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Protect your savings with Long Term Care Insurance!

 “Long-term care costs are the black hole of retirement planning." 

-  Money Magazine online article by Phil Moeller 2-10-15

Long-Term Care Insurance – Traditional Long Term Care insurance creates a pool of money available for to pay for any needed long term care services. Premiums may be paid monthly, quarterly or annually.  You determine policy’s monthly benefit, duration and waiting period at time of purchase according to your needs and budget. Inflation protection can be added to increase your policy amount over time to help keep up with rising costs

Hybrid Long-Term Care Plans - If you would like to have both long-term care insurance and life insurance, you may want to consider a linked-benefit (hybrid) policy that will provide long-term care benefits if you need them and a life insurance benefit if you don't.  Typically these policies allow you to leverage your initial investment to about 1.5 X face value (or more) for life insurance and up to 6X face value for long term care benefits.  Some policies allow monthly or a series of periodic payments, while others require a 1 time full payment at time of issue. Many people find this is a good way to re-position an underperforming asset such as a low yield CD or money market account and get more “bang for the buck”

Often people say “I don’t need any more life insurance” but have assets earmarked to pass to family, heirs or a charity. Consider this:

  • In all 50 states, in most normal circumstances, life insurance proceeds pass to the beneficiary without probate; tax free and within approximately 30 days.
  • All other assets are subject to probate, which will take months at a minimum, income taxes ( if from an IRA), and up to 50% estate tax*

  • Life insurance can be the “silver bullet” of estate planning

*For general information only. Not intended to be tax advice. For specific advice consult your tax professional

State Partnership Plans
- In the “Deficit Reduction act of 2005” the federal government made it more difficult to qualify for Medicaid paid long term care benefits, and also expanded the state “Partnership” long term care programs. 38 states have “Partnership” programs which create a collaboration or “Partnership” between the state and private insurance companies, to give individual state residents an “incentive” to purchase private long term care insurance.

Without a partnership qualified long term care policy, a person would have to “spend down” their own assets to almost nothing before qualifying for Medicaid long term care benefits. With a Partnership qualified LTC policy, you can keep personal assets in the amount of you policy and still qualify for Medicaid benefits.

Partnership qualified policies must meet special requirements that can differ somewhat from State to State, but in general all must offer comprehensive benefits covering both institutional and in-home care, be tax qualified, provide specific consumer protections and include State specific provisions for inflation protection.

For more complete information on State Partnership programs Below to download a free copy of “What you need to know about the Partnership for Long Term Care” for North Carolina or South Carolina

What you need to know about the North Carolina Partnership for Long Term Care

What you need to know about the South Carolina Partnership for Long Term Care


Short Term Care Plans – Short term care plans can be used it fill in the gap between Medicare and Long Term Care coverage or to offer meaningful coverage to someone who does not medically qualify for traditional Long Term Care Coverage:

Fill in the Gap- Often people will choose to make their traditional LTC policy more affordable by extending the “elimination period” the waiting period between when you need care and when your policy kicks in. A short term care policy can be an affordable “bridge” between Medicare and LTC or can extend the coverage time of your LTC policy by covering the first year of needed services.
Not medically able to get traditional LTC coverage- All traditional LTC policies are medically underwritten, and rates depend on your age. Not everyone will qualify. For those who have health challenges, short term care coverage can be a very good option.


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