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Example Client and Spouse

LONG TERM CARE ANALYSIS

November 19, 2013

PREPARED BY:

Kevin J. O'Day, CFP® 1621 Capitol Trail Newark, DE 19711-5717 (302) 737-4700 x105

Table of Contents

Table of Contents ................................................................................................................................ 2 Disclaimer ........................................................................................................................................... 3 Long Term Care Analysis.................................................................................................................... 4

Long Term Care Insurance Terminology .................................................................................. 5 Long Term Care FAQs ............................................................................................................. 7 Client's Long Term Care .......................................................................................................... 8

The Cost of Long Term Care ......................................................................................... 9 The Impact On Your Resources .................................................................................. 10 Long Term Care Impact on Assets Details .................................................................. 11 The Cost Benefit of LTC Insurance ............................................................................. 12

Spouse's Long Term Care ..................................................................................................... 13 The Cost of Long Term Care ....................................................................................... 14

The Impact On Your Resources .................................................................................. 15 Long Term Care Impact on Assets Details .................................................................. 16 The Cost Benefit of LTC Insurance ............................................................................. 17

Analysis Result Summary ................................................................................................................. 18 Information Summary ........................................................................................................................ 20 Asset Usage ...................................................................................................................................... 21 Observations ..................................................................................................................................... 22

Disclaimer The following report is a diagnostic tool intended to review your current financial situation and suggest potential planning ideas and concepts that may be of benefit. The purpose of the report is to illustrate how accepted financial and estate planning principles may improve your current situation. This report is based upon information and assumptions provided by you (the client). This report provides broad and general guidelines on the advantages of certain financial planning concepts and does not constitute a recommendation of any particular technique. The consolidated report is provided for informational purposes as a courtesy to you. We recommend that you review your plan annually, unless changes in your personal or financial circumstances require more frequent review. All reports should be reviewed in conjunction with your fact summary and this Disclaimer page. The term "plan" or "planning," when used within this report, does not imply that a recommendation has been made to implement one or more financial plans or make a particular investment. Nor does the plan or report provide legal, accounting, financial, tax or other advice. Rather, the report and the illustrations therein provide a summary of certain potential financial strategies. The reports provide projections based on various assumptions and are therefore hypothetical in nature and not guarantees of investment returns. You should consult your tax and/or legal advisors before implementing any transactions and/or strategies concerning your finances. Additionally, this report may not reflect all holdings or transactions, their costs, or proceeds received by you. It may contain information on assets that are not held at the broker/dealer with whom your financial representative is registered. As such, those assets will not be included on the broker/dealer’s books and records. Prices that may be indicated in this report are obtained from sources we consider reliable but are not guaranteed. Past performance is no guarantee of future performance and it is important to realize that actual results may differ from the projections contained in this report. The presentation of investment returns set forth in this report does not reflect the deduction of any commissions. Projected valuations and/or rates of return may not take into account surrender charges on products you might own. They will reflect any fees or product charges when entered by the advisor/ representative. Deduction of such charges will result in a lower rate of return. It is important to compare the information on this report with the statements you receive from the custodian(s) for your account(s). Please note that there may be minor variations due to calculation methodologies. If you have any questions, please contact your financial representative. Also, your account(s) may not be covered by FDIC or SIPC. FDIC and SIPC coverages apply only to certain assets and may be subject to limitations. Questions about coverage that may apply should be directed to the asset provider or sponsor. The information contained in this report is not written or intended as financial, tax or legal advice. The information provided herein may not be relied on for purposes of avoiding any federal tax penalties. You are encouraged to seek financial, tax and legal advice from your professional advisors. I/We have received and read this Disclaimer page and understand its contents and, therefore, the limitations of the report. Furthermore, I understand that none of the calculations and presentations of investment returns are guaranteed.

Client(s):

Date

Date

Advisor:

Kevin J. O'Day, CFP® Date

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This analysis must be reviewed in conjunction with the limitations and conditions disclosed in the Disclaimer page. Projections are based on assumptions provided by the

advisor/representative, and are not guaranteed. Actual results will vary, perhaps to a significant degree. The projected reports are hypothetical in nature and for illustrative purposes only. Return assumptions do not reflect the deduction of any commissions. They will reflect any fees or product charges when entered by the advisor/ representative. Deduction of such charges

would result in a lower rate of return. Consult your legal and/or tax advisor before implementing any tax or legal strategies.

Version 9.0.0.34038 § Prepared on November 19, 2013 by Kevin J. O'Day, CFP® § Personal and Confidential § of 22

Long Term Care Analysis





Long Term Care Insurance Terminology Long Term Care involves a wide array of services to individuals with a chronic illness, degenerative condition (e.g. Parkinson's, stroke, etc.), disability or cognitive disorder (e.g. Alzheimer's). If you are at least 50 years old and have assets to protect, Long Term Care Insurance may provide protection against the unexpected depletion of those assets.

Long Term Care Insurance can typically cover a broad range of services including nursing home care, assisted living facilities and adult day care. The following summarizes some of the key terms and concepts involved in preparing for the potential need for Long Term Care:

Activities of Daily Living (ADLs) Activities that people do independently everyday-eating, bathing, dressing, moving around (mobility), transferring (from chair to bed), using the toilet, and maintaining bladder and bowel continence. These are commonly used to measure an individual's ability to function.

Nursing Home - Levels of Care Insurance companies' definitions may differ; therefore, consult your policy for more information. The following are general definitions of the various levels of care.

Skilled Nursing Care is for persons who need intensive care, 24 hours a day, with supervision and treatment by a nurse under the direction of a doctor.

Intermediate Care is suitable for individuals who do not require around the clock nursing care, but are still not able to live on their own.

Custodial Care is suitable for individuals who do not need skilled nursing care, but require supervision for some of the activities of daily living (ADLs).

Daily Benefit Amount A specified maximum daily dollar amount payable on a covered period of long-term care services. Policies typically allow for the choice in $10 or $25 increments. An individual's choice should take into consideration the local costs of long-term care services and any amounts that could come out of pocket to pay for such services without depleting savings.

Inflation Protection This policy provision increases the daily benefit amount on an annual basis, to protect against the effects of inflation. This can be an important provision to consider, as many long term care insurance policies are purchased looking towards potential future events. For example, a nursing home that charges $130/day today could charge $260/day in 14 years based upon 5% annual increases to those costs.

Elimination Period A specified time period in which covered long-term care services are received but no benefits are payable. With respect to this policy provision, you would generally select the longest period that you could sustain payment of the costs of long-term care services using available expendable assets in order to reduce your policy premiums.

Guaranteed renewable This refers to a provision that guarantees that an insurance policy will continue in force as long as insurance premiums are paid on time. An insurance company can typically only cancel a guaranteed renewable policy for non-payment of premium. However, premiums can be increased for all policyholders within a particular class.

Non-cancellable policy A policy which cannot be cancelled or altered by the insurance company and whose premiums will not increase as long as the insured continues to pay premiums on time.





Riders A rider amends a policy by adding additional provisions to it. Riders may be available at an additional cost.

Most insurance policies contain exclusions, limitations, reductions of benefits and terms for keeping them in force. Your representative can provide you with costs and complete details.





Long Term Care FAQs

What is Long Term Care? It is the care required for someone who can no longer perform a certain number of "activities of daily living" (ADL), such as eating, bathing, toileting, dressing, moving between a chair and a bed, and remaining continent. Generally, insurance companies will use a certain number of ADLs or a cognitive impairment (e.g. Alzheimer's) to determine when a person is eligible for benefits under their long term care insurance policy.

Will the government pay for my Long Term Care needs? Generally, Medicare doesn't pay for long term care. Medicare pays only for medically necessary skilled nursing facilities or home health care, and even those services will be provided only if certain conditions are met and for a short period of time. Medicaid is a Federal program administered by the states that pays for certain health services and nursing home care for people with low incomes and limited assets.

What does Long Term Care cost?

According to the Genworth Financial Cost of Care Survey 2012:

The average annual national cost for a private room in a nursing home is over $81,000 (see chart column 1), and a semi-private room is $73,000 (column 3).

A one bedroom unit in an assisted living facility has an average annual cost in excess of $39,000 representing a 1.1% increase from previous year (column 5).

The average daily rate for adult day health care was over $60.

What is Long Term Care Insurance? Long Term Care Insurance is coverage designed to pay for personal care needs and other long-term care services for individuals who are limited in their activities of daily living (ADL) or are cognitively impaired. These types of policies can pay benefits for long-term care services provided in a nursing home, an assisted living facility, or even your own home.

What does Long Term Care Insurance cover? Many policies generally cover skilled, intermediate, and custodial care in state-licensed nursing homes as well as home care, assisted living, and adult day care services. All policies have conditions, limitations, and exclusions that differ from contract to contract. These policies may pay a fixed dollar amount for each day you receive long-term care services or they may cover actual charges up to a maximum daily benefit.





Client's Long Term Care





The Cost of Long Term Care Long Term Care (LTC) can result in significant expenses for a number of years, potentially draining your savings and having a financial impact that could undermine your plans for retirement. The chart below illustrates the significant cost that a typical long term care event can present. In this example, has a health event that results in a need for LTC at

age 84 and lasts for a period of 2 years. The cost of care, in today’s

dollars, is assumed to be $100,010 Annually - in addition to normal living

expenses - and assumed to grow at a rate of 4.10% each year.

Annually Cost of LTC Today

$100,010

Annual Cost of LTC at Age 84

(2018)

$122,261

Total 2-year Cost of LTC

(2018 - 2019)

$249,535

What will it cost each year?

Each bar in the chart below represents the annual cost you can expect to pay for Long Term Care each year.

Starting at $100,008 today and increasing at a rate of 4.10%, the annual cost would grow to $127,274 in the last year of your need.

Keep in Mind... According to the U.S. Census Bureau, the 80+ segment represents the fastest growing segment of the population. With more of the population living longer, there will be more individuals incurring long term care costs. Families need to understand and plan for these costs without expecting them to be covered by government programs or entitlements.

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The Impact On Your Resources The costs associated with a health event that requires Long Term Care can mount quickly and have a potentially serious impact on your savings. Assets that you expected to have through retirement may need to be liquidated to cover the additional expense of Long Term Care and may become depleted much sooner than they would have otherwise.

Let's assume that $2,000,000 of capital resources will be available when

turns 84, at which time a need for Long Term Care will arise. Let's

also assume these assets will grow at 5.00% annually, and withdrawals from

them will be taxed at 21.0%. Your capital resources will be used to offset your Long Term Care costs

($100,008 per year) as well as your Living Expenses of $4,117 per month

($49,404/year) both of which grow at a rate of 4.10%.

Remaining Assets when No LTC is Needed

$1,653,150

Remaining Assets when

2 years of LTC are Needed

$874,358

Net Loss

$778,792

How quickly will your resources be used?

The chart below shows how the resources available when client is 84 would be expended. The green area indicates the rate at which the resources are used if no need for Long Term Care arises. The red area shows the same resources being expended in the event that LTC is required. Based on the above assumptions, you can

expect a loss of $778,792.


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This analysis must be reviewed in conjunction with the limitations and conditions disclosed in the Disclaimer page. Projections are based on assumptions provided by the advisor/representative, and are not guaranteed. Actual results will vary, perhaps to

a significant degree. The projected reports are hypothetical in nature and for illustrative purposes only. Return assumptions do not reflect the deduction of any commissions. They will reflect any fees or product charges when entered by the advisor/ representative. Deduction of such charges would result in a lower rate of return. Consult your legal and/or tax advisor before implementing any tax or legal strategies.


Long Term Care Impact on Assets Details

Capital Resources in 2036 without LTC: $1,653,150 Capital Resources in 2036 with LTC: $874,358 Total Dollar Loss due to LTC: $778,792

Without Long Term Care Event With Long Term Care Event

Year Age

BOY Capital

Resources

Withdrawals to Fund

Expenses

Growth at

5.00%

EOY Capital

Resources

BOY Capital

Resources

Withdrawals to Fund

Expenses

Growth at

5.00%

EOY Capital

Resources 2018 84/71 $2,000,000 $76,452 $96,177 $2,019,725 $2,000,000 $231,213 $88,439 $1,857,226 2019 85/72 2,019,725 79,586 97,007 2,037,146 1,857,226 240,692 80,827 1,697,361 2020 86/73 2,037,146 82,849 97,715 2,052,012 1,697,361 82,849 80,726 1,695,238 2021 87/74 2,052,012 86,247 98,288 2,064,053 1,695,238 86,247 80,450 1,689,441

2022 88/75 2,064,053 89,782 98,714 2,072,985 1,689,441 89,782 79,983 1,679,642 2023 89/76 2,072,985 93,463 98,976 2,078,498 1,679,642 93,463 79,309 1,665,488 2024 90/77 2,078,498 97,295 99,060 2,080,263 1,665,488 97,295 78,410 1,646,603 2025 91/78 2,080,263 101,285 98,949 2,077,927 1,646,603 101,285 77,266 1,622,584

2026 92/79 2,077,927 105,438 98,624 2,071,113 1,622,584 105,438 75,857 1,593,003 2027 93/80 2,071,113 109,761 98,068 2,059,420 1,593,003 109,761 74,162 1,557,404 2028 94/81 2,059,420 114,261 97,258 2,042,417 1,557,404 114,261 72,157 1,515,300 2029 95/82 2,042,417 118,946 96,174 2,019,645 1,515,300 118,946 69,818 1,466,172

2030 96/83 2,019,645 123,822 94,791 1,990,614 1,466,172 123,822 67,118 1,409,468 2031 97/84 1,990,614 128,899 93,086 1,954,801 1,409,468 128,899 64,028 1,344,597 2032 98/85 1,954,801 134,184 91,031 1,911,648 1,344,597 134,184 60,521 1,270,934 2033 99/86 1,911,648 139,685 88,598 1,860,561 1,270,934 139,685 56,562 1,187,811

2034 100/87 1,860,561 145,413 85,757 1,800,905 1,187,811 145,413 52,120 1,094,518 2035 101/88 1,800,905 151,373 82,477 1,732,009 1,094,518 151,373 47,157 990,302 2036 102/89 1,732,009 157,580 78,721 1,653,150 990,302 157,580 41,636 874,358





The Cost Benefit of LTC Insurance It may be hard to pay long-term care insurance premiums, when long term care may not be necessary for many years, but when you compare those premiums with the cost of self-insuring against a potential need for LTC, the potential value of Long Term Care Insurance becomes apparent.

It would cost you about $16,858 per year in LTC Insurance premiums to receive around

$51,600 Annually in LTC benefits . The chart at the right shows the amount you would need to save each year in order to provide a comparable benefit at various periods in the future, assuming

4.10% Cost of Living Adjustment on insurance benefits

and 5.00% rate of return on your personal savings.

By the Numbers

The table below further illustrates the difference in cost between LTC Insurance and self-insurance. The annual savings and/or rate of return requirements could make self insuring against a future LTC event cost-prohibitive.

Years Until Need 5 years 10 years 15 years 20 years 25 years

Age 84 89 94 99 104

Annual Benefit $63,082 $77,118 $94,278 $115,256 $140,902

Total Benefit $128,750 $157,398 $192,421 $235,238 $287,581

To provide yourself with the same total benefit in each of these time periods, you would need annual savings in the following amounts (assuming a rate of return on your savings of 5.00%).

Savings Needed $23,301 $12,514 $8,917 $7,114 $6,026

To provide the same total benefit using only the $16,858 per year that you would have spent on premiums, your savings would need to grow at the following rates:

Rate Needed 14.5% $128,751

-1.3% $157,397

-3.5% $192,419

-3.6% $235,246

-3.1% $287,580





Spouse's Long Term Care





The Cost of Long Term Care Long Term Care (LTC) can result in significant expenses for a number of years, potentially draining your savings and having a financial impact that could undermine your plans for retirement. The chart below illustrates the significant cost that a typical long term care event can present. In this example, has a health event that results in a need for LTC at

age 84 and lasts for a period of 6 years. The cost of care, in today’s

dollars, is assumed to be $100,000 Annually - in addition to normal living

expenses - and assumed to grow at a rate of 4.10% each year.


$100,000


(2031)

$206,108


(2031 - 2036)

$1,370,552

What will it cost each year?

Each bar in the chart below represents the annual cost you can expect to pay for Long Term Care each year.

Starting at $99,996 today and increasing at a rate of 4.10%, the annual cost would grow to $251,970 in the last year of your need.


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The Impact On Your Resources The costs associated with a health event that requires Long Term Care can mount quickly and have a potentially serious impact on your savings. Assets that you expected to have through retirement may need to be liquidated to cover the additional expense of Long Term Care and may become depleted much sooner than they would have otherwise.

Let's assume that $1,500,000 of capital resources will be available when

turns 84, at which time a need for Long Term Care will arise. Let's

also assume these assets will grow at 5.00% annually, and withdrawals from

them will be taxed at 25.0%. Your capital resources will be used to offset your Long Term Care costs

($99,996 per year) as well as your Living Expenses of $4,117 per month

($49,404/year) both of which grow at a rate of 4.10%.

Without a need for LTC Your resources will last through

2036

With 6 years of LTC

Your resources will last until

2034

Loss in Years

2

Loss in Dollars

$1,785,019

How quickly will your resources be used?

The chart below shows how the resources available when spouse is 84 would be expended. The green area indicates the rate at which the resources are used if no need for Long Term Care arises. The red area shows the same resources being expended in the event that LTC is required. Based on the above assumptions, you can

expect a loss of 2 years of funding which amounts to $1,785,019.


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This analysis must be reviewed in conjunction with the limitations and conditions disclosed in the Disclaimer page. Projections are based on assumptions provided by the advisor/representative, and are not guaranteed. Actual results will vary, perhaps to

a significant degree. The projected reports are hypothetical in nature and for illustrative purposes only. Return assumptions do not reflect the deduction of any commissions. They will reflect any fees or product charges when entered by the advisor/ representative. Deduction of such charges would result in a lower rate of return. Consult your legal and/or tax advisor before implementing any tax or legal strategies.


Long Term Care Impact on Assets Details

Capital Resources in 2036 without LTC: $941,577 Cumulative Deficit in 2036 with LTC: $843,442 Total Dollar Loss due to LTC: $1,785,019

Without Long Term Care Event With Long Term Care Event

Year Age

BOY Capital

Resources

Withdrawals to Fund

Expenses

Growth at

5.00%

EOY Capital

Resources

BOY Capital

Resources

Withdrawals to Fund

Expenses

Growth at

5.00%

EOY Capital

Resources Deficit 2031 97/84 $1,500,000 $135,773 $68,211 $1,432,438 $1,500,000 $410,584 $54,471 $1,143,887 $0 2032 98/85 1,432,438 141,340 64,555 1,355,653 1,143,887 427,419 35,823 752,291 0 2033 99/86 1,355,653 147,135 60,426 1,268,944 752,291 444,943 15,367 322,715 0 2034 100/87 1,268,944 153,168 55,789 1,171,565 322,715 322,715 0 0 105,353

2035 101/88 1,171,565 159,447 50,606 1,062,724 0 0 0 0 361,631 2036 102/89 1,062,724 165,984 44,837 941,577 0 0 0 0 376,458

843,442





The Cost Benefit of LTC Insurance It may be hard to pay long-term care insurance premiums, when long term care may not be necessary for many years, but when you compare those premiums with the cost of self-insuring against a potential need for LTC, the potential value of Long Term Care Insurance becomes apparent.

It would cost you about $10,400 per year in LTC

Insurance premiums to receive around $9,000 Monthly

in LTC benefits (or $108,000 per year in today’s dollars). The chart at the right shows the amount you would need to save each year in order to provide a comparable benefit at various periods in the future, assuming

4.00% Cost of Living Adjustment on insurance benefits

and 5.00% rate of return on your personal savings.

By the Numbers

The table below further illustrates the difference in cost between LTC Insurance and self-insurance. The annual savings and/or rate of return requirements could make self insuring against a future LTC event cost-prohibitive.

Years Until Need 5 years 10 years 15 years 18 years 20 years

Age 71 76 81 84 86

Annual Benefit $131,399 $159,866 $194,502 $218,788 $236,641

Total Benefit $871,563 $1,060,389 $1,290,126 $1,451,216 $1,569,635

To provide yourself with the same total benefit in each of these time periods, you would need

annual savings in the following amounts (assuming a rate of return on your savings of 5.00%).

Savings Needed $157,731 $84,306 $59,787 $51,585 $47,470

To provide the same total benefit using only the $10,400 per year that you would have spent on premiums,

your savings would need to grow at the following rates:

Rate Needed 114.9% $871,571

40.8% $1,060,386

23.9% $1,290,183

19.2% $1,451,291

16.9% $1,569,697





Analysis Result Summary This report summarizes the results of the analyses for . It provides the information that is the basis for the "takeaway" message. All of the details concerning the process of how these results were arrived at are contained in the specific chapters for each selected analysis.

Family Information

Client:

Address: H: C: C:

Client: Date of Birth: Current Age: 79

Spouse: Date of Birth: Current Age: 66

Analysis Performed

Long Term Care Analysis for: Client's Long Term Care for: Spouse's Long Term Care

Result Summary


$100,010


(2018)

$122,261


(2018 - 2019)

$249,535

The Long Term Care analysis examines the cost that may accompany a long term care health event. Long Term Care (LTC) can result in significant expenses for a number of years, draining your savings and having a financial impact that could undermine your plans for retirement. Based upon the assumptions utilized in this analysis, a long term care

event for CLIENT in the year 2018 (age 84) and lasting 2 years may

result in a total cost of $249,535, which may have significant impact on your ability to enjoy a retirement standard of living for which you have worked.

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Result Summary


$100,000


(2031)

$206,108


(2031 - 2036)

$1,370,552

The Long Term Care analysis examines the cost that may accompany a long term care health event. Long Term Care (LTC) can result in significant expenses for a number of years, draining your savings and having a financial impact that could undermine your plans for retirement. Based upon the assumptions utilized in this analysis, a long term care

event for SPOUSE in the year 2031 (age 84) and lasting 6 years may

result in a total cost of $1,370,552, which may have significant impact on your ability to enjoy a retirement standard of living for which you have worked.





Information Summary The following financial information and assumptions were used in the preparation of this analysis.

Family Information

Client:

Address: H: C: C:

Client: Date of Birth: Current Age: 79

Spouse: Date of Birth: Current Age: 66

Information Summary

Basic Assumptions Analysis for: Date of Birth: LTC Occurs at Age: 84 (2018) Current Age: 79 LTC Ends at Age: 85 (2019)

Financial Assumptions Expenses Grow at: 4.10%

Existing Long Term Care Insurance None

Information Summary

Basic Assumptions Analysis for: Date of Birth: LTC Occurs at Age: 84 (2031) Current Age: 66 LTC Ends at Age: 89 (2036)

Financial Assumptions Expenses Grow at: 4.10%

Existing Long Term Care Insurance None

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Asset Usage Several of the analysis modules interact in terms of portfolio asset usage. Since it is not possible to use the same money twice when funding goals, the system prevents two separate analyses from allocating the exact same assets for funding purposes. Multiple analyses can use parts of the same asset, but no more than 100% can ever be allocated across all analyses. This report lists all available portfolio assets along with a breakdown of the usage.





Observations

Long Term Care Analysis

Client's Long Term Care

You currently have no long-term care insurance coverage.

The costs of long-term care may seriously deplete your capital resources reducing your ability to maintain your desired standard of living.

Long term care insurance coverage may help you to preserve your assets from depletion by unexpected health care costs.

Spouse's Long Term Care

You currently have no long-term care insurance coverage.

The costs of long-term care may seriously deplete your capital resources reducing your ability to maintain your desired standard of living and or your ability to leave your heirs a legacy.

Long term care insurance coverage may help you to preserve your assets from depletion by unexpected health care costs.

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