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: As of this update: May 2020, United Security Assurance has temporarily suspended all sales of all products.
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 offers a higher health risk product with more limited benefits. If you have health issues which prevent you from obtaining coverage from another company, you MIGHT be able to obtain coverage from United Security Assurance.
United Security Assurance does offer Partnership Long-Term Care Insurance plans in most states. Partnership policies provide 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.