Guarantee Trust Life (GTL) only offers limited benefit plans, not traditional Long-Term Care Insurance. However, these policies can be very valuable as a solution for extended care needs.
There are differences between the policy language and benefits between companies that offer these limited duration/short-term care products. Key differences do exist in this product category. It is essential to know and understand the differences between Aetna and other companies.
GTL offers several limited duration policies with expanded underwriting guidelines compared to policies offered by traditional long-term care insurance companies. GTL markets these policies as an affordable solution for people who may suffer from some chronic health issues, or who may be older and outside the age ranges of traditional plans, or who are looking for some extended care coverage at a lower cost. These policies can also be added to an older existing long-term care policy to provide additional benefits at a low cost.
The primary GTL product is a short-term home care only policy with limited home care benefits but at a very affordable cost.
GTL Short-Term Home Care Features:
- Daily Benefit options of $150, $300 or $450 a day depending on the type of provider used
- Benefit Period of 360 days
- Restoration of benefits
- Benefits for all areas of homecare
- Zero-Day Elimination Period
- Prescription Drug Indemnity Benefit of $600 a year
- Hospital Stay Indemnity Benefit of $100, $200, or $300 a day (3 or 6 days)
- Ambulance, Dental, and Vision Benefit Options
- Critical Accident Benefit Option
GTL, in some states, also offers a more comprehensive short-term care product that includes coverage for both facility care and home care.
- Facility Benefit from $50 a day to $300 a day
- Benefit Period of up to 360 days
- Home Care Benefit up to $75 per visit for up to 180 visits
- Elimination Periods of either 0 days or 20 days
- Inflation Benefit of either 5% simple or 5% compound
- Restoration of Benefits
- Spousal discounts
Since the GTL policy is not a traditional long-term care policy, it does not certify as a partnership policy under state and federal law.
Get more details on the partnership program by finding your state on the LTC NEWS MAP. You can get the current and future cost of long-term care services where you live, along with the availability of partnership plans and tax incentives by clicking here.
Significant premium differences exist between companies for the same benefits. Both limited duration policies and Long-Term Care Insurance premiums are calculated based on your selection of benefit levels you wish to have in place.
Premium calculations are based on your age and health at the time of application. Plus, you may qualify for discounts which might be available.
Every company has its own underwriting rules which determine insurability and rate class. An experienced Long-Term Care Insurance specialist will understand these underwriting rules when helping you select the best company and policy options.
You can find a qualified specialist who represents the major insurance companies that offer these products by clicking here.
Keep in mind, numerous state and federal regulations impact both limited duration policies and Long-Term Care Insurance. However, options and benefits do vary from company to company. Be sure to seek the assistance of a qualified Long-Term Care Specialist to compare the features, benefits, and costs of each policy.
Since your health is a primary consideration in determining your eligibility for coverage, it is always best to start planning before retirement when health is usually better. A Long-Term Care Specialist will ask you several detailed questions about your health to make the appropriate recommendation.
Please note: Since every company has different underwriting rules, you could be eligible for coverage with one company and not another.
Because limited duration/short-term care insurance, like Long-Term Care Insurance, is custom-designed, you can design the plan to fit your specific needs, concerns, and budget. A specialist will help you create your plan to address your concerns. Generally, you can design a plan to meet some or all of these common goals:
- Safeguard income and savings
- Protect the lifestyle of your spouse/partner
- Provide options for quality care
- Reduce the stress and burdens otherwise placed on family members
- Give your adult children time to be family
- Provide a legacy for loved ones
State variations may apply.