Traditional Long-Term Care Insurance

Traditional LTCI is a type of insurance policy that helps cover the cost of extended care services, such as in-home care, assisted living and skilled nursing home facilities for your clients with chronic illnesses or disabilities who cannot perform their basic activities of daily living or have a severe cognitive impairment. It typically pays a set daily or monthly amount for care over a specified time. Policies are tax-qualified, and the policyholder pays a regular premium in exchange for future benefits.

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Traditional LTCI Highlights

  • Available for individuals aged 18 to 79
  • Most affordable option to fund your client’s plan for long-term care
  • Preferred health and partner discounts available
  • Policy can be used in any state and international coverage is available through some carriers
  • Premiums may be tax-deductible to businesses or individuals meeting certain requirements
  • Benefits are typically tax-free when used for qualified long-term care expenses

State Partnership Protection

Traditional LTCI is eligible for state partnership protection, available in most states. If the policyholder exhausts all their LTCI benefits and pursues Medicaid eligibility, the amount of policy benefits paid on their behalf will be exempt from Medicaid in addition to their normal resource allowance, allowing them to preserve additional assets. Reciprocity of state partnership protection varies by state.

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