Long Term Care Insurance Options

Does Health Insurance Pay for Long Term Care? (Part 5 of 6)

One of the things that distinguishes our organization is we have 20 years of experience with long term care. We deal with all the major carriers in the LTC marketplace, and we truly do not care where the business goes. Many times what we do is a direct result of how the client presents medically.

Remember, as we've referenced earlier, we need to take the client to the carrier that is most amenable to their medical history. If there is no medical history, they will likely have a lot of options. If there is medical history, it almost begets a second strategy for us to take them to the carrier that is most amenable to their medical history. Another thing that distinguishes us is this is all we've done for 20 years. We have a system in place that as long as it's followed, most of the time we get an excellent outcome for the client provided they provide us with the right information.

It is important at our organization that we have complete command of the client's medical history so that we represent them transparently to the LTC marketplace. But also that we take them to the carrier that is most amenable and most fits their underwriting history. After this, there are issues related to funding. Many are unaware that you can write one check and be done with your long term care plan.

In terms of payment, you could pay over five years and be done in terms of payment. You could pay over 10 years and be done with the payment or 20 years. This could be of interest to a person of wealth or to a high earning executive in their high earning years. A payment strategy contemplated for the client is very important. They may choose to do the pay you go where the pay to age 95 or to pay until they go on claim or to pay until the end of their life.

If they're high earners, they will want to at least be made aware of the single pay option. The five-year pay option, the ten-year pay option and the twenty-year pay option in conjunction with the pay for life option that we just referenced earlier. In another video, we will cover some additional reasons as to why people don't contemplate or purchase long term care.