Long-Term Care Insurance is highly regulated, but premiums and underwriting criteria can vary dramatically between companies. While policies typically share core benefits, they are not all the same. Most insurance agents and financial advisors know very little about designing a policy because the industry and the product features evolve rapidly.

Generally, no. Tax-qualified Long-Term Care Insurance benefits come to you tax-free. Insurance companies that pay long-term care insurance benefits are required by the Internal Revenue Service (IRS) to provide claimants with a 1099 LTC.

No, most of the time, Long-Term Care Insurance is very affordable. However, it can be more expensive if you are older or have significant health issues. Premiums can vary over 100% between insurance companies for the same benefits. Plus, Long-Term Care Insurance is highly regulated by both the states and the federal government.

If you own a Long-Term Care Insurance policy, your benefits will follow you when you move. Some companies also offer international benefits. However, if you think you will move, consider the costs of care in that location when designing the policy.

Few people like to buy insurance but are there other options to plan for future long-term health care? There are several ways to prepare, but few may work in your situation.

Very few LTC Insurance companies have pre-existing health exclusions. You need to have reasonably good health to obtain coverage. You don't need to have perfect health.