There are differences between the policy language and benefits between companies that offer Long-Term Care Insurance although the major benefit options are often similar. However, key differences do exist. It is important to know and understand the differences between LifeSecure and other major companies.
LifeSecure, founded in 2006, is owned by Blue Cross Blue Shield of Michigan. They have an outstanding reputation for providing quality products and customer service. Their current long-term care product has more limited features and benefits compared to other companies. The pricing is moderate compared to other companies.
LifeSecure announced in November 2016 that they would focus their long-term care business to employer benefits. They no longer offer individual policies outside of an approved employer group. Generally, the policy is offered as a voluntary benefit paid for by the employee. However, if a policyholder leaves their job the policy can be maintained. Like all long-term care insurance policies, the policy is guaranteed renewable for life. The policy may never be canceled unless you fail to pay the premium.
You have very few options. You get to choose from a number of monthly benefits and inflation options. The policy covers homecare, adult daycare facilities, assisted living, memory care, and nursing home care.
The policy features a “cash alternative” which allows the covered individual to receive 30% of what is normally allowed in cash at the time of claim.
It has a 90 day “benefit wait period”, usually referred to as an “elimination period”. Think of this as a deductible based on days, not dollars. This 90-day period is waived if you require care suddenly due to an accidental injury or stroke.
LifeSecure, like many companies, offer partnership benefits. Learn more about the federal/state partnership program here: https://mccannltc.net/resources/faq/state-partnership-program
Companies have significant premium differences. Premiums are based on the amount of benefits you wish to have along with your AGE, HEALTH and specific discounts you might qualify for.
Underwriting criteria – which health conditions you have today that might be insurable will vary between companies. Matt McCann understands the underwriting guidelines for LifeSecure and all the major companies in order to match you with the best and most affordable option.
Discover the differences and compare. Matt, with his years of experience (since 1998) will help you determine if coverage is suitable for you if your health qualifies for coverage and then recommend appropriate benefits and options.
Features, benefits and additional options can vary from company to company. Some options like shared care benefits are options Matt McCann recommends often and other options might not be in your best interest. Substantial premium differences exist between this plan and others. This is why you should seek the assistance of a qualified Long-Term Care Specialist to compare features, benefits, and costs.
As a nationally recognized Long-Term Care specialist, Matt McCann works with all the major companies in the industry and can compare features and benefits as well as the costs between the plans. Plus, his claims assistance can help you design an appropriate plan which fits your needs and budget.
Long-Term Care Insurance is custom designed specific to you. Matt’s general philosophy is to design an affordable plan with the best company available (based on your current age and health) so you can take a catastrophic situation and make it manageable. The idea: Safeguard your retirement funds (401(k) IRA 403(b) while reducing the tremendous burdens that are placed on your family when you have an aging or health issue and need extended care.
State variations may apply.
Long-Term Care Insurance is Easy and Affordable Asset Protection. Most people are surprised how affordable a plan can be especially if you obtain coverage before you retire when you are in good health.