LTC Insurance Options

The "Key 4" building blocks of a long term care insurance policy:

Long term care insurance policies have 4 key benefit choices for you to make:

1.  Daily benefit:  The amount of money you wish to receive for your daily cost of care

2.  Benefit period----How many years you wish your policy to provide long term care benefits to you

3.  Waiting period----the number of days you can afford to wait prior to receiving beneifts once you need care

4.  Inflation protection----how you wish to increase your benefits on an annual basis to keep up with inflation

Of course long term care insurance companies offer many optional riders, as well.  "Bells and whistles," so to speak.  The above 4 building blocks are what is most important in a long term care insurance policy and what you should focus your choices on if you wish to make the best long term care choices for yourself..

How is my total coverage calculated in my long term care insurance policy?

Your policy’s benefit amount or “Pool of Money” is calculated by multiplying your daily benefit by the number of days in your benefit period.

For example: $200.00 daily benefit x 3 year benefit period x 365 days = $219,000 pool of money.  (200 x 3 x 365)

A policy with a monthly benefit calculates the pool of money in the same fashion.

For example: $6000 monthly benfit x 3 year benefit period x 12 months = $216,000 pool of money (6000 x 3 x 12)

When thinking about your best long term care insurance policy options, you should consider:

•Current cost of long term care where you live, or where you plan to retire.

The average daily cost of care nationwide is $206.00, however the cost of care will vary depending upon where you live.

To find out the average cost of long term care in your State download our Cost of Care PDF.

•The length of time you wish to be covered should you need long term care.

The average long term care need is about 3 years, and 90 percent of all claims are less than 5 years. Your needs and your personal experiences may be different than the average, however. You may, for example, wish to account for a family history of Alzheimer’s or Parkinson’s disease.

•Your income and investment resources.

You may be able to handle a portion of the cost of your long term care, or you may wish to have full coverage.

•Your current age, and your genes.

You may have longevity in your genes and you may not expect to need your long term care policy for years. Is it important for your long term care insurance benefits to keep up with inflation?

LTC Partner is an experienced independent long term care insurance agency and would be happy to guide you through your policy options. LTC Partner works with all of the best long term care insurance companies and can provide you with quotes from the best LTC insurance companies based upon your desired benefits. To receive your free long term care insurance quote please complete your request or you may call us toll free direct at 800-891-5824.