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Long Term Care Insurance and Options

Why is Long Term Care Important?

Long Term Care can be a very important component of what happens to your assets in retirement.  Please click on the button below to learn more about thoughts around controlling your care and asset preservation.

Why is Long Term Care Insurance Important?

Gap In Retirement Strategy

Please click on the button below to listen to a 20 minute plus video on the Gap In Retirement Strategy.  We found it very beneficial in heloing our clients understand why Long Term Care Insurance is an important part of any retirement plan.

Video

How Much Could Long Term Care Cost?

How How much could Long Term Care Cost?  Click on the link below to see what the cost of care could be in different parts of the country.  Click on the state, click on details, select a region and you can even future costs.  

Cost of Care

A Deeper Dive Into Your Cost of Care

We have partnered with Nationwide Retirement Institute to help determine a family's retirement costs for medical expenses as well as Long Term Care. Click on the link for the questionnaire that the client completes so the analysis can be constructed. Once Connect Financial Group, LLC receives the form, we will get it to Nationwide and have the results within 7 business days.  Nationwide Healthcare/LTC Fact Finder     

Features of Long Term Care Insurance

Long Term Care Insurance has lots of variables and options for a client to consider.  First of all, there are different age limits that carriers have.  Also, there are different types of policies.  Traditional Long Term Care, Life Insurance with a Long Term Care Rider, Hybrid Policies and Long Term Care Annuities.  For more information on the 4 different types, please click this link.  4 Different Types of Long Term Care Policies

Some of the characteristics of Long Term Care Policies include:  Elimination Period - which is the length of time before benefits will be paid, Benefit Period - this can range from 2 years to 7 years based on carrier, Benefit Amount- the amount of benefit the policy could payout monthly or annually.  Inflation Rider an increase on the original monthly benefit designed to cover the rising costs of coverage.

In order to receive the benefit, please click on this link explaining what the criteria are. Criteria to Start a Claim 

Another consideration to consider is reimbursement versus indemnity.  Please click on the link to see the difference.Reimbursement vs Indemnity  


Carriers

There have been many carriers that have offered Long Term Care and have exited the field.  We work with carriers that have been stable and match the clients needs to the carrier and product offered.  Some of the carriers we work with are:  Mutual of Omaha, One America, Nationwide and Securian.  

Are There Any Options If I Can't Get Long Term Care Insurance?

The short answer is Yes.  If you are ineligible for Long Term Care Insurance, there is a Long Term Care Service plan through True Freedom Home Care Services.  True Freedom is not insurance but a service plan.  There are no age limits and no medical exams.  Contact Henry Mondschein for more details about this plan.  Please click on the link for their brochure.  True Freedom Brochure