Help understanding long-term care financial software.

There are two things going on in this world: Rates (how much benefit one may get vs. cost of insurance premiums), and then comparing someone's financial future (assuming one ends up in a nursing home) with LTC insurance and without it.

First LTC software rates. The reason you're not finding much when it comes to insurance premium calculators vs. benefits is because LTC insurance is regulated by states. So each state is going to have a different list of benefits, plans, and premium rates. These all change constantly.

Then in order to use this software, and thus be able to present this information to prospective clients, you need to be a licensed agent in that state, and then be affiliated with an insurance company that sells it. Only then will that insurance company give you access to the actual software that has actual rate, plan, and benefit information.

If you search hard enough, then you may find free online calculators with this information. But if it's legit, then it's going to be a deal where you input data needed to calculate a premium, and then a licensed agent in that state will call you with the actual numbers. If a website gives you the information you're looking for, then it may not be legitimate, so don't trust the numbers. Things change all the time here, and it varies per state.

The next thing in the world of long-term care, is forecasting one's financial future assuming they may go into a nursing home, with and without coverage.

We have several versions of retirement software that will do this. Our Integrated Financial Planning Software will also do this. And last but not least, our b udget and cash flow software will do it.

The concept is simple: You run one version showing what someone's financial future would look like assuming the devastating costs of a nursing home stay (because they're uninsured). Then you run another version showing just the expense of the LTC premiums, and not the full costs of a nursing home stay (because they're insured).

The devastation of being uninsured will usually wipe out any hopes of a comfortable retirement, so this is all you need to wake someone up so they'll buy it. Our software is by far the best you can get for doing this, because it's the only way you can input the exact annual expenses in every year (of premiums, deductibles, co-pays, and all expenses).

If you sell LTC insurance, then you should have access to illustration ledger software via the insurance company you're using. If so, then you can input actual numbers into the financial software. Contact them to get it. If they don't have any, then switch to a carrier that does.

If you're a fee-based adviser and want to run these financial projections, then you're sort of out of luck, because there's really no way to get accurate numbers. So our advice here is to partner up with a licensed agent in your state, and have them run the numbers. They're happy to do it, because if someone wants to buy it, then they get an easy sale without having to endure the pain and suffering of prospecting for it. Then you can work out a way to compensate each other (which varies per state).

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