FREQUENTLY ASKED QUESTIONS

Yes, the carriers we work with are willing to allow underwriting and pricing concessions due to the volume of business they get in a group:
– Significant discounts for employees and their family.
– Gender Neutral Rates! Literally half-off for female applicants.
– Secure simplified underwriting for employee and spouse.
– Work with CLTC experts who specialize in LTCi plans.
– This plan is fully portable if you leave/retire.
– Coverage is Partnership Plan qualified.
– Payroll deduction makes paying premium easy.
You may never be more insurable than right now. Premium is based upon age at time of application and benefit selection. We have missed several potential applicants by a matter of weeks after they were diagnosed with an uninsurable condition. Basic fact: the younger you are when you apply, the less expensive it will be and the more likely you are to get coverage. You buy this policy with your health as much as actual premium.
Comparatively speaking…not much. You are much more likely to have an LTCi claim than have a full replacement of your home and all of your valuables on a homeowner’™s claim, but the rates (and claim cost) are very similar. Since rates are based upon age at application and benefits selected, they will vary greatly. We help our clients find a balance between the premium they are paying and the benefit protecting their assets and family.
It depends on your commitment to save, and your ability to make a lot of money. A study conducted by AHIP released in November of 2014 shows how you will need to save over $1600 per month for 22 years to be able to have the liquid assets to pay for the same amount of care as a well designed LTCi plan. With an LTCi plan you pay pennies to save dollars! Besides, you didn’t put aside homeowner’s premium to pay for your home during a crisis.

Modern LTCi policies are designed for the rates to remain stable, but realize carriers are legally prohibited from guaranteeing their rates forever. I have never handed out a rate increase in 14 years of specializing in LTCi plans.

This coverage is certainly a case where “something is better than nothing” but you want to be wise with your premium dollars. Our LTCi specialists will help you design a plan to fit your needs. This is not one size fits all!  Here are some tips for you to consider:
1. The average skilled care cost today is about $6,000 per month for 45 months. Non-skilled care runs about $3,000 to $5,000 per month.
2. This cost is expected to increase at 3% to 5% per year for the next 30 years.
3. Will you have liabilities paid down and more disposable income to fill in any gap in coverage?
4. Do you take care of yourself? Have you committed to lose weight, exercise more and quit vices? This is terrific for your health (and your family) but you are contributing to the likelihood of having an extended care need. A Harvard School of Public Health study revealed a direct positive correlation between longevity and LTC. 20% over 50 years of age and 70% of those over 65 will need LTCi.
5. Talk to your family, your CPA, your financial advisor (if you have one) and most importantly – your LTCi Plans representative.
Take a look at our Cost of Care page to consider how much coverage might be enough for you.
LTCi is governed by the minimal standards and guidelines set forth in HIPAA of 1996. This is what makes LTCi tax qualified. On a very basic level: if you are recovering after an injury/illness/accident, generally your health insurance will pay. If you are no longer showing signs of progress and your doctor says: this is maintenance care/custodial care/chronic care – this all means long-term care. At this point you and your family (see filial responsibility laws) will be responsible for paying for your care.
You can go on claim meeting 1 of 2 requirements. Either you have a physical need (2 of 6 Activities of Daily Living) or a cognitive need which prevents you from interacting safely in your environment. Typically LTC is anything expected to last longer than 90 days. In LTCi, the deductible is calculated not in dollars, but rather consecutive calendar days. The most common waiting period (or elimination period) is 90 days. It is very important to let your family know about your LTCi plan so that we may begin the claims process as soon as possible.
Your LTCi Plan is fully portable and guaranteed renewable. You can never be terminated for any reason (other than non-payment of premium.) If you retire or leave your company, please let the carrier know and they will change the address on the billing statement from your company to your home. Leaving your employer does not cause your rate to increase. Your underwriting class will remain the same.
First of all, let me state: we are not CPAs or tax attorneys. You need to speak with your tax representative about your specific set of circumstances. However, we do know that thirty states have either a provision to deduct long term care expenses or give a tax credit. There is also a Federal tax benefit.
1. Differentiate yourself in recruiting among competitors.  2. No additional cost for company (completely voluntary).  3. Premium paid by employees or company is tax deductible.  4. Having an LTCi plan in place will prepare your employees for an  extended care need in their family and this will reduce absenteeism.  5. Payroll deduction makes paying premium easy.  6. Reward key employees with a company paid LTCi plan.  7. 70% of your employees will have an LTC need after 65. What protects their retirement?  8. Caregiving employees cost $13 billion in additional healthcare expense to businesses each year.  9. Significant discounts for your employees and their family.  10. Gender Neutral Rates! Literally half-off for female applicants.  11. Secure simplified underwriting for employee and spouse.  12. Work with CLTC experts who specialize in LTCi plans.   13. This plan is fully portable if you leave/retire.

ACT TODAY TO PROTECT YOUR FUTURE

Let us guide you and your associates through the very important decisions that you will need to make when creating an LTCi plan to protect your future.

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