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Making Long Term Care Insurance Easier ^sm

 

The Guidebook for
Making Long Term Care Insurance Easier

by Scott A. Olson, CLTC

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The Guidebook for

Making
Long Term Care
Insurance
Easier

by Scott A. Olson, CLTC

© 2006 - Scott A. Olson, CLTC
All rights reserved.

Making Designing Your Policy  Easier      

Step A: Choose your 5, “Foundational Features”

#1: In which locations will the policy pay benefits for
qualified care you receive?

#2: How much will the policy pay for each day that
you receive qualified care?

#3: How will the policy’s benefits grow in order to try
to keep pace with inflation?

#4: For how long can the policy pay benefits while you
qualify to receive benefits?

#5: For how many days will you receive qualified care
before the policy can begin to pay benefits?

 Step B: Which “Tailored Features” are important?

#1: Do you own your own business? 
Can you use a tax deduction?

#2: Is it very important for your policy to pay benefits
for qualified care received outside the United States?

#3: Is it very important for your policy to be able to pay
a relative to care for you?  

#4: Is it very important that your policy be able to pay for
      short-term care at home?

Step C: Don’t get mired by “Ancillary Features”

 

Making the Shopping Process  Easier        

ü      Why do some policies cost as much as 50% MORE?
(even though they don’t offer more benefit)

ü      The best age to purchase long term care insurance is?

ü      Why are Individual LTCi policies often better than Group LTCi policies?

ü      Group LTCi vs. Individual LTCi... a real-life comparison

 

Quick Tips                                                

ü      Quick Tips for Maximizing your LTCi benefits
while minimizing your LTCi premium

ü      Quick Tips for Shopping for a LTCi Policy

ü      Easy Comparison of 6 Different Kinds of Automatic Inflation Benefit

                               

Contact the Author for Speaking Engagements

Shopping Tip #1: 

“Why do some policies cost as
much as 50% MORE?”

(even though they don’t offer more benefits)

Why do the premiums vary so much?

Ø      Some policies cost 10% to 35% more for someone taking blood pressure medications.  Other policies don’t. 

Ø      Some policies cost 25% to 50% more for someone who is overweight.  Other policies don’t. 

Ø      Some policies cost up to 35% more for someone who has used tobacco.  Other policies don’t. 

Ø      Some policies give a 10% discount to those in great health. 

Ø      Other policies have preferred health discounts as high as 35%. 

Ø      Each policy has a unique way of calculating your premium if you have a history of cancer, stroke, osteoporosis, diabetes, arthritis, etc…

 

How do the Foundational Features affect the premium?

Each long term care insurance policy has a different way of calculating the premium depending upon the Foundational Features you choose. 

5-Year Benefit Period vs. Lifetime Benefit Period: 

Ø      With one policy, the ‘Lifetime Benefit Period’ could cost 15% more than a ‘5-year Benefit Period’. 

Ø      Whereas, with another policy, the ‘Lifetime Benefit Period’ could cost 35% more than a ‘5-year Benefit Period’.

 

5% Compound vs. 5% Simple:    

Ø      With one policy, for a 55-year old, the ‘5% Compound Automatic Inflation Benefit’ could cost 20% more than the same policy with a ‘5% Simple Inflation Benefit’. 
 

Ø      Whereas, with another policy, for the same 55-year old, the ‘5% Compound Inflation Benefit’ could cost 50% more than the same policy with a  ‘5% Simple Inflation Benefit’.