We are pleased to announce John Hood has joined COPIC as the new Director of COPIC FSG. He joined the team in August with a wealth of insurance and agency experience, and looks forward to meeting with clients as he settles into his new role.

"I am excited to have joined the exceptional staff at COPIC and look forward to continuing FSG's commitment to protecting and improving our customers' lives." ----John Hood

Have you thought about what would happen if you needed care for several months or for many years? The associated costs can threaten a lifetime of savings, and providing care can place a significant emotional and physical burden on a spouse and family members that many would like to avoid.

Use these tips to plan for your long-term care needs and options: 

1. Know when to start planning: Obtaining long-term care insurance (LTCI) at a younger age often allows for discounts and lower premiums compared to when you're older. 
2. Save by sharing some of the risk: Similar to other insurance policies, opting for a higher deductible on a LTCI product can reduce the cost of your premiums. 
3. Value the "Pool of Money" Model: LTCI policies pay benefits for as long as dollars remain available in your pool. You can extend the life of your policy by not using the full daily/monthly benefit, as any unused portion remains in your pool. 
4. Consider options to deal with rising costs: For example, buy a larger initial benefit up front, choose the guaranteed purchase options, or purchase cost-effective inflation protection options. 

Workers' compensation payments are traditionally estimated based on payroll projections for the year, which can lead to over- or under-payments and the potential for costly post-audit adjustments.

Some insurance companies, like The Hartford, are working to improve this experience for insureds by introducing XactPAY®, a pay-as-you-go billing option that uses real-time payroll information to calculate monthly premiums. The chart below displays the difference between traditional workers' compensation billing and the pay-as-you-go option:

Interested to learn further details about how these types of programs work? Contact Mitch Laycock at (720) 858-6297 to discuss your coverage options and find a policy that best fits your situation.

If you're thinking about buying a stand-alone long-term care insurance (LTCI) policy, you might have another option. An increasing number of states are permitting the sale of long-term care hybrid products that allow you to obtain coverage with a special rider (provision that amends coverage terms) added on to your life insurance policy. This may be an option to consider when the premiums on a stand-alone LTCI policy are costly due to your current age and health, or the benefits offered. A long-term care rider may be a plausible middle-ground solution and it allows you to tap into funds in the future should you need long-term care.

It is important to note that opinions vary on whether using a special rider or getting a separate LTCI policy is the best option. The answer depends on a variety of factors such as the size of your life insurance policy, the money you'll receive while the policy is in force to pay your long-term care costs, and how much long-term care is expected to cost at the time you'll need it.

Read the article from Woodbury Financial, Using Life Insurance Riders to Pay for Long-Term Care, and contact Mike Edwards at (720) 858-6289 for more information about these types of policies while  considering your long-term care planning needs and options.