Types Of Long-Term Care Policies

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Long-term care policies can be purchased through private insurance companies, an insurance agent or possibly through your employer. When deciding where to purchase your long-term care policy, make sure you have shopped around to find the coverage that will best fit your needs.

• Individual — Policies sold to individuals can offer a different combination of benefits from one company to the next.
• Group — Your employer may offer a long-term care group insurance plan, or you may be eligible for the Federal Long Term Care Insurance Program (FLTCIP).
  
  

Each policy offers different advantages. Individual policies generally offer more options and flexibility than group policies. Also, some individual policies may offer significant discounts for spouses and families.

Depending on your health, they can also be less expensive than group policies. However, group policies are advantageous in that you may not have to meet certain medical requirements to get a policy during an enrollment period. As with individual policies, your spouse, parents and in-laws may apply for this coverage as well. Also, in some cases, group policies may continue coverage even after your employment ends. So remember to do your research before you buy to find an individual or group policy that will best cover your needs.

• Association — The policies offered through professional or trade organizations usually give their members a choice of benefit options with negotiated premium discounts.
• Partnership Programs — These are specific state-approved policies designed to provide full or partial protection against the normal Medicaid requirements. The program helps cover long-term care costs without having to spend-down life savings.
• Pooled Benefits — This policy combines the benefits of two separate policies into one policy two individual can share. The coverage is the same as a non-pooled policy except that the combined policy limits are available for either individual or both to draw upon

Tax-Qualified Policies

Non-Tax-Qualified Policies

Whichever policy you choose, make sure the benefits will meet your needs.