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 Insurance will help you to stay at home. |
Long Term Care
Insurance Application
Q: How does one apply for LTC Insurance?
A: States require a signature to approve a health review (underwriting) so the forms need to be filled out, signed and then submitted.
We email or mail you the application forms with instructions. If you want we can go over the forms with you on the phone as you are filling them out.
The application is then submitted for underwriting approval, which takes 2-6 weeks. There is no physical unless you haven't seen a doctor in 2 years, only your medical records will be reviewed. If approved you will be notified in writing.
You don't have to finalize your plan benefits before you are health approved. Once you receive your policy you have 30 days to modify or cancel your policy.
If you are thinking about getting long term care insurance call us or get an online quote. If you are going to wait we suggest you apply a month before your health changes.
You can't just buy this insurance just because you want to, you have apply for underwriting approval and not everyone is approved.
Q: Is there a difference between buying insurance from you and a in-person salesman?
A: Yes and no.
Yes, there is a difference because people often feel pressured when dealing in-person or even over the phone. We take the opposite approach; we don't sell you — you buy from us. If you feel pressure then it's not planning, it's selling. A lot of our customers give us referrals and who is going to refer a pushy salesman? We know that everyone has their time and place to decide if this is right for them. When you're ready, we're ready.
And no, there is no difference because we also work with the large insurers to make sure you get the best policy and the best rate.
Q: How much will long term care cost me?
A: A national survey showed that home care can cost $35 per hour, assisted living can cost $3,000-$6000 per month and nursing home care can cost $6,000-$11,000 per month. How long will your life savings last at $73,000+ per year. Is it worth risking the 50:50 chance you'll need an average of 3 years of care at $200 per day? ($219,000)
Let's use an example of John and Mary. If both spouses spent an average of 3 years in care at $200/day. it would cost them $438,000 if they don't go bankrupt first and end up on Medicaid (welfare) and that's $438,000 that's not going to their heirs, and Medicaid expects to be reimbursed by John and Mary's estate.
So why don't more people insure? It's simply a matter of denial — "it won't happen to me" — because no one wants to think that they're going to need long term care so they just don't think about it and since they don't think about it they don't plan for it. Once you plan for it you will have peace of mind that your family will not be burdened.
Q: How much does a long term care insurance plan cost?
A: Like all insurance it depends on the benefits you choose. If you asked "how much would life insurance cost me?" we would have to know how much insurance you want and your health and age. Our clients' ages range from their 30s to 70s with monthly premiums range from under $100 to over $1,000 just like one person will have a $10,000 life insurance policy and another will have $10,000,000. You decide on how much insurance you want and can afford.
You design a plan for yourself by choosing your benefits. Since each person is different so might their long term care insurance plan, even couples may not have the same plan.
Q: What should I be aware of when planning a policy?
A: Here are the four most important parts of a plan and when you factor in your age then you can determine the premium.
1) Daily or Monthly Benefit (Depending on the cost of care in your area. Average cost is $200 per day)
2) Benefit Multiplier or how long benefits are paid. (You would consider your health and your family health history and the average claim is 3 yrs.)
3) Inflation Protection (under 65 years old we suggest Compound, 65-75 years Equal/Simple, over 75 years none.)
4) Elimination Period (EP), the deductible you pay (we suggest zero for home care)
Your plan design would look like this:
Daily Benefit + Multiplier + Inflation + EP + Age = Premium
NEXT STEP: Get a quote.
If you have already Pre-Qualified by email or phone the next step is to see if you are approved by underwriting. We will send you the appropriate forms to get you started on the underwriting process.
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