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TRADITIONAL LONG TERM CARE INSURANCE

The Least Expensive way to Plan for Long Term Care with Tax Free Benefits!

BENEFITS OF TRADITIONAL LTC INSURANCE

Tax Free Benefits

Benefits received to pay for tax qualified long term care services are income tax free.

State Partnership Benefits

Protect your assets from Medicaid spend-down requirements when your coverage is exhausted.

Stay at Home

Benefits are paid for care to help you stay at home where you are safe and comfortable.

WHAT IS TRADITIONAL LONG TERM CARE INSURANCE

Traditional Long Term Care is insurance that solely provides long term care benefits.
Stand-Alone or Traditional LTC Insurance is what most people think of when long term care insurance is discussed. This type of insurance provides only long term care benefits and therefore, will generally provide more benefits than other types of hybrid coverage available in this market. If you require long term care services in the future, benefits will be paid to cover those expenses up to the maximum benefits allowable in the policy.

WHO NEEDS TRADITIONAL LONG TERM CARE INSURANCE

Traditional Long Term Care Insurance is best for those who want to pay the lowest premium!

Traditional LTC insurance premiums are generally paid over your lifetime and can be increased by the insurance company. Premiums are less expensive initially than the hybrid types of coverage available in the market.  If you don't care about the additional benefits provided by these hybrid plans then Traditional LTC insurance is for you!  Premiums may be waived when care is received.  Premiums are not returned if care is never needed. 

HOW DOES TRADITIONAL LTC INSURANCE WORK

Traditional Long Term Care Insurance pays for your care in the setting of your choice.
This type of coverage is designed to pay a monthly benefit to reimburse you for qualified long term care expenses when care is needed. Most policies offer between $1,500 - $10,000 per month in benefits. These monthly benefits will be paid until the total maximum benefits purchased in the policy are exhausted. Most policies will offer between $36,000 - $750,00 in total maximum benefits payable. The types of care covered include home health care, adult day care, as well as assisted living and nursing facilities.

TRADITIONAL LTC INSURANCE PROS & CONS

LONG TERM CARE ANNUITY PROS and CONS
Stand Alone or Traditional Long Term Care Insurance is an excellent solution for those who want to get the most long term care benefits for their money and who are healthy enough to pass the medical standards.
Pros
  • You will receive the most long term care benefits for your premium initially.
  • Married individuals will receive premium discounts and can share benefits with their spouse.
  • You will receive asset protection from your state's Medicaid spend-down requirements if you ever exhaust the benefits in your coverage.
  • Premiums are waived once you qualify for benefits.
Cons
  • Premiums are not guaranteed and can rise over time.
  • If you never need long term care services you will not receive any benefits from your coverage.
  • You need to meet the medical standards in order to qualify for coverage.
  • Only qualified long term care services are covered.
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