Long Term Care Insurance Quotes

Long Term Care Insurance

A Sensible Investment!

How much does Long Term Care Insurance COST in MN?

We will not waste your time.  Just complete the quote box to the right and we will email you side-by-side comparison quotes from three top Long Term Care insurance companies.

 

Rules for Purchasing Long Term Care Insurance
  • Rule #1 – if you cannot afford the premiums, do not buy any long term care insurance.
  • Rule #2 – freely discuss any health concerns. Certain insurance companies and other LTC insurance options may be a better fit for you based on your particular circumstances.  Better health usually means better rates.
  • Rule #3 – Lock in your age today. By applying now, you will lock in your age.  No application fee is required.  What kind of rates will you qualify for?  It is free to see!  If you do not like the rates, just walk away.   Once the underwriter determines your rate class, final plan design can be done.
Lowest Possible Rates for Long Term Care Insurance Guaranteed
We do not charge you one penny extra for our service.  And you cannot walk in the front door of ABC Insurance Company and get this insurance for one penny less!  [Click HERE to Read More…]
How Does the Minnesota Long Term Care Partnership Program Work?

The Long Term Care Partnership Program is a collaboration between private long-term care insurance companies and Minnesota’s Medical Assistance (MA) program.  Partnership programs encourage the purchase of long term care insurance to help cover the costs of long term care, while also alleviating some of the burden on the state to pay for this type of care via Medical Assistance.  It enables Minnesota residents who purchase certain types of long term care insurance to shelter and protect more of their assets if they later need MA to help pay for their long term care.  Further, the “protected” assets are also safe from MA’s asset recovery program, thus sheltering assets as potential inheritance for family after the passing of a MA recipient.

How much is disability insurance in MN

Long Term Care Insurance


Long Term Care Insurance

A Sensible Investment!

How much does Long Term Care Insurance COST in MN?

We will not waste your time.  Just complete the quote box to the right and we will email you side-by-side comparison quotes from three top Long Term Care insurance companies.

 

Rules for Purchasing Long Term Care Insurance
  • Rule #1 – if you cannot afford the premiums, do not buy any long term care insurance.
  • Rule #2 – freely discuss any health concerns. Certain insurance companies and other LTC insurance options may be a better fit for you based on your particular circumstances.  Better health usually means better rates.
  • Rule #3 – Lock in your age today. By applying now, you will lock in your age.  No application fee is required.  What kind of rates will you qualify for?  It is free to see!  If you do not like the rates, just walk away.   Once the underwriter determines your rate class, final plan design can be done.
Lowest Possible Rates for Long Term Care Insurance Guaranteed
We do not charge you one penny extra for our service.  And you cannot walk in the front door of ABC Insurance Company and get this insurance for one penny less!  [Click HERE to Read More…]
How Does the Minnesota Long Term Care Partnership Program Work?

The Long Term Care Partnership Program is a collaboration between private long-term care insurance companies and Minnesota’s Medical Assistance (MA) program.  Partnership programs encourage the purchase of long term care insurance to help cover the costs of long term care, while also alleviating some of the burden on the state to pay for this type of care via Medical Assistance.  It enables Minnesota residents who purchase certain types of long term care insurance to shelter and protect more of their assets if they later need MA to help pay for their long term care.  Further, the “protected” assets are also safe from MA’s asset recovery program, thus sheltering assets as potential inheritance for family after the passing of a MA recipient.

How much is disability insurance in MN

Long Term Care Insurance


The difference a Long Term Care Partnership Policy could make

Following is a hypothetical example of how this Partnership program benefits the policyholder and the family:

For example, Bob buys a Partnership-qualified private long term care insurance policy, and he ends up needing long-term care services down the road.  His Partnership  policy pays out $100,000 in insurance  benefits for his care.  Through the Partnership Program, Bob earns a Medical Assistance asset disregard that permits him to keep an additional $100,000 over the asset level he would normally have to meet in order to qualify for MA coverage.  After Bob’s eventual death, the Partnership Program also protects those assets from MA estate recovery.

Long term care insurance MN

Without a Partnership policy, MN requires a spend down to $3,000. (Asset limits may vary by state.)

Long term care insurance Minneapolis

With a Partnership policy, you can protect more of your hard earned assets.

A 65-year old today has a 70% chance of needing long term care services at some point during their lifetime.

Additional Tips to Consider....

Are you in a second marriage?

Should your significant-other need long term care, your assets are considered community property and must be used to pay their care.  Protect what you have by purchasing long term care insurance for your significant-other.  Protect your assets so that you can pass them down to your heirs.

Hybrid life insurance policies can be a great alternative to traditional long term care insurance policies.  Certain hybrid life policies will pay you tax-free cash giving the policyholder total control over what kind of care they want and get.  Most clients want to remain at home and have friends and family care for them.  Only certain hybrid life policies that pay cash will allow for this type of care.  You can even have your care on a cruise ship if you want.  So, is a Cruise Ship Retirement cheaper than Assisted Living?

Read more https://www.aplaceformom.com/caregiver-resources/articles/cruise-ship-retirement-assisted-living

Do you own a business?

C-corporations, non-profits, & self-employed business owners may have certain tax advantages when it comes to paying for long term care insurance premiums.  If you are a business owner and want to consider a purchase of long term care insurance, call us now.

Other Insurance to Consider

Traditional policies will only reimburse you for qualified expenses.  Qualified expenses are typically based on the services of a licensed professional.  Best of all, if you do not ever need long term care, the hybrid life policy will pay a tax-free death benefit to your designated beneficiary. The death benefit will be many times higher than the premiums you put into the policy.

Purchase Long Term Care Insurance when You are Young and Healthy

Purchasing long-term care insurance while you are young enables you to lock in the rates.  Your rates will not go up because you are getting older. Rates potentially may increase if the insurance company and the Minnesota Commerce Department determine rates must rise for that particular plan.  You can even purchase paid-up policies.  Once a policy is paid up, you can never get a rate increase.  Return of premium is also available on certain long-term care insurance policies.

It makes total sense to purchase long term care insurance while you are healthy.  If you have health issues, we ask that you be open with us.  We can help put you in the best position to be approved for coverage by the insurance company.  Even if you have been denied long term care insurance in the past, give us a call.  We may be able to help.

We have lots of different options available for your consideration.  Certain discounts may be available for long term care insurance that can bring your premium rates down substantially.  If you are married or have a significant-other, rates can drop by 15% by simply having a significant-other living with you.  When both apply and take policies, rates can drop by 30%!  Good health can also lower your long term care insurance premiums by 15%.  Other discounts include paying annually versus monthly.

Protect Your Estate from the Medical Assistance (Medicaid) Spenddown

By purchasing a traditional long term care insurance policy, and assuming it is setup correctly, your estate can keep additional assets protected from the Medical Assistance (Medicaid) spenddown.  Protected assets are also shielded from Medicaid’s asset recovery program.  We strongly encourage you to read more on making sure your LTC policy is setup correctly, and what the Medical Assistance program requires when setting up a traditional policy.

In other words, you can protect assets in the same amount that your long term care insurance policy pays out.  Without this protection, the person needing care will spend down their portion of the estate until they have just $3,000 left to their name.  Minnesota Department of Commerce also has their own requirements when purchasing a traditional long term care policy.

Read more https://mn.gov/dhs/assets/LTCP-InflationProtectionCommerceBulletinOct07_tcm1053-245052.pdf

Minnesota Long-Term Care Insurance Credit

What is the credit?  The Minnesota long term care insurance credit offsets the cost of long-term care insurance premiums by providing a credit against state income tax liability.  The maximum Minnesota credit is equal to the lesser of $100 or 25 percent of the amount paid for each beneficiary.  The maximum total credit is $200 annually on a joint return or $100 for individual filers

To claim the Minnesota long term care insurance tax credit you must complete Schedule M1LTI, Long-Term Care Insurance Credit.  Include this schedule when you file Form M1, Individual Income Tax.  For more information, see Minnesota Statute 290.0672.

You may claim the Long-Term Care Insurance Credit if you purchase insurance to provide long-term care coverage for yourself or your spouse, such as nursing home coverage.  To qualify, both of the following must be true:  The policy has a lifetime benefit limit of $100,000 or more.  The policy you purchased qualifies as a federal deduction (disregarding the 7.5 or 10 percent income test).  For more information, see Internal Revenue Service Publication 502, Medical and Dental Expenses. 

Read more on how to get your credit https://www.revenue.state.mn.us/long-term-care-insurance-credit

Long Term Care Cost Estimates in Minnesota

There are many different types of long term care services available.  Costs can vary depending on location.  See the chart below for some cost estimates across the state.

*Annual Long Term Care Costs in Minnesota – 2021

Long Term Care Insurance Costs MN

*Cost of Care Survey 2021 (Genworth.com) cite referenced June 1, 2022

One Final Thought....

We are here to help you.  We specialize in Long Term Care insurance plans.  LTCIA has many decades of experience collaborating with the best carriers in the business while working with a wide variety of customers from all walks of life.  We can help you get the answers you need to all your questions and concerns.  We can carefully guide you through this entire process so at the end, you can comfortably make the best decision that best serves your specific needs and circumstances.  So, give us a call.  We would appreciate the opportunity to offer our professional guidance.

You owe it to yourself and your family.  Get your free Long Term Care Insurance quote today!