Frequently Asked Questions
If you are thinking about planning for the future costs and burdens of aging, we know you have questions about your options and if Long-Term Care Insurance is an affordable and appropriate solution. Here is a list of frequently asked questions and our answers.
Featured FAQs
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How Does Long-Term Care Insurance Differ From Other Types Of Insurance? You may be familiar with other types of insurance, but how do they compare to Long-Term Care Insurance? In this article, we’ll discuss the similarities and differences between different types of insurance.
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What Is Underwriting In Long-Term Care Insurance? When you apply for Long-Term Care Insurance, the insurance company will review your health and family history to determine eligibility. There are health issues that prevent you from obtaining coverage. However, every company has its own underwriting rules, and a specialist can match you with the right company.
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Long-Term Care Insurance Applications: Can I Lie About My Health and Get Away With It? There’s nothing stopping you from lying initially, but the rigorous underwriting process to determine eligibility for Long-Term Care Insurance will uncover the truth. This can damage your chances of obtaining LTC Insurance and expose you to legal risks. Being truthful is the best way to determine coverage eligibility.
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Will Long-Term Care Insurance Premiums Increase? Are you worried about your Long-Term Care Insurance premium increasing? The good news is you likely don’t have to worry about significant increases anymore. Here’s why your premiums won’t increase any time soon.
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How To Apply For Long-Term Care Insurance On the outside, applying for Long-Term Care Insurance may seem daunting. But with the right help from an insurance professional and this step-by-step guide, you'll be able to apply in no time. The process includes a meeting, a health questionnaire, and potential assessments. We'll also discuss what to do before and after applying so you can get the best policy for your needs.
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Types Of Long-Term Care Insurance Policies & Which Is Best For You Long-Term Care Insurance is highly regulated, but premiums and underwriting criteria can vary dramatically between companies. While policies typically share core benefits, they are not all the same. Most insurance agents and financial advisors know very little about designing a policy because the industry and the product features evolve rapidly.
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What Are Long-Term Care Insurance Tax Deductions? (2023) Long-Term Care Insurance tax deductions and incentives can help you save money on insurance premiums. In this article, we’ll explain how you can deduct your LTC Insurance premium from your taxes this year. Click “Read More” to learn about who’s eligible for deductions and how much you could save.
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What Is Long-Term Care Insurance & What Does It Cover? Today, Long-Term Care Insurance is comprehensive, covering all types of care options, including in-home care. There are more choices today than ever before.
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How To Pay For Long-Term Care Figuring out how to pay for long-term care can feel stressful and overwhelming. But through research and planning, you'll discover many ways to cover long-term care costs. In this article, we'll explore those options, including insurance, Medicaid, and other temporary solutions.
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What Are Long-Term Care Insurance Regulations & How Do They Protect Policyholders? in this article, we'll discuss three vital pieces of regulation. Then we'll explain why these rules are important and how they protect you.
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Long-Term Care Insurance Specialists vs Financial Advisors (Pros & Cons) If you are considering purchasing Long-Term Care Insurance, you may want to work with a financial advisor or Long-Term Care Insurance specialist. We’ll break down the differences between financial advisors and LTC Insurance specialists so you can choose the best one for you and your needs.
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What Is the Partnership Program in Long-Term Care Insurance? Long-Term Care Insurance partnership programs provide extra asset protection. But what exactly is a partnership policy? This FAQ article discusses what partnership policies are and when they can be valuable to Long-Term Care Insurance buyers.
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Who Needs Long-Term Care? About half of Americans will need help with daily activities at some point in their lives due to chronic illness, mobility challenges, dementia, or frailty from aging. Many other conditions can also lead to a need for long-term care. To learn about who needs care and the steps you can take to prepare for care needs for you or a loved one, click "Read More" to read our full article on the subject.
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What Is A Long-Term Care Insurance Specialist & How Can They Help You? Long-Term Care Insurance Specialists are highly trained experts who help individuals learn about and apply for Long-Term Care Insurance. In this article, we'll dive into what exactly specialists do and why it may be valuable to meet with one.
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Independent Insurance Brokers vs. Captive Agents: Key Differences When Choosing an Insurance Representative While both can offer LTC Insurance, only an independent insurance broker is able to offer from multiple companies and has an explicit fiduciary duty to their client. This means most independent brokers can offer a broader range of products and services with fewer restrictions on them.
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How Much Does Long-Term Care Insurance Cost? While typical yearly costs for Long-Term Care Insurance range from $1,000 to $2,000, several variables affect Long-Term Care Insurance premium prices, including age, gender, and the specific benefits of your policy. Click “read more” below to see our comprehensive cost guide, including policy examples.
More FAQs
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Don't confuse an employer's disability insurance with long-term care. With a disability policy, you're replacing a portion of your income if you can't work. It does not pay for long-term care.
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Long-Term care can be costly if you aren’t prepared. We look at types of care, payment methods, and typical costs for different long-term care types in California.
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Many insurance companies offer an optional feature for couple's to 'share' their Long-Term Care Insurance benefits. This rider is available for spouses or domestic partners when they apply for coverage.
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Dave Ramsey is an author and well-known host of a national radio show. He helps people be smarter financially. Ramsey understands that rising long-term health care costs can adversely impact your savings and lifestyle. He believes Long-Term Care Insurance is definitely worth it due to the high risk of needing care.
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These increases are primarily on those “legacy products” that were developed and sold under old rules and old assumptions. Today’s Long-Term Care Insurance is much more rate stable.
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When you own an LTC Insurance policy, how long do you have to wait until all the benefits are available to you? Generally, there is no waiting period outside the elimination period (deductible based on days).
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Long-Term Care Insurance often has a benefit period; however, it usually is not a time limit that defines the amount of care you will be able to receive. The benefit period helps calculate the amount of money in your policy at any given time.
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The best Long-Term Care Insurance policy is the one that is paying benefits when you need care in the future. The process can be easier if you understand the steps and seek professional help. LTC NEWS can even provide you with free, no-obligation assistance with this process.
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Very few LTC Insurance companies have pre-existing health exclusions. You need to have reasonably good health to obtain coverage. You don't need to have perfect health.
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Not everyone needs Long-Term Care Insurance, although for most American families having a plan offering guaranteed tax-free benefits for their choice of quality care will protect savings and ease family stress.
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Short-term care insurance policies generally act as cash indemnity plans that cover one year of care or less, though some can extend to approximately two years. In this article, we discuss the benefits of short-term care insurance, when you’d consider obtaining it, and cost considerations.
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The last thing you want is to own a Long-Term Care policy, start to have your health decline, and then have the company cancel the policy. Luckily, this can't happen. There are many rules and consumer protections in place which will give you and your family peace of mind.
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If one spouse/partner gets declined by the insurance company, the one who was approved will still get their policy. There are steps the other person should take right away.
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If you own a Long-Term Care Insurance policy, your benefits will follow you when you move. Some companies also offer international benefits. However, if you think you will move, consider the costs of care in that location when designing the policy.
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Most people purchase LTC Insurance in their 50s, some even in their 40s. Premiums are lower at younger ages, and your health is better - giving you more options. But what happens if you can no longer afford your policy? There are options.
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IRA funds can count against Medicaid eligibility, leaving people unsure how to handle their finances in a way that best maintains their long-term financial health. We walk through some considerations and challenges in handling IRAs and Medicaid applications.
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There are more Long-Term Care Insurance options available today than ever before. How do you compare these options and insurance companies? Tax-qualified LTC Insurance must meet federal guidelines under Section 7702(b) of U.S. Code. Differences include premiums, underwriting, and the financial ratings of the companies.
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Long-Term Care Insurance can be a great decision, but it’s important to know how to design a policy catered to your needs and how incomplete information can lead to misunderstandings on the importance of insurance or more expensive coverage.
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Long-Term Care Insurance riders provide extra benefits or help customize your policy at an extra cost. There are multiple types of LTC Insurance riders. We discuss these riders and how they affect Long-Term Care Insurance policies.
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Not everyone has the budget for complete Long-Term Care Insurance coverage. A smaller policy will help reduce the burden and anxiety placed on your family while providing you with quality care choices. Small plans can still offer many hours of in-home health care and other services every week.
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Clark Howard is a famous consumer expert and former host of the nationally syndicated Clark Howard Show. He continues to help people nationwide on his website and podcasts. Howard believes being prepared for future long-term health care expenses is a vital part of retirement planning.
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Can you exhaust all the benefits in a Long-Term Care Insurance policy? Maybe. There are still unlimited benefit plans available; most LTC Insurance creates a benefit account that increases with inflation. LTC Insurance is custom designed.
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Some people say you don't need to worry about long-term care unless you have poor health. If you wait until you have poor health, it is probably way too late. Good health today means a longer lifespan. In the future, your health, body, and mind will decline.
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When shopping for Long-Term Care Insurance, some people wonder what happens if you exhaust your benefits. While you hope this never happens, it can depend on the total coverage in your policy.
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What is long-term care? How is long-term care different from health care? In this article, we’ll answer your questions about long-term care and discuss common long-term care services and facilities.
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Few people like to buy insurance but are there other options to plan for future long-term health care? There are several ways to prepare, but few may work in your situation.
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What happens to unused Long-Term Care Insurance benefits if you never need care? You and your family are probably grateful that you never had to go through what so many others go through. Can your family get the money back?
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When is the best time to apply for Long-Term Care Insurance? Can you buy insurance at a certain time to save money? In this article, we’ll discuss factors that affect the best time to apply for coverage.
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No, most of the time, Long-Term Care Insurance is very affordable. However, it can be more expensive if you are older or have significant health issues. Premiums can vary over 100% between insurance companies for the same benefits. Plus, Long-Term Care Insurance is highly regulated by both the states and the federal government.
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Are you interested in finding a caregiver for your senior loved one? Learn more about all the important questions to ask when searching for a care provider.
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Unless you have lived through a long-term health care event with a family member, you may not be aware that your health insurance or Medicare will not pay for extended care. Medicaid is the medical welfare program, and you must have little or no income and assets to qualify.
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Generally, no. Tax-qualified Long-Term Care Insurance benefits come to you tax-free. Insurance companies that pay long-term care insurance benefits are required by the Internal Revenue Service (IRS) to provide claimants with a 1099 LTC.
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You determine the benefit levels when you apply for Long-Term Care Insurance. However, the costs of long-term health care services vary nationwide. If you know you will be moving, does it impact planning? The answer is yes.
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Some consumers get frustrated that they have to speak with an agent to get quotes for Long-Term Care Insurance. However, LTC insurance is medically underwritten and custom-designed. Questions must be asked.
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Some people think Long-Term Care Insurance will only pay for nursing homes. Not true. Today's Long-Term Care Insurance is comprehensive and covers all types of care, including in-home care. You get to decide how you use benefits once you qualify for them.
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Work With a Trusted Specialist
Get Accurate Long-Term Care Insurance Quotes
- Has substantial experience in Long-Term Care Insurance
- Strong understanding of underwriting, policy design, and claims experience
- Represents all or most of all the leading insurance companies
