Features:

What Features should I Consider When Purchasing LTC Insurance?

• The Financial Strength of a Company.  Look for high ratings within the industry as measured by AM Best, Moody's, Standard & Poor's, etc. 
• Length of time your company has been offering this type of coverage.
• Seek out reviews by other organizations and determine if your company has received their endorsement. 
• Determine if there has been a history of rate increases.
• Tax Qualified Policy.  Most experts agree these are the best.  Several years ago, the federal government recognized the importance of this coverage and created federal tax incentives for qualifying policies.  Certain states also offer tax incentives.  Americans are encouraged to acquire private long term care insurance since public funding for these expenses is not considered feasible.  The government has established strict standards for these policies as a consumer-protection safeguard.

When Does my LTC Insurance Begin Paying?

There are generally two different ways to activate the benefits under a policy.  The first option requires the insured to need substantial assistance with 2 of the 6 ADLs (Activities of Daily Living). 

The second option requires the insured to need substantial assistance due to cognitive impairment such as Alzheimer's.  Since the government has standardized these rules (for tax qualified policies), almost all new policies utilize this system.

How to Save Money on Long Term Care Insurance

• Apply for the policy before your next birthday.  The premium is higher the longer you wait, and your health may change to the point where you do not qualify.
• If you are on a tight budget, consider a two or three year plan rather than an unlimited plan.  Most of the time, care is needed for less than four years.
• Consider a longer elimination period.  If you can afford to pay for the first 100 days of care, you will generally save a considerable amount by selecting 100 day rather than 9 day elimination period.
• You can self-insure part of the long term care risk.  By acquiring a policy with a smaller-than-average daily benefit, only a portion of the expenses are covered by the LTC insurance.

Long Term Care Solutions, Inc

"Putting the Pieces Together"

Advantages of Long Term Care Policies:

• Benefits are available anywhere in the world.  
• Benefits are available throughout your lifetime as long as premiums are paid. . 
• Benefits are not restricted by age or employment.

Long Term Care Policy Payment Options:

• Lifetime - Premiums are payable as long as your policy is in force

• 10 Pay - Payment terms allow for a paid-in-full benefit within 10 years

• Paid Up at 65 - Premiums are payable until the first policy anniversary date on or after your 65th birthday

• Reduced Premium - You can decide to reduce the the Lifetime Premium Payment by 50% on the policy anniversary date on or after either your 65th or 70th birthday

You may custom fit your benefits depending on features offered by the various companies. 

For example:

• Return of Premium is available (if you die while the policy is in force, all premiums paid for the policy and riders will be refunded to you)
• Survivorship Benefit.  In the event one spouse dies, the other spouse's policy is paid in full - no more premiums provided both policies have been in effect for at least 10 years.
• Shared Waiver Benefit is when the premiums are waived for one of you, they are waived for the other as well.

Will My Health Affect My Ability to Buy a Policy?

When applying for coverage, an application must be completed which may ask extensive questions about your health history.  A medical exam is not normally required, although medical records from your doctor are often reviewed.  For those with serious health conditions, long term care insurance may not be available.  This is a good reason to apply for LTC insurance while you are younger, and in generally better health.