Tailoring your policy

A “perfect” long-term care policy?

If you could design “perfect” long term care coverage for yourself, what would it look like? I recently asked someone this question and she said: “It should have premiums that are guaranteed to never go up.  It should be able to return most, if not all, of my premiums to my heirs if I never […]

How much does long-term care insurance cost?

Here are a few facts which may surprise you: Long-term care insurance is very flexible.  Every long-term care policy gives you many choices for your benefits.  You choose your:  Daily Benefit, Inflation Benefit, Policy Limit, and Elimination Period.  The richer the benefits you choose, the higher your premium.  The more modest the benefits you choose, the […]

10 ways to reduce your taxes with long-term care insurance

There are now 10 tax-friendly ways to pay long-term care insurance premiums.  Depending on your situation, you could save hundreds (possibly thousands) of dollars in income taxes over several years by applying just one of these methods. Caveat:  I’m not a tax advisor.  Each of these situations has additional requirements and you need to make […]

How much and when can long-term care insurance premiums be increased?

How much (and when) can long-term care insurance premiums be increased? It depends upon the type of the policy you buy. There are two types of long-term care policies that can never have a rate increase: Single-pay long-term care policies and Limited pay long-term care policies with corresponding rate guarantees. Single-pay long-term care policies are […]

Can a long-term care insurance policy pay a family member to care for me?

Can a long-term care insurance policy pay a relative to care for you? It depends upon the policy. Most long-term care policies are “reimbursement” policies.  A “reimbursement” policy will only pay benefits after you’ve received care from a “qualified care provider.” With most “reimbursement policies”, a relative cannot be a “qualified care provider”. Under certain […]