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Are Long-Term Care Insurance Policies Portable?

Quick Answer

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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Detailed Answer

What happens if you move - does your Long-Term Care Insurance policy work somewhere else? Absolutely. You can use your benefits anywhere in the United States and U.S. territories. Many companies include Canada and the United Kingdom.

The fact is Long Term Care Insurance coverage is portable. Most Long-Term Care Insurance is purchased individually - meaning not through an employer. If you move, your policy is good anywhere (even internationally with some policies).

Group Long-Term Care Insurance

If you have a Long-Term Care Insurance policy that you obtained from your employer, the policy stays with you once you leave your job or retire.

If you have discounts that some Long-Term Care Insurance plans have, you will retain those discounts after retirement. Remember also that you can receive benefits anywhere in the United States, and some policies have international benefits as well!

International Benefits

Often international benefits are limited. You will want to ask a Long-Term Care Insurance specialist or the insurance company about the global coverage of the policy you own or are considering. 

When you are purchasing a Long-Term Care Insurance policy, one thing to consider is if you might relocate in the future. LTC Insurance is custom-designed, and you get the choose the amount of benefits you wish to have in the policy. 

Long-Term Care Costs Vary Depending on Where You Live

The cost of long-term health care varies depending on where you live. If you move to a location where the cost of care is more expensive, you may find yourself short of what you may need to cover expenses effectively. If you move to a location where care costs are less, you may have more benefits than what you need - although that means you have more money to spend for care - better than being very short.

Consult with the LTC NEWS Cost of Care Calculator to see the current and future cost of extended care.

Partnership Long-Term Care Insurance

If you own a Partnership Long-Term Care Insurance policy and move to another state, most states will reciprocate - meaning the new state will honor the dollar-for-dollar asset protection offered by the partnership program.

Spousal/Partner Discounts and Shared Policies

If your spouse passes away, you maintain any spousal/partner discounts applied to your policy. If your plan included shared spousal benefits, the unused benefits continue with the survivor. 

Claims

Since the benefits of all Long-Term Care Insurance plans can be used anywhere in the United States and its territories, you should make sure you maintain your policy in force if you relocate. 

Many policies are purchased through financial advisors or general insurance agents who are not specialists and may not be able to assist you at the time of claim, especially if you move.

If you, or a loved one, needs help in finding care providers or you need assistance in completing the claims process, LTC NEWS can assist you at no cost or obligation. Learn more - Filing a Long-Term Care Insurance Claim | LTC News.

 

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Get Accurate Quotes

Work With A Trusted Specialist

  • 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
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