Hyers & Associates

Get a Quote »Expenses associated with long term care can amount to hundreds of thousands of dollars in a lifetime. Long term care insurance (LTCi) is designed to cover these extraordinary costs while also providing peace of mind.

A suitable policy will protect you, your family, and your heirs in the event that extended care is needed.  Benefits can cover expenses associated with a nursing home, assisted living facility, adult day care or care administered at your own home.

Insurance Providers

We offer policies from Alliance, Aviva, Genworth, Golden Rule, Great American Life, John Hancock, Lincoln Financial, Met Life, Prudential, and Mutual of Omaha. An individual, husband and wife, or employer group may all purchase this insurance.

Purchasing A Policy

Purchasing a nursing home policy can be a difficult decision without the right information. There are several factors to consider when making the choice of whether or not to buy. Health concerns and family history are very important. For example, many consumers are interested in LTC insurance due to a family history of chronic illness. Others become concerned upon the early onset of their own health issues. It is important to note that if your health is already significantly in decline, many companies will not insure you for these types of policies.

Your personal wealth is also important. That is to say, what is the size of your attachable estate? Do you want to leave anything behind for your family? Does your spouse have enough income in the event that yours ends up paying for an extended stay? How much insurance can you afford? There are many other questions to ask; these are but a few essential examples.

Long term care insurance offers an answer to many of the concerns listed above. Policies are designed to offer a predetermined monetary benefit for a chosen number of years after a chose daily deductibles is met, usually between 0-100 days. Consumers often choose a longer deductible because Medicare may cover up to 100 days for certain types of care, but not beyond that. Medicaid, on the other hand, will only pay your way once you have depleted the majority of your assets.

Long Term Care Partnership Programs

In recent years, several new types of LTCi products have been developed that are more advantageous to the consumer including partnership programs.  If a partnership qualified plan is purchased, then the state will provide benefits in the same amount after the policy benefits have been exhausted.  The insured would not need to spend down any personal assets until both their LTCi and state benefits had been used.  As Medicaid benefits cut into fiscal budgets, states are offering these plans to encourage the purchase of LTC insurance. 

Additionally, some policies offer a “return of premium” option to consumers after several years of payments, while others allow you to share your policy credits with your spouse if he or she ultimately needs all of the combined benefit. Still other nursing home contracts can work more like life insurance if the long-term care benefits are not needed. These new hybrid products offer a death benefit to your beneficiaries if you never need the nursing home benefits that are built into the contract. Thus, these policies pay out a substantial sum tax free to your beneficiaries - just like a life insurance policy.

Flexibility

Newer LTCi policies are much more flexible than those of just a few years ago. Many LTCi products will pay for care provided in your own home, an assisted living facility or within an adult day care center, as well as a nursing home setting. A family member who serves as your primary care giver within your own home may also qualify for payment under some LTCi provisions.

For further information about LTC please refer to the “Shopper’s Guide to Long Term Care Insurance” provided by The Ohio Department of Insurance.

You can also refer to our article on “Long Term Care Examples - Traditional and Hybrid.”