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Frequently Asked Questions

What if I plan to retire in a different state or internationally?

Private long term care insurance offers national – and in some cases, international – portability of your benefits. Be sure to let your specialist know of your retirement plans, and he or she will find you a plan that will follow you.

What is private Long Term Care insurance (LTCi)?

Long term care insurance is coverage that pays for nursing-home care, home health care, care in an assisted living facility, nursing home care, and personal or adult daycare for individuals with a chronic or disabling condition that needs constant supervision. LTC insurance may offer more flexibility and choice of providers compared and options than many to public assistance programs, such as Medicaid.

What are the advantages of LTCi compared to self-funding?

The cost of care in the future can quickly drain your savings. Insurance can help leverage that by offering a larger pool of funds.

Some plans even offer a death benefit that pays a beneficiary if you do not use your coverage.

While researching your LTCi options, you will be matched with an LTCi specialist with years of experience to help guide you to the best plan for your dollar. The consultations are complementary.

LTCi policies may provide:

  • A much greater pool of benefit dollars in the future to supplement the high cost of care
  • Longer duration of benefits
  • Options to get a return of premiums or life insurance if LTC benefits are never used
  • The ability to adjust your coverage in the future
  • Spousal discounts and discounts for being in good health
  • Coverage immediately after issue (no vesting period is required)
  • Portability to use the benefits in any state or Canada (international benefits may also be available)
  • Tax incentives, such as the ability to use your Health Savings Account (HSA), tax deductibility for business owners, and tax-free benefits
Does it make sense to buy more than the minimum LTCi coverage?

Yes, there are a variety of reasons to buy more coverage. Your LTCi specialist can shop the market to find the best value.

Reasons to buy more than the minimum:

  • The medium cost of care in Washington today is $200 per day compared to the $100 per day payout offered by the minimum plans
  • Private LTCi may be a better value when buying more years of coverage because the additional years cost incrementally less
  • You may be able to pre-pay the premiums to have your premiums paid before retirement
  • Extra features, such as return of premiums, may be available if the LTCi is never used
  • You may be able to pay with pre-tax dollars from an HSA or write off the premiums as a health insurance business expense
Can I use my HSA to fund my long term care insurance premiums?

HSA funds can be used to pay LTCi premiums.

  • You may be able to contribute pre-tax dollars into your HSA up to annual limit.
  • You may be able to pay the premium and request reimbursement from your HSA administrator for you or your spouse each year up to an annual age-based limit.
How do I use my business to fund my LTCi premiums?
  • Business paid LTCi premiums may be a tax-deductible business expense as health insurance for employees and spouses.
  • Self-employed business owners may also be able to deduct LTCi premiums on their individual tax returns up to an annual age-based limit.
  • Owners can select which executives or employees to include in the LTCi program.
  • LTCi benefits are generally received tax-free even after the tax deduction.
I want to consider my options. What's next?

By filling out the form below, you can meet remotely with an LTCi specialist with years of experience for free to help guide you to the best plan for your dollar.

Our LTC specialist community is here to help. Long term care planning may be one of the most meaningful things you can do for your family to protect them from becoming unintended caregivers.

More Information on Long Term Care Planning