Are all Long-Term Care Insurance policies the same?

While policies typically share core benefits, they are not all the same. However, tax-qualified Long-Term Care Insurance policies must meet federal guidelines under Section 7702(b) of federal code.

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Is Long-Term Care Insurance Expensive?

For most people, Long-Term Care Insurance is affordable. However, several factors impact the cost of a policy, including your age, health, and policy design.

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Who should I seek help from when shopping for Long-Term Care Insurance?

Many people will turn to their financial advisor for long-term health care planning. This can make sense since asset protection is one of many reasons people turn to LTC Insurance. However, advisors often provide inaccurate information that can drastically affect the insurance policy's cost and/or usefulness when the time comes for care.

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What are the major parts of a Long-Term Care Insurance Policy?

There are many characteristics of an LTC Insurance policy. Because of government regulation, there are more similarities than differences between Long-Term Care Insurance policies. Let's review the items a majority of policies include.

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Do I have to report benefits from a Long-Term Care Insurance policy to the IRS?

Generally, no. Tax-qualified Long-Term Care Insurance benefits come to you tax-free. Insurance companies that pay long-term care insurance benefits are required by the Internal Revenue Service (IRS) to provide claimants with a 1099 LTC. This form is used to report the payments made under a long-term care insurance contract. Insurance companies usually issue these 1099 LTC Forms in January for the prior tax year.

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Can my insurance premiums go up?

Most Long-Term Care Insurance policies are intended to have level premiums. Today's LTC Insurance is priced based on rate stability rules required in most states and based on the low-interest rate environment and other factors that older legacy policies didn't consider.

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What is the State Long-Term Care Partnership Program?

Partnership policies look and act the same as any other long-term care policies. However, they provide additional asset protection as a reward for people who have planned for the cost of future long-term health care.

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Is there a cost to working with Matt McCann?

No, there is no cost to you at all. Matt represents all the top companies that offer long-term health care solutions. He will discuss your options with you when you make an appointment. There is no charge for his advice.

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Will my Long-Term Care Insurance policy still work if I move in the future?

Yes, Long-Term Care Insurance policies are valid anywhere in the United States and U.S. territories. There is no change in premium if you move in the future.

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When is the best time to purchase Long-Term Care Insurance?

Long-Term Care Insurance is medically underwritten, so you need reasonably good health to qualify for coverage. Most people obtain coverage in their 50s.

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