What is the policy's daily benefit amount?
Nursing Home $_________________
Home Health Care _______________

How long will the benefits last?(3 years, 5 years, unlimited etc)
Nursing Home ________________
Home _________________________

Is there a maximum lifetime benefit?($200,000?  1,000,000 etc)
Nursing Home  $_______________
At home _______________________

What is the deductible/elimination period? (30, 60, 90, 365 days etc)
(How long must I wait before benefits begin, paying privately for the interim?)
Nursing Home ______________________
Home ______________________________

Is the policy guaranteed renewable?
(A guaranteed renewable policy cannot be canceled for any reason--such as infirmity, old age, disability-- as long as you pay your premiums and are truthful on the
application)
Yes     No

Is there an inflation adjustment feature?
(This feature ensures that your benefits will keep pace with rising costs of health care and inflation)
Simple      Compound     On Request    No inflation adjustment

Is there a non-forfeiture benefit?
(This benefit provides a cash value which is a percent of the sum of premiums paid by you if you decide to discontinue your coverage)
Yes    No   Death Benefit?

Is there a waiver of premium?
(This provision allows you to stop paying premiums when you are receiving benefits)
Yes      No
Finally:
How much does the policy cost?
$________________________

Other policy options      Additional Cost
____________________      _________________
_____________________      __________________
____________________      __________________

Talk with several companies to compare benefits and prices which can differ dramatically and be sure to only do business with stable, established companies and agents!

Insurance companies, of course, need to be able to measure the risk of providing you a policy.  Any chronic/progressive conditions can prohibit an insurance company from accepting you for LTC insurance coverage.  Some will offer you a policy, but at a much higher premium.  Be prepared for the underwriting process which often includes providing direct information from you medical records as well as a face-to-face interview with a company representative.  Be sure to answer all questions truthfully.  If you do not fully disclose your health status on the application, a company has the right to rescind or cancel your policy (and return your paid
premium).

Discuss with your insurance professional whether there is a partnership* plan in your state which may be the best type of plan for you.

For residents of NY state :  NYS would rather you not rely on Medicaid to fund your long term care expenses.  They have, therefore, designed a program which combines state government and insurance companies in a policy "partnership".  A certified Partnership policy allows you to shelter your assets despite your need for long term care.  Once the policy benefits are exhausted, the beneficiary can apply for Medicaid and still be able to protect remaining assets.  The
beneficiary, however, must be willing to contribute his or her income towards the cost of care.  A Partnership policy allows you full control over your assets and helps you to buy the kind of care you prefer for the time the policy is in effect.  Other states are in the process of developing partnership programs.
For more information on partnership programs visit: http://www.nyspltc.org/

Tax Incentives:
Because the state and federal governments are trying to preserve the Medicare and Medicaid system, they fully support the purchase of private long term care insurance.  The law provides incentives to purchasers of qualified * LTC insurance plans in the form of tax deductions.  If your itemized medical expenses are greater than 7.5% of your adjusted gross income, the following portion of your premium can be included:
For those up to age 40         $200
                           41-50         375
                           51-60         750
                           61-70       2000
                            70+         2500
*qualified means that the plan meets certain conditions outlined by the government

ELDERPLANNING:  We have no agenda but to find the best plan for you .
We represent over a dozen companies and are happy to meet with you at no charge to discuss your LTC plan.  To determine the costs and the benefits of the best plan for you, please call, email or write to us.   We are happy to guide you in choosing what is best for you.
E-mail us at: kate@elderplanning.com  or call us (315) 673-9876 or toll free (877) 243-4436 .