Q and A on Long Term Care Insurance quotes we sent:
Wow what a big package! Yes I saw the long term care insurance quotes, and I looked through the materials.
I am interested in long term care. Since it is a major investment I would like to know what it buys when I pick one of the long term care insurance quotes you presented.
About a year ago I looked into John Hancock long term care insurance quotes in some detail. What I liked was that they got involved in making a plan for care. That plan was devised from the beginning, before any 90 or whatever day waiting period went by. It seems like if I am incapacitated, that help would be very valuable.
It also seemed that you could buy a policy for a fixed number of years, say three years, and if you didn’t use all of the coverage in that time, they would continue to pay until the amount of your coverage was spent or until death. That seemed to be a positive part of their offering. Also, if I needed coverage for a year or two ten years from now due to an accident or illness from which I recover, they would cover me if I satisfied the conditions, and coverage would stop if I improved, and then later, coverage would continue if I again satisfied the requirements. That was a positive part of their long term care insurance quotes offering.
Another thing I liked about their long term care insurance quotes is they had an option for automatic 5% per year coverage increase. In twenty to thirty years, care will cost double or triple what it costs now. Overall, it seemed like it would make sense to buy a policy with something like a 90 day waiting period to keep costs down, and buy an affordable amount of coverage with the automatic inflation protection.
A negative of their plans was that you have to send in a bill to get reimbursed for every episode of covered care. This seems like a big hassle for somebody who is so incapacitated that they need care. I have heard there are plans that pay out a lump sum when the insured satisfies the criteria for needing long term care.
Among the long term care insurance quotes you sent, I think I saw a couple with the fixed inflation protection as an option. Do you know what plan or plans is most aligned with the aspects that I like as noted above?
Hi Chris, I’m glad you found the package in good order. All of the companies we sent work the same way in that they will pay benefits once the elimination period is satisfied and you just have to meet it once in a lifetime. The benefits are also pooled meaning at the end of the third year on claims of your three year benefit period plan if there is money still left ion your policy you can use it until it runs out.
We ran these long term care insurance quotes with the 3% compound growth inflation protection rider because we’ve been in such a low interest rate environment for so long. Plus, the insurance companies are now charging double in the long term care insurance quotes for the 5% comp rider compared to when you looked at it a few years ago.
You do have to submit receipts to be reimbursed but there is also an option to have the insurance company pay the assisted living facility or home health care agency directly so you don’t have to mess with the bills.
As far as the lump sum plans there are hybrid life/ltc insurance plans where you put in say $10,000 for ten years and the thing is paid off. Then if you need care by age ninety you’d have about four times what you put in to pay for care, if you died and never used it about four times would go back to the family and a cash out value where you could simply take it all out and do what you want with the money. Maybe 25% of our clients will choose this option but the rest still go with the traditional plans we sent. We can email you info on this if you like so just let me know.
I think Transamerica or Mutual of Omaha’s long term care insurance quotes be spot on match what you are looking for.
If you are reading this and want to get your own long term care insurance quotes mailed out to you, maybe try us out by visiting our site: