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, and it is essential to know and understand the differences between GTL products 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 existing older Long-Term Care policy to provide additional benefits at a low cost.
The primary GTL product is a short-term home health care only policy with limited benefits but at a very affordable cost.
They have two primary plans:
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 Home Health Secure
This GTL product requires membership in the Aging at Home Association and is included in the premium. It features:
- Weekly Cash Benefits from $400 to $1200 a week
- Initial Benefit Account Ranging from $20,000 to $60,000
- Optional 3% Simple Inflation Benefit
- Free Annual Access to 'Total Well Being' Health Assessment
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
GTL Plans Not Partnership Certified
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.
You can learn more about the federal/state partnership program and other state-specific information on long-term care by finding your state on the LTC NEWS Cost of Care Calculator.
Find State-Specific Information
You can learn more about the federal/state partnership program by going to the LTC NEWS Cost of Calculator. Each state has a state-specific page that includes the current and future cost of long-term care services, available tax incentives, information on care providers, and other important information - Cost of Care Calculator - Choose Your State | LTC News.
If you own a GTL policy and seek help submitting a claim, LTC NEWS offers free - no-obligation assistance - including help finding quality caregivers and facilities. Since most agents have little or no experience in this area, this assistance can be beneficial for the entire family - Filing a Long-Term Care Insurance Claim | LTC News
Shopping for Long-Term Care Insurance?
When shopping for Long-Term Care Insurance coverage, keep in mind, numerous state and federal regulations impact Long-Term Care Insurance. Each state's department of insurance regulates products and premiums. Because of regulation, an insurance agent, agency, or financial advisor cannot give a consumer a special discount that is not available otherwise.
Be sure to use all the tools and resources available on LTC NEWS to help you in your research - Resources for Long-Term Care Planning | LTC News.
There are more similarities than differences when it comes to features and benefits. However, options and benefits vary from company to company, and premiums can vary between companies by over 100% when comparing equal benefits.
Long-Term Care Insurance is medically underwritten, and 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.
Be sure to seek the assistance of a qualified Long-Term Care Specialist to compare the features, benefits, and costs of each policy. You can find a trusted and qualified specialist representing the major insurance companies that offer these products - Work With a Specialist | LTC News.
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. An experienced Long-Term Care Insurance specialist will ask you several questions about your health to provide you with accurate quotes and professional recommendations.
Please note: Since every company has different underwriting rules, you could be eligible for coverage with one company and not another.
Because 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 develop 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.