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Long Term Care

The impact of disability on families is consuming. Long-term care coverage enables you to live with dignity.


Traditional Long-Term Care

Product Introduction

  1. Standard Long-Term Care insurance. Need to pay premium until the insured starts the claim

  2. Insured can also purchase add-on riders such as inflation protection to increase benefit

  3. Premium will be increased with age

Suitable for

Young and healthy people with limited budget

Life Insurance with Long-Term Care Rider

Product Introduction

  1. Guaranteed Universal Life insurance or Guaranteed Whole Life insurance with Long-Term Care Rider benefits as an add-on.

  2. Fixed premium payment period and amount.

  3. Life insurance cash value can be used to pay long-term care costs.

  4. Life insurance provides the primary benefit and long-term care benefits are supplementary.

Suitable for

For individual who wants more life insurance, and/or cash value with some long-term care benefits.

Multipurpose Long-Term Care Insurance

Product Introduction

  1. Includes all benefits of fixed account, life insurance, and long-term care

  2. Premium payment can be a lump sum or installments; can surrender to get partial or full paid premiums back.

  3. Long-term care provides primary benefits, with supplementary Life insurance and fixed account benefits.

Suitable for

People who need better long-term care benefits with some insurance and saving account capabilities

Q&A

What are the qualifications to apply for long-term Care benefits?

People who are unable to perform 2 or more of the 6 Activities of Daily Living (ADL) on their own, or someone who suffers from Alzheimer or other cognitive impairment.
ADLs are bathing, continence, dressing, eating, toileting (on or off the toilet), and transferring (to and from a bed or chair).

How much does long-term care cost?

  • National median cost for homemaker service is about $54,000 a year; home health aide is about $62,000 a year.
  • Community health nursing: adult day care center costs about $20,000 per year, assisted living facility takes about $65,000 per year.
  • Nursing home: shared rooms (two beds) is about $100,000 per year, private rooms (single bed) costs around $130,000 each year.

Does my health insurance plan have long-term care coverage?

  • Medical:Only if you are low-income individuals who are insured by Medi-Cal.However, eligibility for long-term care by Medi-Cal is difficult to obtain. Most people are not eligible for this benefit. People who are insured by Medi-Cal need to accurately report their income and asset, failure to comply will result in serious consequences such as asset forfeiture by the government.
  • Medicare: The National Health Insurance program for age 65 and above covers the first 100 days' partial or full long-term care expenses. All expenses after the 100 days will be out-of- pocket. The average duration of long-term care is about 3 years. Should the need for long-term care arise, Medicare only provides minimal coverage.

How to claim for long-term care benefits? Can family members or friends be a caregiver?

There is 90 days waiting period for long-term care claims. Depending on the insurance company and/or the type of long-term care policy, the insured would need to submit the receipts for the claim or fulfill the qualification to receive the full benefit amount on the policy.

Does applying for long-term care policy require a physical exam?

Traditional and Multipurpose Long-Term Care may not require physical exams to apply. Only Long-Term Care Rider for Life Insurance requires physical exams.