Questions to Consider if you are Purchasing Long-Term Care Insurance
- Covered Services: Just what is going to be reimbursed? Can two people share the pool of benefits?
- Benefit Amount: What is the daily/monthly benefit? Is home health care or other non-nursing home alternatives covered?
- Benefit Period: For how long are benefits payable? Is there a difference between home-based care and a licensed facility?
- Elimination period: When do benefits begin? Again, is there a difference between home-based care and a licensed facility?
- Maximum Lifetime Benefit: This has become increasingly prevalent. What is being presented and offered?
- Pre-Existing Conditions: Are these covered the same as any other condition? Is there a specified waiting period?
- Excluded Conditions: Typical of this may be dementia-related illnesses. Are they covered or restricted in any way?
- Inflation Rider: Are benefit amounts adjusted to increasing costs? Is the adjustment amount or percentage guaranteed?
- Premiums: Can they be increased? If so by how much? Can the coverage be continually renewed?
- Death Benefits: Is a residual benefit paid to a named beneficiary at the passing of the insured? If so, how is it structured?
Please contact our agency for additional information and a customized proposal.
Our Life Insurance Expert
James P. Cahill, CLU
James is a 40-year veteran of the life insurance marketplace in the Greater Chicago area. His career has included a 22-year association as a branch manager and senior account executive with Hartford Life, earning top national office and top national account executive designations, while qualifying for award-conference level in 20 of those 22 years.
Our value proposition is a simple one. Offer a thorough and cost-effective solution to business clients through careful analysis, consultation, and implementation.
Contact James at info@GoCGO.com.
This is not to be considered tax or legal advice. Please consult with the appropriate professional resources.
