Long Term Care &
Extended Healthcare Benefits

Tips and Tricks:

• Buy sooner rather than later

• Work with an independent agent

• Start with a budge

• Plan realistically

• Go for a simple policy

 

What does Long Term Care Cover?

• Nursing home care

• Assisted living facilities

• Adult day care services

• In-home care

• Home modification

• Care coordination

 

Advantages of Long Term Care

• Long Term Care guarantees the return of premium either int he form of benefits or a death benefit

• The death benefit is paid out of the policyholder's heirs, whether or not they end up needing Long Term Care coverage

• The premium rates are fixed-cannot be raised in the future

• Preferential tax treatment for repurposing an existing life insurance and annuity policy via 1035 exchanges

 

Are there different types?

 

Yes, there two different types of Long Term Care 

• Traditional Long Term Care Insurance-ensures that not matter where you need care, you will have the money to cover at least some of the bill

• Hybrid Life and Long Term Care Policies-This is combining life insurance with Long Term Care coverage. You can access the death benefit while you are still alive to pay for Long Term Care, and if you do not use it the heirs get the full payout