Get a Quote – Long Term Care Insurance

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Get a Quote – Long Term Care Insurance

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Should I buy long-term care insurance

We will be happy to run 3 side by side Long Term Care plan quotes for your comparison.  These Long Term Care Insurance plans are comprehensive and include home health care, assisted living care, and nursing home care and much, much more.  We even have certain policies that will pay cash versus the typical reimbursement LTC policies. 

How To Save Money When Purchasing Long Term Care Insurance

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’ve 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. 

Are you in a second marriage? Did you bring significant assets to the 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 on your significant-other. Protect your assets so that you can pass them down to your heirs.

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.

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?

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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 don’t 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.

Protect Your Estate From The Medicaid Spenddown

By purchasing a traditional long term care insurance policy, and assuming it is setup correctly, your estate can keep dollar for dollar protected from the 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 Medicaid Assistance Program requires when setting up a traditional policy by clicking on this link  below:

In other words, you can protect assets in the same amount that your long term care insurance policy paid 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;

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Minnesota Long-Term Care Insurance Credit

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 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. The policy has a lifetime benefit limit of $100,000 or more.

Read more on how to get your credit

The credit is equal to 25 percent of the policy premiums, up to $100 per beneficiary. For married couples, one policy covering both spouses qualifies for the $200 maximum credit; separate policies or premiums are not required.

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.


One Final Thought . . . . .

We are here to help you. We specialize in Long Term Care insurance plans and have many decades of experience working with the best carriers in the business along 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.