United Security Assurance temporarily suspended all sales of all Long-Term Care Insurance products as of May of 2020. Despite the suspension of sales, all current policies continue to be valid, and claims continue to be paid.
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 United Security Assurance and products available with other major companies.
NOTE: United Security Assurance has temporarily suspended all sales of all products. It is unknown when they will return their products to the market.
If you own a United Security Assurance Long-Term Care Insurance 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
United Security Assurance Features and Benefits
United Security Assurance offers several features and benefits consumers and Long-Term Care specialists alike look for in a long-term care insurance policy. They also offer a limited duration/short-term care product. These benefits include:
- Daily Benefit from $50 to $350 a day
- Elimination Periods of 40, 90, 120, and 180 days
- Inflation Benefits include 3% simple, 3% compound, 5% simple, and 5% compound
- Alternate Plan of Care
- Provider Network
- Impaired Risk Plan
- Critical Illness Plan
- Home Care Only Plan
The company also offered a higher health risk product with more limited benefits. If you have health issues that prevent you from obtaining coverage from another company, you MIGHT be able to get coverage from United Security Assurance.
Partnership Long-Term Care Insurance
United Security Assurance does offer Partnership Long-Term Care Insurance plans in most states. 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.
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.