There are variations between the policy language and benefits between the many companies that offer Long-Term Care Insurance; however, the primary features and benefit choices are comparable from company to company. Premiums and underwriting criteria vary dramatically between insurance companies.
When comparing long-term care insurance, you should recognize the differences between the Knights of Columbus and other companies.
You must be a member, or a spouse of a member of this fraternal service organization, to apply for insurance products. The Knights of Columbus are a Catholic-based Fraternal Organization engaged in charity and are the world's largest Roman Catholic fraternal service organization. Knights of Columbus Insurance primarily sells life insurance and annuities to their members.
Knights of Columbus Features and Benefits:
- Monthly Benefit from $1500 to $15,000
- Pool of Money Established with a 3, 5, or 10 Year Benefit Periods
- Facility Only or Comprehensive Coverage Options
- Inflation Options include 3% and 5% compounded and a Future Purchase Option
- Elimination period options include 30, 90, and 180 days
- Home modifications
- Case Management
- Spousal discounts
- Shared Spousal Benefit Option (limits options and selection means you loose spousal discounts)
The policy includes "usual and customary" language. At the time of claim, no matter what benefit you have available and the actual cost of care being charged, the insurance company will determine if the charge is "usual and customary." For long-term care insurance, this is an unusual provision that can limit the benefit you have available at the time of claim.
The Knights of Columbus does not offer partnership policies, unlike many companies. Without the partnership certification, you lose the additional dollar-for-dollar asset protection.
You can learn more about the federal/state partnership program by finding your state on the LTC NEWS MAP. Find 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.
Keep in mind, numerous state and federal regulations impact Long-Term Care Insurance. Each state's department of insurance regulates premiums. Because of regulation, an insurance agent or financial advisor cannot give a consumer a special discount which is not available otherwise.
There are more similarities than differences when it comes to features and benefits. However, options and benefits do vary from company to company. Premiums can vary between companies by over 100% when comparing equal benefits.
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 by clicking here.
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 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.