Continuing Education Info Archives - Page 3 of 3

The LTC Partnership Program: Why it’s Important

Posted on June 22, 2023August 31, 2023

Nursing Home, Long Term Care Partnership Program

Long-term care (LTC) plays a crucial role in our lives and the lives of our loved ones as we age. LTC provides support and assistance to individuals who require help with daily activities due to illness, disability, or advanced age. The LTC Partnership Program was established in response to the rising need for affordable and sustainable long-term care solutions. With the increased cost of healthcare and an aging population it’s important for us to know the historical background of the program, as well as its evolution and role in safeguarding individuals’ independence and assets.

The History of the LTC Partnership Program

In the 1980s, as the demand for long-term care services grew, policymakers in the United States realized the importance of finding innovative solutions to address the financial strain on individuals and families. The LTC Partnership Program was born as a collaborative effort between state governments and private insurance companies. The concept of long-term care partnerships dates back to 1987 and the first state to establish a LTC Partnership Program was Connecticut in 1992. The program aimed to incentivize the purchase of long-term care insurance by offering asset protection benefits to policyholders.

The Key Concepts of the Partnership Program

The core principle behind the LTC Partnership Program is the concept of asset protection. Traditionally, individuals who exhausted their long-term care insurance benefits had to spend down their assets to qualify for Medicaid, the government’s healthcare program for low-income individuals. However, through the LTC Partnership Program, policyholders who had exhausted their insurance benefits were allowed to retain a portion of their assets while still qualifying for Medicaid. This asset disregard provision ensured that individuals could safeguard their hard-earned assets and preserve their financial independence.

Many states require specific CE training in order to sell LTC Insurance. Click here for the CE requirements in your state.

Program Expansion

After initial adoption, the LTC Partnership Program gained traction in the 1990’s, with numerous states adopting their own variations. While the program follows federal guidelines, each state has the flexibility to tailor its specific requirements and regulations. This adaptability allows states to cater the program to their unique demographics, insurance markets, and long-term care needs. It’s estimated that 70% of the elderly will need Long-Term Care insurance but less than 5% of people purchase LTCI policies. Thus, state adoption of the LTC Partnership Program was an important factor, helping families account for the high cost of nursing home care.

Why the Partnership Program is Important

The LTC Partnership Program plays a vital role in promoting long-term care planning among individuals and families. By offering asset protection, the program incentivizes the purchase of long-term care insurance and encourages individuals to prepare for the potential costs of extended care. This proactive approach ensures financial security and also grants individuals the freedom to choose the care that suits their preferences. For example, Partnership programs cover many long-term care services such as:

Limited in-home medical care;
•Adult day care;
•Rehabilitation;
•Therapy;
•Protective supervision; and
•Assistance with daily activities.

Addressing the Demographic Shift

As the population ages, the need for long-term care continues to rise. With the cost of a semi-private nursing home room estimated to be $100,000, families need options that are not financial straight jackets. The Partnership program provides a sustainable solution that eases the burden on individuals and families while mitigating the strain on government-funded programs. By encouraging private insurance coverage, the program reduces the reliance on Medicaid and empowers individuals to take charge of their Long-Term Care planning. The widespread adoption and promotion of the Partnership program will help the government and individuals alike.

Conclusion

The LTC Partnership Program’s history is one of innovation and foresight in response to the growing demand for LTC services. Its asset protection benefits have been instrumental in preserving individuals’ financial independence while ensuring access to quality care. As we navigate the challenges posed by an aging population, the importance of the LTC Partnership Program cannot be overstated. By embracing this program, individuals and families can secure their future, maintain control over their assets, and face the future with confidence and peace of mind.

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The Success Family of Continuing Education Companies provides the highest quality Life/Health and Property/Casualty Insurance Continuing Education. CFP Continuing Education, CIMA Continuing Education, CPA Continuing Education, CLU/ChFC (PACE) Continuing Education, and MCLE (Legal). Continuing Education available in all 50 states in Live Insurance, Online Insurance, and Textbook Insurance formats. Learn About Us

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Open New Doors with a CPA Designation in 2023

Posted on June 9, 2023August 2, 2023

Why get a CPA Designation?

In the fast-paced world of finance, trust and credibility are crucial factors that can make or break professional relationships. For those considering a career in accounting or finance, obtaining a Certified Public Accountant (CPA) designation can be a game-changer. The CPA designation not only signifies a high level of expertise in accounting and financial matters, but it also opens doors to numerous opportunities. In this post, we will explore how a CPA designation can enhance your professional credibility, build trust, and unlock a world of possibilities.

Demonstrate Expertise and Specialization

A CPA designation is a symbol of expertise in the field of accounting and finance. It requires rigorous education, professional experience, and successfully passing a comprehensive exam. By earning a CPA certification, you demonstrate your commitment to mastering the complexities of accounting principles, tax laws, auditing, and financial reporting. This specialized knowledge sets you apart from the competition and positions you as a trusted authority in your field.

Build Client and Employer Confidence

When it comes to financial matters, trust is paramount. Clients and employers seek professionals who can handle their financial affairs with integrity and accuracy. A CPA designation instills confidence in clients and employers, assuring them that you possess the necessary skills and knowledge to handle their financial challenges. The prestige associated with being a CPA often leads to increased opportunities, higher-profile projects, and the trust of important stakeholders.

Want to Instruct Approved CPE Continuing Education Courses for Clients? Learn about Success Live CE

Expand Career Opportunities

A CPA certification can significantly broaden your career horizons. Whether you aspire to work in public accounting, corporate finance, government agencies, or as an independent consultant, being a CPA opens doors to a wide range of job opportunities. Many positions in accounting and finance, especially those involving auditing, tax planning, and financial analysis, require or strongly prefer candidates with a CPA designation. With a CPA credential, you can explore diverse roles, from financial controller to forensic accountant, and enjoy enhanced job security and advancement prospects.

Networking and Industry Recognition

As a CPA, you become part of a prestigious professional community. CPA organizations and associations provide valuable networking opportunities, allowing you to connect with fellow CPAs, industry leaders, and potential mentors. Engaging in professional networks not only expands your knowledge but also opens doors to new clients, job opportunities, and collaborations. Additionally, the CPA designation commands respect and recognition in the industry. Therefore making it easier to establish yourself as a credible expert and gain exposure to exciting projects and initiatives.

Compliance with Regulatory Requirements:

In many jurisdictions, certain accounting and financial roles require professionals to hold a CPA designation comply with regulatory standards. If you aspire to work in areas such as public accounting, auditing, or tax preparation, having a CPA certification is often a legal requirement. By obtaining the CPA designation, you demonstrate your commitment to ethical and professional standards, ensure compliance with industry regulations, and safeguard the interests of clients.

Conclusion

Obtaining a CPA designation is a significant investment in your professional future. It not only showcases your expertise in accounting and finance but also builds trust, credibility, and opens doors to exciting career opportunities. The rigorous education and examination process required to become a CPA positions you as a highly qualified professional. So, if you aspire to excel in the world of finance, consider pursuing a CPA certification and embark on a path that leads to personal growth, career advancement, and a world of possibilities.

Learn More about Becoming CPA

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5 Reasons to get your Insurance License in 2023

Posted on May 31, 2023November 6, 2023

Are you looking for a career path that combines financial stability, personal growth, and the opportunity to make a positive impact? Becoming an insurance professional may be right for you. If you’re someone seeking a rewarding career, becoming life insurance licensed could be the perfect choice. In this article, we will explore five compelling reasons why an insurance license can open doors to a fulfilling and prosperous professional journey.

1. Helping People in Their Time of Need

As a life insurance agent, you will have the opportunity to make a positive impact on people’s lives. By providing the solutions to protect someone’s financial well-being, you become a trusted advisor and source of comfort during difficult times. The satisfaction of helping individuals secure their family’s future is immeasurable and can bring immense fulfillment to your career.

2. Unlimited Earning Potential

One of the most significant reasons to become life insurance licensed is the potential for unlimited earnings. Insurance agents often work on a commission-based model, allowing them to earn a percentage of the premiums clients pay for their policies. With hard work and the ability to build a robust client base, you can enjoy substantial financial rewards and enjoy a higher income level than many traditional career paths.

3. Flexibility and Independence

As a life insurance agent you have the freedom to work independently and create your own schedule. You can choose where and when you work, whether it’s from a traditional office setting or the comfort of your own home. Therefore, this flexibility not only allows you to achieve a better work-life balance but also gives you the opportunity to prioritize personal commitments and pursue your passions outside of work.

4. Continuous Learning and Professional Growth

The insurance industry is always evolving, which means there is always something new to learn and explore. Additionally, you enter a field that encourages continuous learning and professional development. Insurance companies often provide training programs, workshops, and resources to keep you up-to-date with the latest industry trends, products, and sales techniques. This dedication to ongoing education allows you to expand your knowledge, enhance your skills, and advance your career over time.

View our Course Catalog for a Wide Range of Continuing Education Courses

5. Job Stability and High Demand

Insurance is an essential component of an individual’s financial plans, making it a recession-resistant industry. Therefore, people will always need life insurance coverage to protect their assets, ensuring a constant demand for qualified insurance professionals. By obtaining a life insurance license, you secure a stable career path providing long-term job security and peace of mind.

Conclusion

Becoming life insurance licensed offers a multitude of advantages that can lead to a rewarding and prosperous career. From the satisfaction of helping others to the unlimited earning potential and flexibility that comes with the role, this profession offers numerous benefits. Additionally, the emphasis on continuous learning and the stability of working in a high-demand industry further solidify the appeal. Altogether, if you’re seeking a fulfilling career path that offers personal growth, financial security, and the ability to make a positive impact, pursuing a life insurance license may be the ideal choice for you.

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IAR CE – Investment Adviser Representative

Posted on September 9, 2022November 6, 2023

Effective January 1, 2022, IAR’s in adopted states are subject to new CE requirements. The North American Securities Administrators Association (NASAA) announced on November 30, 2020 the adoption of a Model Rule that NASAA members can follow in order to implement Continuing Education Programs for investment adviser representative (IAR CE) in their jurisdiction. The model rule is the culmination of years of work by state securities regulators to develop a continuing education program. The continuing education requirement serves to promote regulatory compliance while also helping representatives better serve their clients by remaining knowledgeable of current best practices.[1] Every IAR CE registered in a state that adopts the model rule must complete annual CE requirements.

Model Rule: Adopted States

State	Effective Date
Maryland	January 1, 2022
Mississippi	January 1, 2022
Vermont	January 1, 2022
Arkansas	January 1, 2023
D.C.	January 1, 2023
Kentucky	January 1, 2023
Oklahoma	January 1, 2023
Michigan	January 1, 2023
South Carolina	January 1, 2023
Wisconsin	January 1, 2023
Nevada	Pending
Rhode Island	Pending

What is IAR CE?

The IAR CE requirement consists of two parts totaling 12 hours of required CE to completed annually. An investment adviser must complete 6 hours of Ethics and Professional Responsibility content and 6 hours of credit relating to Products and Practices. IAR’s must complete CE courses offered by an approved CE Provider. The list of approved providers, including Success CE, can found here. FINRA registered brokers in compliance with FINRA’s CE requirements are considered to be in compliance with the Products and Practices requirement.

Rules for Completing CE

Investment Adviser Representatives are required to complete their IAR CE by the first calendar year following the first year they are registered.
No excess hours completed in the current year may be carried over to the next year’s required hours.
CE courses cannot be completed more than once even if completed in another year. Every completed course must have a unique course ID number.
All CE courses must have an assessment of at least 10 questions. Assessments must be passed with a score of a 100% on an unlimited number of attempts.
An IAR registered in another state who is also registered as an IAR in his or her home state is in compliance if the home state has CE requirements that are at least as stringent as the model rule and the IAR is in compliance with the home state’s IAR CE requirements.
There are no exemptions or waivers available based on experience or other qualifications.

Course management and the tracking of completed courses is managed by Prometric LLC. For a full breakdown of the CE requirements as well as other FAQ’s click here.

If you need to complete your IAR CE see our Course Catalog for a list of approved IAR CE courses.

View State Requirements

[1] https://www.nasaa.org/industry-resources/investment-advisers/investment-adviser-representative-continuing-education/

New NY CE Requirements: Law, Ethics & Diversity

Posted on September 2, 2022November 6, 2023

Licensed Insurance agents need to be on the lookout for new NY CE requirements beginning in April of 2022. The New York Department of Financial Services is putting Diversity, Equity and Inclusion (DEI) at the center of their priorities for 2022 and beyond. In March of 2021 the Superintendent of Financial Services, Linda Lacewell, issued Insurance Circular Letter No. 5 outlining the need for insurance companies to prioritize the hiring and development of individuals from diverse backgrounds. Lacewell’s letter parallels the DEI initiative from The State Education Department that focuses on DEI in New York public schools. These diversity related efforts will be integrated into the insurance examination process and continuing education requirements.

The increased focus on DEI in the insurance industry stems from recent research pointing to the benefits of emphasizing diversity. In her letter Lacewell claims that, “research shows that diverse teams perform better, innovate more, and more effective at managing risks”. [1] The letter specifically references a study published by McKinsey & Company, a management consulting firm, that details how companies with diverse leadership regularly outperform their less diverse competitors. The report, “Diversity Wins: How Inclusion Matters”, found that companies in the top quartile of gender diversity on executive teams were 25% more likely to have above-average profitability than companies in the fourth quartile.[2] Similarly, companies in the top quartile of ethnic and cultural diversity outperformed companies in the fourth quartile by 36%.[3] Throughout the industry the research strongly suggests that increased representation and diversity is beneficial to a company’s bottom line.

More Benefits Attributed to DEI

More Innovation
Better Risk Management
Larger Talent Pool
More Satisfied Employees

New Continuing Education Requirements

Given the benefits of hiring and developing diverse teams it is obvious why DEI should be promoted throughout the Insurance Industry. DFS determined that the best way to support the Insurance Industry’s DEI efforts is to collect and publish data related to the diversity of corporate boards and management.[4] DFS hopes the strength and transparency of their data influences Insurers to treat diversity like any other strategic priority. Additionally, DFS will incorporate DEI into their license examination and their continuing education requirements. As of April 2022 NY Insurance Agents must complete three additional CE courses before each license renewal:

1 hour of Insurance Law instruction
1 Hour of Ethics and Professionalism instruction
1 Hour of Diversity, Inclusion, and Elimination of Bias instruction

These courses will educate insurance professionals about new trends and developments in the workplace through a discussion of the current industry refocus on diversity and inclusion. These new courses are included in the 15 hours of CE required every 2 years.

If you need to complete your CE hours for your license renewal Success CE offers the three new required courses as well as over 20 other approved courses in New York. Visit our State Requirements page to check if you need additional CE. Follow this link to purchase our Diversity + Ethics + Law Package that includes the newly required courses.

[1] Lacewell, Linda. “Insurance Circular Letter No. 5 (2021)” ny.gov, March 16, 2021. https://www.dfs.ny.gov/industry_guidance/circular_letters/cl2021_05

[2] Dixon-Fyle, Sundiatu et al. “Diversity Wins: How Inclusion Matters”. mckinsey.com, May 19, 2020. https://www.mckinsey.com/featured-insights/diversity-and-inclusion/diversity-wins-how-inclusion-matters

[3] Dixon-Fyle et al. 2020. https://www.mckinsey.com/featured-insights/diversity-and-inclusion/diversity-wins-how-inclusion-matters

[4] Lacewell. 2021. https://www.dfs.ny.gov/industry_guidance/circular_letters/cl2021_05#_edn13