Guarantee Trust Life Short-Term Care Insurance Review

Guarantee Trust Life (GTL) is one of several insurance companies that offer short-term/limited-duration cash indemnity policies. GTL no longer offers traditional Long-Term Care Insurance.

However, these short-term/limited-duration cash indemnity policies can be very valuable in providing needed cash to pay for in-home and facility care. The GTL plans are helpful, especially for those with health issues or who may be older and unable to obtain other coverage.

There are differences between the policy language and benefits between companies that offer these limited duration/short-term care products. Key differences exist in this product category, and it is essential to know and understand the differences between GTL products and other companies.

GTL offers several short-term/limited-duration cash indemnity policies with expanded underwriting guidelines compared to policies offered by traditional Long-Term Care insurance companies. 

While the plans are geared toward older people or people who may have pre-existing health problems, these policies can also be added to an existing older Long-Term Care policy to provide additional benefits at a low cost.

GTL has a variety of insurance products, but these are the primary products in this category:

GTL Short-Term Home Care Features:

• Daily Benefit options of $150, $300, or $450 a day, depending on the type of provider used
• Benefit Period of 360 days
• Restoration of benefits
• Benefits for all areas of homecare
• Zero-Day Elimination Period
• Prescription Drug Indemnity Benefit of $600 a year
• Hospital Stay Indemnity Benefit of $100, $200, or $300 a day (3 or 6 days)
• Ambulance, Dental, and Vision Benefit Options
• Critical Accident Benefit Option

The Prescription Drug Indemnity Benefit can significantly reduce the premium cost for individuals with several medications. The policyholder receives a cash payment for each prescription without regard for the drug's cost. This money, for many people, wipes out a good portion of the premium each year.

GTL Home Health Secure

This GTL product requires membership in the Aging at Home Association and is included in the premium. It features:

• Weekly Cash Benefits from $400 to $1200 a week
• Initial Benefit Account Ranging from $20,000 to $60,000
• Optional 3% Simple Inflation Benefit
• Free Annual Access to 'Total Well Being' Health Assessment

GTL, in some states, also offers a more comprehensive short-term care product that includes coverage for both facility care and home care.

It features:

• Facility Benefits from $50 a day to $300 a day
• Benefit Period of up to 360 days
• Home Care Benefit up to $75 per visit for up to 180 visits
• Elimination Periods of either 0 days or 20 days
• Inflation Benefit of either 5% simple or 5% compound
• Restoration of Benefits
• Spousal discounts

GTL Plans Not Partnership Certified

Since the GTL policy is not a traditional long-term care policy, it does not certify as a partnership policy under state and federal law. 

You can learn more about the federal/state partnership program - What is a Long-Term Care Partnership Policy?

Find State-Specific Information

These GTL products are only available in some states. The LTC NEWS Cost of Care Calculator also provides state-specific information, including if the state allows these limited-duration/short-term care indemnity plans to be marketed.

Claims

If you own a GTL policy and seek help submitting a claim, LTC NEWS offers free - no-obligation assistance - including help finding quality caregivers and facilities. Since most agents have little or no experience in this area, this assistance can be beneficial for the entire family - Filing a Long-Term Care Insurance Claim | LTC News

Shopping for Long-Term Care Insurance?

When shopping for Long-Term Care Insurance coverage and related products, remember that numerous state and federal regulations exist. Each state's insurance department regulates products and premiums. 

Because of regulation, an insurance agent, agency, or financial advisor cannot give a consumer a special discount that is not available otherwise. 

Use all the tools and resources available on LTC NEWS to help you in your research - Resources for Long-Term Care Planning.

Underwriting

Long-Term Care Insurance is medically underwritten, and every company has underwriting rules that determine insurability and rate class. Underwriting criteria for these short-term/limited-duration cash indemnity policies are less conservative than traditional Long-Term Care Insurance. 

An experienced Long-Term Care Insurance specialist will understand these underwriting rules when helping you select the best company and policy options.

What is Underwriting? How Does Current Health Impact Ability to Obtain Long-Term Care Insurance?

Be sure to seek the assistance of a qualified Long-Term Care Specialist to compare each policy's features, benefits, and costs. You can find a trusted and qualified specialist representing the major insurance companies that offer these products - Work With a Specialist | LTC News.

Please note: Since every company has different underwriting rules, you could be eligible for coverage with one company and not another.

State variations for these products may apply.