WHAT ARE THE LATEST PRODUCT INNOVATIONS?     

LTCi has had an exciting evolution since its inception as a major insurance product in the 1980's. Since we have been involved in the field from the early 90's, you might say we're somewhat of a classic.

We have seen a lot of changes. Products have become more comprehensive and flexible with expanding choices. On the other hand, health underwriting (health review) which leads to applicant acceptance, has become more stringent. Applying as soon as you recognize the need and can comfortably afford the premium, has become more essential than ever.

Noteworthy recent policy optional features include a waiver of the elimination period (deductible) for home care, an inflation protection choice based on the consumer price index as well as other inflation choices, a future purchase option (the ability to purchase additional protection at a later date), a survivorship benefit for the remaining spouse in the event of a death, a shared care benefit between couples, and total living coverage. On the horizon are also combined life-LTC products and combined annuity-LTC products.

Additionally, as a result of the Deficit Reduction Act of 2005, all states now have the ability to develop LTCi Partnership Plans. These Plans permit individuals to shelter an amount of assets equal to the benefits used in a LTCi Plan and still qualify for Medicaid (welfare) if other Medicaid qualifiers are met. The developing state partnership plans provide even more incentive for people to purchase LTCi to protect against future catastrophic expense.