Pacific Life’s PremiereCare Choice is an option for long-term care planning. 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 Pacific Life and the other major companies.
This is a “hybrid’ Long-Term Care policy. It provides one policy with a death benefit guaranteed return of premium, and a death benefit all in one package. Although it is one of the more expensive options in this category, it is underwritten by Pacific Life which is a highly rated and respected insurance company.
With one single premium you will be able to receive benefits in three ways:
- You require long-term care services – Like all tax-qualified Long-Term Care policy, once you are eligible for benefits by meeting the standard trigger – you require help and assistance with two of six activities of daily living or supervision due to cognitive impairment – you receive tax-free benefits each month to pay for care in the setting you choose.
- You quit – You can surrender the policy at any time – for any reason – and you get the full premium back if you never required long-term care services.
- You die – This is also life insurance. When you die your beneficiaries will receive the tax-free death benefit.
The policy has wide-ranging features similar to most Long-Term Care Insurance plans that are available on the market. These features include:
- Single premium. No ongoing premiums so no chance of a premium increase
- Monthly benefits for long-term care services
- Coverage for all areas of care, skilled or custodial. This includes care at home, adult daycare centers, hospice, assisted living, memory care, and nursing home
- Variety of long-term care benefit period options up to eight years
- Residue death benefit
- Variety of inflation options including 3% simple, 3% compound and 5% compound
- Care coordination
Since Pacific Life policies are not traditional long-term care policies they will not qualify 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 regulations 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 before retirement when health is usually better. A Long-Term Care Specialist will ask you several questions about your health in order to make the appropriate recommendation.
Please note: Since every company has different underwriting guidelines 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.