Long-Term Care Insurance

Long-term care is the assistance people need when they can no longer perform basic activities of daily living (ADL's), such as bathing, continence, dressing, eating, toileting, and transferring. A long-term care insurance policy is designed to help you pay for assistance with these types of activities. Long-term care needs typically arise as part of the normal aging process but can also be due to injury or illness, such as stroke or cognitive impairment like Alzheimer's disease.

If you prefer to live in your home for as long as possible, and you want to help protect your retirement savings, you may benefit from a long-term care insurance policy. Typically, Medicare doesn’t fully cover assisted care expenses, including custodial care, which is provided in nursing homes, assisted living facilities or at home. Coverage for these types of health expenses helps you maintain control of where you will receive care and helps protect your life’s savings.

• Tax-qualified plans available
  Select a tax-qualified plan and receive tax advantages that may include:
  » Deducting premiums as a medical expense
  » Receiving long-term care benefits income tax-free
• Offers independence and financial security
• Offers flexibility in making choices of where you receive care
• Provides coverage for unexpected health expenses
• Days of care do not have to be consecutive within the claim period

Long-term care insurance policies reimburse policyholders a monetary daily amount (up to a pre-selected limit) for assisted care services such as bathing, continence, dressing, eating, toileting, and transferring, if you are functional incapacity/functionally incapacitated. You can select a range of care options and benefits that allow you to get the services you need, where you need them.

Step one in obtaining long-term care insurance is meeting with an agent/producer to help determine if coverage is appropriate given your needs, and if so, completing an application. Our underwriters will review your medical history to determine if your application is acceptable. Your premium amount will be determined by a number of factors, such as, the amount of insurance coverage you request, your age, and gender.

Your premium amount will be determined by your length of coverage, your age/gender, your inflation coverage, the elimination period (the amount of time before your policy begins to pay benefits) and the maximum dollar amount you can be reimbursed for covered expenses. Qualifying for coverage can become more difficult as you age – the best time to apply is while you’re still in good health.