|
The enrollment process begins with a request for the Oregon Association Of REALTORS "endorsed group" Long Term Care (LTC) enrollment package. This can be done via e-mail to: dsteevesltcoar@aol.com or calling toll free 888-578-3383 and requesting the Information Package and Health Plan Questionnaire. You can also Request A Quote online or Request An Enrollment Package online.
Each LTC policy is formatted according to your personal benefit selections. These selections are matched with your age and health issues to arrive at the policy cost. Since no two people have the same health, or needs, each package will vary according to your personal benefit choices, age and health.
Each enrollment package includes a LTC Health Care Plan Format questionnaire. When you complete this questionnaire you can submit it to Diane Steeves & Associates for a price quotation. In each case we will offer 2 or 3 possible scenarios for your consideration. Your policy cost is determined by the benefits you select. When a plan is selected, you then complete the Application pages per enclosed directions; or request a personal appointment to help in the decision making process or completion of forms.
DAILY OR MONTHLY BENEFIT
The benefits can be paid on a daily basis with a selected daily maximum benefit or a monthly basis where a total monthly benefit is paid regardless of each days expense. Daily benefits range from $40- $500/day, monthly benefits range from $1000 - $15,000.
BENEFIT PERIOD
This is the amount of time your benefits are paid. Your choices are 2,3,4,5,6 or 10 years, or for your lifetime.
TOTAL BENEFIT
Your Total “ pool of money “ available, or the total value of your LTC benefit plan. The daily or monthly amount and the benefit period combine to determine your total “ pool of money”. Daily Benefit (or monthly) X Benefit Period = Total pool of money.
Example: $100 / day X 4 years (1460 days) = $146,000
Or $3000 / month X 48 months = $144,000
WAITING PERIOD
The waiting period is the part you pay (deductible) before your benefits begin. You can select a 30, 60, 90, 180, or 365 day waiting period.
INFLATION PROTECTION
The costs of Long Term Care are compounding ( increasing at least 20% every 3 years ). To stay even with current costs you may select a 5/5 compound package, a 5/3 inflation package, or a 5% simple plan.
HEALTH RATING
There are 2 health ratings which help determine the cost of a LTC policy. Your answers to a series of health questions determine your health rating.
Preferred: A very healthy person.
Select: A person in good health but with some current controlled medical problems.
SPOUSAL / PARTNER DISCOUNT
A 30% discount is available to applicants who apply with a partner or spouse. Discounts are also available for couples where the partner does not apply due to insurability issues.
EMPLOYER / ASSOCIATION DISCOUNTS
Employer groups or Associations receive an additional discount of 5%, depending on the insurer and plan your group selects.
TAX BENEFIT
Long Term Care insurance premiums are deductible on a Federal tax return, depending on your filing status. Business owners can deduct LTC premiums as a business expense. Employers may deduct LTC premiums as an employee benefit expense. ( Consult your own advisor for details.)
OPTIONAL BENEFITS
Additional benefits are available at additional premium charges.
* Shared Care
* Survivorship
* Non-forfeiture
* Refund of Premium
* Restoration of Benefits
PAYMENT OPTIONS
Premiums can be paid monthly, quarterly, semi-annually or annually.
Credit card payment is available for all modes of premium payment.
LIMITED PAYMENT OPTIONS
You can choose to accelerate your premium payments: 10-Pay, or Paid-Up at Age 65 Option (available up to age 55).
|
