Supplementary Products

What is Long Term Care Insurance?

Long-term care insurance (LTC or LTCI), is an insurance product that helps provide for the cost of long-term care beyond a predetermined period. Long-term care insurance covers care generally not covered by health insurance, Medicare, or Medicaid.

Individuals who require long-term care are generally not sick in the traditional sense, but instead, are unable to perform the basic activities of daily living (ADLs) such as dressing, bathing, eating, toileting, continence, transferring (getting in and out of a bed or chair), and walking.

Age is not a determining factor in needing long-term care. About 70 percent of individuals over age 65 will require at least some type of long-term care services during their lifetime.[1] About 40% of those receiving long-term care today are between 18 and 64. Once a change of health occurs long-term care insurance may not be available. Early onset (before age 65) Alzheimer’s and Parkinson’s disease are rare but do occur.

Long-term care insurance generally covers home care, assisted living, adult daycare, respite care, hospice care, nursing home and Alzheimer’s facilities. If home care coverage is purchased, long-term care insurance can pay for home care, often from the first day it is needed. It will pay for a visiting or live-in caregiver, companion, housekeeper, therapist or private duty nurse up to seven days a week, 24 hours a day (up to the policy benefit maximum).

Why should I consider Final Expense/Life Insurance?

Life Insurance

Life insurance offers peace of mind as it relates to the equitable distribution of assets to heirs; providing ready funds to pay estate taxes and settlement costs without the delay and costs of probate; and by furnishing a significant increased cash death benefit to beneficiaries.

Life products offer specialized options to help protect and manage your estate.

• Term Life Insurance is relatively inexpensive and provides a tax-free death benefit to your beneficiaries with coverage for a fixed period of years (5, 10, 15, 20 and 30) depending on your age at the time of purchase. Term life does not accumulate cash value.

• Final Expense or Simplified Issue Whole Life Insurance helps pay for final expenses upon death. The average funeral costs are not what they were 10 years ago. The current cost for a funeral is $8000-$10,000 and that’s just the average. These plans usually provide up to $25,000 to $30,000 in benefits and often do not require medical examinations.  However, issuance of a policy is often not guaranteed and may depend on answers to questions set forth in an application.
• Whole and Universal Life Insurance accumulates cash value and earns interest, income tax-free while providing an income tax-free death benefit to your beneficiaries. If an emergency arises the insured has access to these funds by borrowing against the acquired cash value or by asking for a partial surrender of these values.

What is Hospital Indemnity Insurance?

These plans pay a fixed amount of cash benefits for various qualifying events such as a stay in the hospital or skilled nursing facility. The cash benefits from these plans are paid directly to you not the hospital or provider and could be used to help offset some of the medical expenses not covered by your health insurance plan such as for co-pays or deductibles.  These types of plans are very common with Medicare Advantage Plans.  They often offer other riders to the hospital plan such as ambulance, outpatient surgery, and more importantly cancer coverage.  With a hospital indemnity plan you’ll have the peace of mind knowing that your health insurance co-pays, deductibles and coverage limits won’t surprise you after an illness or accident.