I started my financial services career in 1997 because of a long term care emergency that happened to my wife’s grandmother. The short of the story is…Alzheimer’s care for 5 years at a cost to the family of 250K. My own mother recently passed away from Alzheimer’s too… I cannot stress the importance of long term care planning within your retirement and estate planning. The statistics are real and the cost of care continues to outpace inflation. We provide a link to the US Department of Health and Human Services for further non-bias education on long term care planning:
http://www.longtermcare.gov/LTC/
DTRT Insurance Services works through individual companies and is associated with two of the largest insurance general agents in the US. This provides us access to all the insurance companies listed below.
Long Term Insurance Companies:
- Genworth LTC ( Stand Alone LTC or Life Insurance Product)
- John Hancock LTC
- MassMutual
- Mutual of Omaha
- Lincoln LTC (Moneyguard, Life Insurance Product)
Long term care products are complex. There are many moving parts or variables to be taken in consideration. Policy design can be and should be different for each client. When you have to take into account client assets, cost of care (now / future), health conditions, family structure, health history, along with the ever changing Medicare/Medicaid landscape. You need help in making this decision. You really need a long term care professional.
Then after you go through the planning process you must go through the underwriting process, unless you have access to a group plan. Underwriting? Yes. You have to qualify for long term care insurance policy. All long term care insurance companies underwrite differently. Some take more risk than others. By working with DTRT insurance services professional you will save time and money. You will get the best policy and the best rate class (price) from an outstanding A- rated or better company. Also, if you have had a hard time qualifying / rated for LTC insurance, the independent general agents have dedicated teams for special underwriting cases. We actually go shop potential offers from companies.
Long Term Care insurance has only been around since the 70’s. The products continue to evolve from use it or lose it policies to new life insurance products such as Lincoln LTC “Moneyguard” which is a life insurance product which has a guaranteed cash value component with a rider for long term care. We hope DTRT can guide you through the Long Term Care Planning Process.
