Kemper only offers a limited benefit plan which is not a traditional long-term care policy. However, it can provide a solution for some people. There are differences between the policy language and benefits between companies that offer Long-Term Care Insurance although the major benefit options are similar. However key differences do exist. It is important to know and understand the differences between Kemper and other companies.
Kemper offers a limited duration plan with expanded underwriting guidelines compared to policies offered by traditional long-term care insurance companies. They market these plans as an affordable solution for people with limited underwriting. This includes those people who may be older and outside the age ranges of traditional plans. The policy can also be added to an older existing long-term care policy to provide additional benefits at a lower cost.
Kemper’s policy provides home care benefits. While being very limited it is very affordable. The policy features include:
- Daily Benefit of $150 a day, depending on the type of provider used
- Zero Day Elimination Period
- Some states offer adult daycare coverage
- Benefit Period of 365 days
- Restoration of benefits
- Prescription Drug Indemnity Benefit of $250 a year
In some states you must first be in the hospital prior to requiring care.
Since the Kemper 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.