Brad,
Thank you for taking the time to speak with me and for the thoughtful questions you raised. Your long-term care (LTC) insurance quotes are now ready. At the bottom of this page, I have included notes with several links to my site that provide additional context and information.
💵 Your quotes
All of the following quotes are from Nationwide CareMatters and assume a $10,000/month initial benefit.
I have included variations across benefit durations (3, 4, and 7 years), benefit growth options (0% and 3%), and issue ages ranging from 72 to 75. In every option, if you never use your long-term care benefits, your heirs would receive a refund that exceeds the premium you paid.
🧐 My notes
I focused on Nationwide because, relative to other cash-indemnity hybrid policies on the market, their offerings are similarly priced or more competitive. Showing a single carrier also keeps the comparison simpler and easier to digest.
Your one-time cost for $10,000 per month in initial benefits came in within the range you were expecting, based on the maturity of your illustration.
You have several premium payment options. In the 4-year policy illustration I emailed you, the payment schedule appears on page 20.
In terms of timing, your pricing increases by about 3% with each birthday. Policies also tend to reprice every two or more years, so it is possible you could see a rate change before age 75, either higher or lower, though that is difficult to predict.
You can fund the policy using a 1035 exchange from your annuity. If the annuity is still in its surrender period, a surrender charge may apply even with a 1035 exchange, depending on the specific contract. Waiting until the surrender period ends may make the most financial sense, but that should be weighed against the risk of an unexpected health change that could affect your ability to obtain coverage.
You mentioned that you are very healthy. If you would like additional perspective, you can complete this short, four-question health screen and I can provide rough feedback quickly. When you are ready to apply, you would complete a longer health questionnaire, which I would then share anonymously with insurers for informal review, as we discussed on the phone.
If you'd like higher or lower benefits, you can adjust your premium—your benefits will adjust proportionally (e.g., by 25%).
👉🏻 Next steps
If you have additional questions, you can reply to my email or text, or you can schedule time on my calendar.
I hope this is helpful!
📺 Still learning?
Watch our "unboring" video on qualifying for LTC insurance. That's me in the video.
Thanks,
Jesse
Jesse Vickey at Long Term What?
Schedule a call or 720-263-2188
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