Traditional LTC Insurance

 

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Why not protect yourself?  

When it comes to long term care insurance, most Americans think that it won't happen to them.  However, 1 in 2 Americans will need some form of long term care whether it be nursing home or home health care.  The traditional long term care policy is issued typically between the ages of 18 to 84.  Like any other type of insurance; homeowners, automotive or life insurance, you pay a monthly or quarterly premium depending on the carrier you select.  

We offer a long term care product that gives you the flexibility and convenience to customize the benefits that you feel you will need.  This FREEDOM OF CHOICE plan allows you to:

  1. Choose the dollar amount your plan will pay once benefits are triggered
  2. Choose how long before benefits begin paying once you qualify 
  3. Choose how long the benefits will pay, either 2, 3, 4, 5, 8 or lifetime
  4. Tax deduct a portion of the premium

The table below shows some of the features of a traditional long term care policy.

Qualification of Benefits

Un-ability to perform 2 of the 6 Activities of Daily Living without substantial assistance. The ADL's include: bathing, eating, dressing, toileting, continence and transferring.

Product Type

Tax-qualified Long Term Care

Facility Care Day Benefits

$100 to $500, in $10 increments

Benefit Periods

2, 3, 4, 5, 8 years or lifetime

Home Care

70%, 100% or 130% of facility care daily benefit

Elimination Periods

7, 30, 60, 90 or 180 days of service (Only satisfied once in lifetime)

Rate guarantee

5 years

Waiver of Premium

Premiums are waived once benefits are triggered

Recovery benefit

Policy paid up if you spend 12 months receiving benefits

Bed reservation

60 day per calendar year

Respite care

30 days per calendar year

Spousal Discount

30% for each insured

In addition to the standard policy options there are optional riders that can be added to the policy.  If you would like more information on a Traditional Long Term Care policy please contact us for more information.  

 

 

 

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Copyright © 2005 John Joe Insurance Agency
Last modified: March 01, 2010