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 National Guardian and the other major companies.
As a highly rated and respected company, National Guardian Life offers a full-featured policy which includes return of premium options and unlimited benefits.
They offer several features and benefits consumers and long-term care specialists alike look for in a long-term care insurance policy. These benefits include:
- Partnership benefits in most states
- Daily benefits options from $50 to $300 a day
- Four inflation benefit options including 3% and 5% compounded
- Shared Care Benefit featuring a third pool of money
- Return of Premium options include full return of premium and return minus claims paid
- Single Pay and Ten Pay Premium Options
- Elimination period options includes 0, 30, 90, and 180 days
- Pool or money or unlimited benefit options
- Facility only benefit option available
It offers one policy for couples with one premium. Each individual has their own separate long-term care benefit. If shared care is added the couple shares a third pool of money if they exhaust their own benefit pool. However, because there is one premium, if one partner passes-away the premium does not change. You have the option to pay one premium or ten level premiums and have a fully paid policy. In addition, you can add a return of premium rider.
The policy only offers a daily benefit when most plans offer monthly benefits. Underwriting rules are very conservative so a consumer should have a detailed discussion about their health prior to considering an application.
National Guardian Life offers long-term care partnership policies in most states. 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.