/Credit |
Compensates for the impact of a deduction or credit for
long-term care insurance premiums. |
| Premium Value |
The annual premium to be paid for each insured. In standard
insurance design, this value is automatically calculated. You can override
the automatic calculation by entering a premium amount here. |
| Printing
|
LTCia charts are available in color and black & white
versions. Choose the setting which is appropriate to your printer. Color
printer users who prefer to print black & white charts may do so, but
color charts will be difficult to decipher if they are printed on a black
& white printer. The Print All button automatically prints a complete
package of reports. The checkboxes in the default print screen determine which reports
are included in the print all package. Reports can be previewed and printed
individually, by clicking on Preview/Select. |
| Recalculate Premium |
Overwrite manually entered premium and change back to
automatically calculated premium. |
Reimbursement/
Indemnity |
A reimbursement policy pays covered costs up to the Daily
Benefits amount. An indemnity policy pays the Daily Benefits
amount even if actual covered costs are less. In either case, if costs
exceed the Daily Benefits amount, no additional benefit is paid. |
| Reset to Normal Premium |
Allows you to force the model back to standard insurance
design.
If you change from custom to standard, fields which are outside the valid
range for standard insurance design will be set to conforming values, and
variables not included in standard design will be reset. |
| Single Insured or Two Insured |
The model computes economic impact on a couple, and
therefore has space to enter information on two insured parties in each
scenario. The Single Insured checkbox sets up a scenario without a
second insured party. In a single insured scenario, the financial impact
calculations end at the death of the insured. Those fields pertaining to
the second insured are hidden when you check this box. |
| Survivor Benefit |
The survivor benefit option indicates that premium for
second insured ceases at the death of the first insured. |
Years Payment/
Single Premium |
Limited Premium: Premium payment is made for the specified
number of years. Entering a Single Premium is the same as setting Years
Payment to 1. |
