Lifesecure Long-Term Care Insurance Review

LifeSecure Insurance Company was founded in 2006 as a wholly-owned subsidiary of Blue Cross Blue Shield (BCBS) of Michigan and is headquartered in New Hudson, Michigan.

As the largest BCBS organization in the United States, LifeSecure is recognized for its excellent customer service and high-quality product offerings.

LifeSecure is a relatively young company and does not yet have ratings. However, its coverage is widely considered safe due to its affiliation with Blue Cross Blue Shield, a highly reputable insurance provider.

Long-Term Care Insurance with LifeSecure

LifeSecure Insurance Company was once a leader in the Long-Term Care Insurance industry, offering great policies at an affordable price.

However, as of 2016, LifeSecure stopped offering individual Long-Term Care Insurance policies. While existing policies remain in effect, LifeSecure no longer offers new individual Long-Term Care Insurance.

The only type of Long-Term Care Insurance available is a workplace benefit plan, which is employer-sponsored and only accessible if offered by an employer. This is why LifeSecure ranked as a neutral provider in our annual Long-Term Care Insurance review. 

LifeSecure Employee Benefit Long-Term Care Insurance Plans

LifeSecure's employer-sponsored Long-Term Care Insurance offers few benefit choices. 

However, the plan provides comprehensive coverage, partnership certification, and, in some cases, relaxed underwriting standards, making it easier to qualify.

Some benefits of the employer-sponsored plan include:

• Several pool of money and monthly benefit options:
• $50,000 initial pool of money with $1000 a month
• $100,000 initial pool of money with $2000 a month
• $200,000 initial pool of money with $4000 a month
• $300,000 initial pool of money with $6000 a month
• Several inflation benefit options:
• No inflation
• 1% compounded
• 3% compounded
• 5% compounded
• Cash alternative. Policyholders are eligible to receive 30% of what is usually permitted in cash at the time of claim
• 90-day elimination period. This period is waived in the event of a stroke or serious accident. 

In most cases, LifeSecure's employer-sponsored LTC Insurance is a voluntary benefit paid for by the employee. Some employers may pay for a portion of the premium.

Without help from your employer, these LTC Insurance plans can be expensive.

Like all Long-Term Care Insurance policies, employer-sponsored plans are guaranteed renewable for life. This means coverage doesn't end after you leave your job, making coverage portable. Policies cannot be canceled unless the premium is unpaid or the policyholder chooses to end their policy. 

Discontinued Individual Long-Term Care Insurance Policies with LifeSecure

Although LifeSecure no longer offers new individual Long-Term Care Insurance plans, its old plans are still effective.

Long-term care Insurance policies cannot be canceled unless the policyholder chooses to end coverage or fails to pay their premium. Policyholders are guaranteed LTC Insurance benefits until the money in their policy runs out.

When LifeSecure sold individual policies, they offered some of the best benefits in the industry, including:

• Benefit amount available. LifeSecure offered a benefit amount between $100,000 and $1,000,000, available in one-dollar increments.
• Monthly benefits are equal to 1%, 2%, or 3% of the benefit amount.
• Inflation benefits of either 3% or 5% compounded.
• Guaranteed future purchase option. This gives policyholders the option to buy more benefits in the future.
• Shared spousal benefits. This allows spouses to share benefits if one of the spouses ever uses all the benefits within their individual policy.
• Case management is a service that helps coordinate different types of care, ensuring policyholders receive highly personalized and effective services.
• Elimination periods of 90-day calendar days.
• Flexible benefits that allow unused benefits to go towards a variety of options. 

How Hard Is It to Qualify for a Policy with LifeSecure?

Getting a policy with LifeSecure today could prove to be difficult. Since they only offer employer-sponsored policies, you’d have to first find an employer willing to invest in the policy. 

In addition, not everyone qualifies for Long-Term Care Insurance. There are three factors that impact the ability to qualify for coverage:

• Need for long-term care: If you currently need long-term care, you are not eligible to start a new policy.
• Pre-existing conditions: If the conditions are unstable, individuals with pre-existing health conditions may not be eligible for coverage. Those with pre-existing health conditions may pay a higher premium than those without health issues.
• Age: Anyone over the age of 79 is not eligible for a new policy. Health declines with age for most people, meaning it may be harder to qualify for new coverage the older you get.

Since LifeSecure only offers an employer-sponsored Long-Term Care Insurance plan, they typically have more relaxed underwriting standards than other companies offering individual policies. 

Underwriting is a risk-assessment process that insurance companies use to determine how risky it is to insure applicants. Individuals who pose too great a risk won’t be eligible for new coverage, while those in the mid- to low-risk categories would be eligible for coverage at varying premium prices.

A Long-Term Care Insurance Specialist can help you look and apply for a new policy. Specialists work with several insurers and are experts at finding you a company most likely to insure you at the best price point available. They’ll take your needs, budget, and preferences into account and help you find comprehensive, safe, long-term care coverage. 

Filing a Claim with LifeSecure

If you have an individual or employer-sponsored policy with LifeSecure, LTC News can help you file a claim. Accessing LTC Insurance benefits on your own can be challenging, especially while navigating new needs for long-term care.

To help with this, LTC News and Amada Senior Care have partnered, offering cost—and obligation-free help with LTC Insurance claims and assistance finding high-quality caregivers and providers close to home.

Amada Senior Care is a leading in-home healthcare provider with a nationwide network of locations and partners. They can help you process your insurance claim and find the best care available in your area, sometimes at a discounted rate. 

Is Long-Term Care Insurance with LifeSecure Safe?

LifeSecure is still a relatively young insurance provider and company. Some may consider LifeSecure higher risk because of their age.

However, LifeSecure has provided comprehensive benefits for all policyholders despite discontinuing the sale of individual coverage almost a decade ago.

In addition, their parent company, Blue Cross Blue Shield, is financially reputable and stable. The combination of LifeSecure's record and their parent company's stability means LifeSecure is likely to continue to be a safe option for Long-Term care Insurance for years to come.

All Long-Term Care Insurance policies in the U.S. are required to meet strict regulations under IRS regulation Section 7702(b. These requirements help ensure:

• Regulated benefit triggers.
• Tax advantages.
• Protection against excessive premium increase.
• Clear coverage expectations.

All LifeSecure Long-Term Care Insurance products meet federal guidelines. 

Shopping for Long-Term Care Insurance: What Are Your Best Options for Coverage?

Your best option for Long-Term Care Insurance depends on the benefits you're looking for and how much you're willing or able to pay for them. The best option for you or your loved one will be a policy you can qualify for at the lowest price possible. 

LifeSecure is a safe choice for Long-Term Care Insurance. While they no longer offer individual LTC insurance policies, they still offer employer-sponsored policies. Federal regulations safeguard these policies and provide comprehensive coverage. 

LTC News has partnered with Amada Senior Care to offer cost- and obligation-free help in filing long-term care insurance claims. Amada's team of experts can help you or your loved one get benefits as soon as possible and find cost-effective long-term care in the meantime.

LTC News's Cost of Care Calculator can help you estimate how much care costs in your area now and in the future. This tool includes cost information for memory care, home care, assisted living, adult day care, and nursing homes in several major cities across the country.

In addition, LTC News also offers a Care Directory with thousands of long-term care providers to choose from. This tool can help you find the highest-quality care provider in your or your loved one's area.