Equitable only offers limited benefit plans which are not traditional long-term care policies. However, they can provide a solution for some people. There are variations between the policy language and benefits between the many companies that offer Long-Term Care Insurance, however, the primary features and benefit choices are comparable from company to company. Differences do exist between the primary companies. When comparing long-term care insurance, you should recognize the differences between Equitable National and other companies.
Equitable has a new owner. On April 18, 2017, Sterling Investors Life Acquisition Company acquired Equitable Life & Casualty Insurance Company, a Salt Lake City life and health insurance company.
Equitable offers several types of insurance products. The primary long-term care product is a short-duration plan. This product features a more relaxed underwriting guideline compared to traditional plans offered by other companies. Equitable offers these plans as a solution for those with some health issues, those who may be older, or for a person looking to add additional benefit to an existed policy.
The policy features and benefits include:
- Comprehensive or Facility Only Plans Available
- Daily Benefit from $50 to $350 a day
- Benefit Periods from 100 days to 360 days
- Restoration of Benefits
- Inflation Benefit of 3% Simple
- Elimination Periods of 0, 15, and 30 days
- Bed Reservation Benefit
- Alternate Plan of Care
Since this Equitable National policy is not a traditional long-term care policy it does not certify as a partnership policy under state and federal law.
Get more details on the partnership program by finding your state on the LTC News Map. You can get the current cost of long-term care services, the availability of partnership plans and tax incentives by clicking here.
Significant premium differences exist between companies for the exact same benefits. Long-Term Care Insurance premiums are calculated based on your selection of benefit levels you wish to have in place. Premium calculations are also based on your age and health at the time of application. Plus, you may qualify for discounts which might be available.
Every company has their own underwriting rules which determine insurability and rate class. An experienced Long-Term Care Insurance specialist will understand these underwriting rules when helping you select the best company and policy options.
You can find a qualified specialist who represents the major insurance companies which offer these products by clicking here.
Keep in mind, numerous state and federal regulation impact Long-Term Care Insurance. However, options and benefits do vary from company to company. Be sure to seek the assistance of a qualified Long-Term Care Specialist to compare the features, benefits, and costs of each policy.
Since your health is a primary consideration in determining your eligibility for coverage it is always best to start planning prior to retirement when health is usually better. A Long-Term Care Specialist will ask you a number of questions about your health in order to make the appropriate recommendation.
Please note: Since every company has different underwriting rules you could be eligible with one company and not another.
Because Long-Term Care Insurance is custom designed you can design the plan to fit your specific needs, concerns and budget. A specialist will help you design your plan to address your concerns. Generally, you can design almost any plan, to:
- Safeguard income and savings
- Protect the lifestyle of your spouse/partner
- Provide options for quality care
- Reduce the stress and burdens otherwise placed on family members
- Give your adult children time to be family
- Provide a legacy for loved ones
State variations may apply.