Long-Term Care

Traditional long-term care insurance (LTC) helps cover costs that are not generally provided by health insurance, Medicare, or Medicaid. Long-term care insurance helps provide for the cost of chronic illnesses, disabilities or other conditions when care is required over an extended period of time. This insurance may help provide skilled care for daily activities such as bathing, dressing and eating from nurses, therapists or other professionals.

Traditional long-term care insurance is great for clients looking for the following:

  • Want to protect their assets/estate
  • Have assets greater than $75,000
  • Are up to age 79

Traditional Long-Term Care Insurance Product Specifications

Traditional long-term care insurance usually provides the most comprehensive coverage for the cost. Long-term care insurance can cover home care, assisted living, adult daycare, respite care, hospice care, nursing home care, and Alzheimer’s facilities. If home care coverage is purchased, long-term care insurance can pay for home care, often from the first day it is needed.

Many traditional long-term care policies use the person’s inability to perform certain “activities of daily living’’ (“ADLs”) as one trigger to determine if the policyholder is eligible for the LTC benefit. ADLs are (i) bathing, (ii) continence, (iii) dressing, (iv) eating, (v) toileting, and (vi) transferring (i.e., moving from one place to another). Most long-term care policies will pay benefits when one cannot do two of the six activities of daily living, but this may vary depending upon the individual’s policy.

Another trigger that can be used is when the policyholder needs substantial assistance for a designated period of time due to “cognitive impairment”. Premiums paid on traditional long-term care insurance policies may also be eligible for an income tax deduction.

  • Issue ages: 18 – 79 years
  • Benefit period: 1 – 6 years
  • Monthly benefit amounts available: $1,500 – $15,000
  • Elimination period: 0 – 365 days
  • Payment duration: lifetime
  • Return of premium available
  • Tax advantages
  • Exam usually required

Purchasing Traditional Long-Term Care Insurance Through RetireOne

Simply fill out a few questions and one of our experts will call you to complete the process. Traditional LTC requires a medical exam. Asset Based LTC only requires a brief phone interview and no exam. You can also call one of our experts at your convenience.

Book some Time

Our licensed experts will review a client annuity, service an existing account, or simply present an overview of the RetireOne platform.